Thursday 28 Mar 2024
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KUALA LUMPUR (March 10): The Malaysian government is optimistic towards achieving its target of collecting RM39 billion from goods and services tax (GST) this year, since tens of thousands of existing companies have yet to register for the new tax regime.

Last year, the government said proceeds from the consumption tax amounted to RM27 billion. As the GST replaced the sales and services tax (SST) only in April 2015, deputy director general of customs Datuk Subromaniam Tholasy said the annualised figure would be RM36 billion.

With the target of RM39 billion, it would mean the government is expecting a growth in tax collection.

"On our side (customs), we are doing some initiatives to make sure we achieve the target. With existing businesses, we are ensuring compliance standards, where we send out audit teams to help companies correctly file their taxes," said Subromaniam.

He said while he did not have the exact figure during the media briefing organised by accounting and consulting firm Grant Thornton, the amount of companies that have yet to register for GST, ranged in the tens of thousands.

"And the number could change, because there are new companies constantly being registered."

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