LIM: GOVT YET TO FIX SST THRESHOLD FOR BUSINESSES
Figure, to be set by Customs Dept, will be reasonable, says Lim
THE government has yet to decide on the annual revenue threshold for businesses which will be subject to the Sales and Services Tax (SST).
Finance Minister Lim Guan Eng said the threshold, which would be determined by Customs Department, would be set at a reasonable rate.
“We have a figure in mind, but no final decision has been made.
“We are getting public feedback and we want to ensure whatever is decided will be reasonable for everyone,” he said.
Lim said the government had received suggestions, with many asking for the limit to be set at a high rate.
However, he said, the government had to be fair to all.
“If the threshold is too high, we might as well not have any tax,” he said after launching the Syariah Investing Fair 2018 here.
It was previously reported that only businesses that make RM500,000 and above annually will be subjected to the SST that is set to take effect on Sept 1, replacing the Goods and Services Tax (GST).
On the list of goods to be exempted from SST, which included big-ticket items like aircraft, luxury yachts, passenger ferries, helicopters, spacecraft and skiing equipment, Lim said this was just at the proposal stage.
He said the government was open to receiving public feedback before finalising the list.
“That was merely the Customs Department’s proposal.
“It has not been finalised and we want to make sure that we get feedback from the public before we make a final decision.
“This is what we call a feedback loop.
“We don’t want a case where expensive items are exempted, but the ikan bilis (small fry) will be taxed.”
Earlier, Lim urged Malaysians to go beyond local investments and venture into global ones.
He said Malaysians should not be content with becoming jaguh kampung (local heroes).
“We have to go global as investing within the country is not enough. We must break through to the international level,” he said in his opening speech.
The Syariah Investing Fair, organised by Bursa Malaysia Berhad, was held to raise public awareness and retail investment into the domestic stock market, especially syariah-compliant assets.
It was first held in November last year, following the establishment of Bursa Malaysia-i, the world’s first end-to-end syariah-compliant investing platform launched in September 2016.