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Tax highlights from Malaysia
The first quarter of 2010 has seen several interesting tax developments both in Malaysia and globally. From a Malaysian perspective, the deferment of the passing of the Goods and Services Tax (GST) legislation is significant. The second reading of the GST Bill in Parliament was postponed on the premise that more time is needed to both educate the public and to assess the impact of GST. The on-going uncertainty that has clouded the introduction of GST for several years creates difficulties for businesses which will need to be prepared for GST in the event that this tax is eventually implemented. It is clear that GST would provide the Government with a much needed alternative sustainable source of revenue, but public sentiment needs to be managed. The New Economic Model (Part 1) was also recently released outlining the strategic reform initiatives and policy measures which the Government hopes to realise in the move to achieving developed nation status. Taxand Malaysia outline the key Malaysian and international tax developments in their newsletter.
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