Guan Eng Announces 10% SST For Sales, 6% For Services
Author Avatar


Guan Eng Announces 10% SST For Sales, 6% For Services
(Image: The Star)

Finance Minister Lim Guan Eng announced today that the sales and services tax (SST) rate will be set at 10% for sales and 6% for services. The bill on the tax is expected to be passed in Parliament the following month.

The SST will come into force on 1 September as a replacement to the 6% Goods and Services Tax (GST) implemented by the previous government. It is expected to bring in a revenue of RM4 billion.

Lim said that despite the expected loss of RM21 billion in revenue after the zero-rating of GST from 1 June, the reintroduction of SST, rising crude oil prices, and extra dividends from government-linked companies are expected to bring in an additional RM14.4 billion in revenue this year.

Lim made the announcements during his keynote address at the National Tax Conference at KLCC today.

(Source: Free Malaysia Today


0 0 votes
Article Rating


Comments (0)

Notify of
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 16th June 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19
Alex Cheong
- 1st April 2020
(Last update: 1 April 2020, 3.40pm to include FAQs by banks.) With Malaysia going into an extended period […]
Post Image
Grab Now Delivers Fresh Produce With New Pasar Feature
Jacie Tan
- 24th March 2020
Grab has launched a new feature, Pasar, where customers can buy fresh produce, poultry, meat, and seafood from […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image

Best Balance Transfer Plans In Malaysia

Jacie Tan -
2nd February 2021