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Emulate UK, Singapore In GST Implementation: Accounting Body
KUALA LUMPUR, Feb 26 (Bernama) -- Malaysia can emulate the United Kingdom and Singapore in the implementation of the Goods and Services Tax (GST), especially in the provision of 'offset packages' to ease the burden on the people, says the Malaysian Association of Tax Accountants.
Its Deputy Director Mohd Rozlan Mohammed Ali said Singapore raised education subsidies and wages by means of 'automatic employment benefits', while the UK imposed zero rates on essentials like children's books and clothes.
He said in Malaysia, the government has already taken proactive measures by offering offset packages such as through the 1Malaysia People's Aid, Early Schooling Aid, Kedai Rakyat 1 Malaysia and 1Malaysia Housing schemes.
Malaysia can emulate Singapore's provision of dividends to the people which are credited directly to their Central Provident Fund accounts, he said.
"These are some of the ways Singapore redistributes the taxes paid by its citizens, especially the less affluent, maybe we can learn from this," he told Bernama on the sidelines of the National Forum on Malaysia's GST: Possible Lessons from the UK and Singapore here Wednesday.
Rozlan, one of the speakers at the forum, said the clothing aid scheme in the UK, for children aged 14 years and below, is useful for lower-income groups and could be adopted in Malaysia as well.
The GST (also known as Value Added Tax or VAT), has been implemented in 158 countries, including in the UK 30 years ago and Singapore in 1994.
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