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Manufacturing Sector Getting Ready For Gst Implementation, Says Fmm
KUALA LUMPUR, July 11 (Bernama) -- The manufacturing sector is getting ready for the implementation of the Goods and Services Tax (GST) next April by engaging several relevant stakeholders to equip industry players with sufficent knowledge of the new tax regime.
The Federation of Malaysian Manufacturers (FMM) Vice-President Raja Datuk Abd Aziz Raja Muda Musa said awareness was a major challenge for the industry and a series of seminars and courses were currently being conducted to help the industry better understand the GST.
He added that FMM was also working closely with the Royal Malaysian Customs Department to conduct test-runs on selected FMM members to iron out setbacks in the implementation of GST.
"We are trying to tell the members that there is no turning back now. They have to get as much knowledge as possible and get going with it.
"No delays. I don't think the government will reverse its decision on implementing the GST on eApril 1, 2015," Raja Abdul Aziz told Bernama.
The federation represented over 2,500 manufacturing and industrial service companies of varying sizes.
On Thursday, Raja Abd Aziz presented FMM's views on the "Impact of the GST on Manufacturing and Related Industries", at the two-day National GST Conference 2014 which will end today.
The session was moderated by Bernama General Manager Datuk Yong Soo Heong.
In his presentation, Raja Abd Aziz said the GST rate should not be raised above six per cent for at least five years from the date of its implementation.
"We have asked the government and the Customs Department to cap the GST rate at least for five years. Even better, if they can reduce the rate after six years," he added.
Raja Abd Aziz also proposed that guidebooks be produced to address practical problems faced by manufacturers and other sectors in implementing the GST.
The two-day conference is jointly organised by Bernama, the national news agency, and Tax Advisory And Management Services Sdn Bhd.
news coverage in our Newswire service.
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