Wednesday, March 9, 2016

GST revenue to exceed first year target, says Customs

The unpopular goods and service tax (GST) has been declared a success by the Customs Department, which hopes to exceed its first year collection target of RM27 billion. Customs deputy director-general Datuk Subromaniam Tholasy said it has "slightly" exceeded its 2015 target but the total amount collected will be announced by the prime minister. Subromaniam said the department is also expected to achieve a GST collection target of RM39 billion for 2016 based on its success in 2015. Two big reasons for the higher collection he said were the higher number of firms that have registered for GST implementation and the number of businesses in the "hidden market" which have registered, he said. In 2015, an extra 100,000 businesses registered with Customs for GST, he said. "About 300,000 businesses which have never had any tax files have registered with the department," said Subromaniam, alluding to companies which in the past have never paid income tax. – March 10, 2016. MORE TO COME]]>

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