Over the May 12, 2018 weekend, the Malaysian Prime Minister announced his intent to follow-through with his plan to abolish the current Goods and Service Tax in Malaysia. In a press release, Prime Minister Tun Dr Mahathir Mohamad announced that the country's economy no longer requires income from GST collections, and promised to abolish the system in favor of Malaysia's previous sales and service tax. No further details have been released as to an effective date, or the structure of another new system, however, any changes of this magnitude will have a large impact on businesses and consumers in Malaysia.
Malaysian Prime Minister Announces Desire to Abolish GST
Sovos
May 15, 2018
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