KUALA LUMPUR (Apr 2): Local jeweler Habib Group announced today that it will absorb the 6% Goods and Serrvices Tax (GST) imposed on its jewelry to maintain its turnover this year.
Habib Group managing director Datuk Seri Meer Habib said the absorption of GST will cost the company RM20 million to RM30 million this year.
"If our turnover is high, we can cover the extra expenditure," he said after launching the group's Diamond Fest 2015 campaign.
"So this year, we are working with low profit margins but high turnover. This is going to be a tough year for us," he added.