GST to have minimal impact on renovation construction sector
He said in the beginning, industry players may be unsure of the GST, and tend to increase prices of items.
The Goods and Services Tax (GST) is likely to have minimal impact on the renovation construction sector during the initial phase of implementation of the new tax system from April 1, next year.
Construction Industry Development Board (CIDB) Malaysia Chief Executive Officer Datuk Seri Dr Judin Abdul Karim said the impact of any price hike on building materials would also depend on whether it is locally made or imported.
"In the beginning, industry players may be unsure of the GST, and tend to increase prices of items. But, I am sure the government will take action to ensure no one takes advantage of the situation," he told a press conference here today.
He said this at the " Programme on Strengthening Bumiputera Renovation Contractors" through the CIDB National Accredited Renovators (CNAR).
The event was officiated by Works Minister Datuk Seri Fadillah Yusof.
Meanwhile, on the outlook of the construction industry next year, Judin said it would be positive and busy.
"Things are looking good and we see all projects as ongoing," her added.
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