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New Guideline On Relief For Property Industry Under GST
KUALA LUMPUR, July 10 (Bernama) -- The government will issue a new guideline on relief for the property industry under the Goods and Services Tax (GST) after taking into consideration requests from the Real Estate and Housing Developers Association (Rehda) and the public.
The Deputy Director of the Royal Malaysian Customs Department from the GST Division, Tan Sim Kiat, said the department was still getting feedback and suggestions that could be taken into consideration for better relief to the entire supply chain of the industry ranging from manufacturers, distributors, retailers and end-users.
"The government is listening to everyone and that is the reason we are trying to make sure everything is being put in a package before the implementation of the GST," he said at the National GST Conference 2014 here Thursday.
Tan was one of the speakers for a session entitled, "Impact of GST on property-related industries", at the conference organised by the Malaysian National News Agency (Bernama) and Tax Advisory And Management Services Sdn Bhd.
The session was moderated by Bernama General Manager, Datuk Yong Soo Heong.
Among the requests for consideration was for the GST relief order to be applied for affordable housing units where the selling price is up to RM400,000 and provisions for some relief to suppliers to help deal with cash flow issues.
Tan believed the new guideline would provide relief to everyone who were unsure over the impact of GST on properties.
However, he declined to reveal the date for the new guideline to be released.
Clarifying the GST for car parks, Tan said free car parks given by the developer in apartments and condominiums were exempted from tax.
Whereas, car parks for commercial properties will be imposed GST, he added.
The GST will be implemented from April 1, 2015 at six per cent to replace the Sales Tax and Service Tax.
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