Ali Hamsa urges Malaysian retailers to understand, prepare for GST

Chief Secretary to the Government Tan Sri Dr Ali Hamsa has urged Malaysian retailers to take the initiative for a better understanding of the Goods and Sevices Tax (GST) which will be implemented from April 1, next year.

He said the GST implementation was to ensure the country's tax system was more transparent and business-friendly.

"I request the Malaysia Retailer Chain Association (MRCA) to assist the government by reaching out to all its members and organise training sessions or briefings on the GST," he said in his keynote address at the MRCA 22nd Anniversary and Crown Awards Banquet 2014 here Thursday night.

Ali noted that the government took several initiatives in Budget 2015 to mitigate the impact of GST on the corporate and business sectors, including the reduction of corporate income tax rate from 25 per cent to 24.

"There are concerns from the business community, including the retail sector, over the impact of GST on the cost of business and I believe these concerns can be addressed without a major price hike to consumers," he said.

About 1,000 guests, comprising entrepreneurs, chief executive officers and members of corporate senior management attended the event.