It was reported on 19 December 2013 that the International Monetary Fund’s (IMF) Mission Chief for Malaysia said at the conclusion of discussions for the 2013 Article IV Consultation that he welcomes the country’s decision to introduce a Goods and Services Tax (GST).
Fiscal budget of Malaysia for 2014 confirmed regarding the introduction of GST on April 01, 2015, which will replace the current sales and services taxes. The tax rate will be six percent, the lowest among the Association of Southeast Asian Nations (ASEAN) countries. Indonesia, Vietnam, Cambodia, the Philippines and Laos impose GST at 10 percent, while Singapore and Thailand impose it at seven percent.
