GST introduced, personal and corporate tax rates reduced
Prime Minister Datuk Seri Najib Tun Razak announced GST at 6% to be introduced from 1st April 2015, with the existing sales and services tax to be abolished.
Some of the items excluded from GST include:
To assist businesses prepare for GST, the government has proposed:
Corporate tax rates reduced by 1% to 24%
SME tax rate reduced from 20% to 19% effective year of assessment 2016
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