Tuesday, October 26, 2010

GST - Government Service Tax

GST also known as VAT in many countries.

Attended a workshop held by BDO Tax today. An invisted speaker from government department briefed us that the GST is something the government must implement soon. Perhaps due to political reason (general election coming....) it was postponed again recently.

What are the significant of GST?

  • No country that have implement GST or VAT scrap it after the implementation.
  • There are 148 countries have GST/VAT as at 2010.
  • It helps to widen the revenue base for the country
  • It fixes some of the drawback of current Service Tax and Sales Tax.
Looks like it will only be implemented after GE13 (likely to be held in middle 2011).

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