KUALA LUMPUR: The ministry of finance (MoF) has so far identified the estimated cost to develop a system under the sales and services tax (SST) known as MySST within the Royal Malaysian Customs Department to be RM4.5 million.
“However, the overall cost of goods and services tax (GST) implementation in 2015 was RM376 million.
“These costs covered the costs of developing the MyGST system, GST training grants, provision of GST-compliant accounting software subsidies to small and medium enterprises, and the cost of GST promotion,” the ministry said in a written parliamentary reply dated Aug 9 to member of parliament for Kubang Kerian Datuk Tuan Ibrahim Tuan Man.
Last Wednesday, Dewan Rakyat passed a proposal to implement the SST system from Sept 1 after having earlier approved the Service Tax Bill 2018 and the Goods and Services Tax (Repeal) Bill 2018.
The repeal bill came after the lower house passed the Sales Tax Bill 2018 last Tuesday and the Service Tax Bill 2018 last Wednesday.
The ministry’s answer was in response to Tuan Ibrahim’s question about the cost of implementing the GST and the estimated cost for the re-implementation of the SST, which is scheduled to be implemented in the fourth quarter of 2018.