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GST revenue of RM6 billion so far

Malaysia started imposing the GST on April 1, 2015, to replace another tax system.

Malaysia started imposing the GST on April 1, 2015, to replace another tax system.

Syndicated News
Written by Syndicated News

ALOR GAJAH — June 11, 2015: Malaysian Customs has collected over RM6 billion in Goods and Services Tax (GST) as of yesterday since the tax system was implemented on April 1.

Of the total amount, the GST paid on imports accounted for RM3.37 billion.

The GST collection was part of the department’s total collection of RM20.7 billion nationwide from January until yesterday.

“We are optimistic of achieving the overall collection target of RM45.44 billion for this year, where RM23.7 billion will come from the GST as over
300,000 merchants registered under the system will submit their GST statements by June 15.

“Based on the performance so far, it is possible that the total revenue may exceed RM50 billion,” Customs Deputy Director-General (Enforcement and Compliance Datuk Matrang Suhaili told reporters after closing a course here today.

Matrang also said that the ‘Ubiquitous Customs’ (U-Customs) electronic system is 75 per cent completed and would be operational on January 1 next year. It will replace the current Customs information system (CIS).

U-Customs conforms with international standards and will enhance overall trade facilities and Customs procedures as part of efforts to curb smuggling and commercial fraud in the country. — Bernama

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