The Finance Ministry announced that starting from June 1, 2018, the Goods and Services Tax (GST) will be zero-rated for all goods and services in Malaysia until further notice.

In a statement today, the ministry said the move does not include the goods and services listed in the Goods and Services Tax (Exempt Supply) Order 2014, which will remain exempted from GST.

"At the same time, businesses must ensure that prices of goods and services comply with the Price Control and Anti-Profiteering Act 2011 at all times," it said.

For more information, interested parties can contact the Royal Malaysian Customs Department at 1-300 88 8500 or 03-7806 7200.

Earlier, Prime Minister Tun Dr Mahathir Mohamad confirmed that he instructed the government to stop GST collection as well as impose a fixed petrol price.

"The instruction has been given so the government will no longer collect GST.

"Whatever excess taxes collected under GST will be refunded," he told reporters at Yayasan Perdana.

The government, Mahathir said added no longer intends to continue with the weekly price adjustments for fuel prices which was imposed by the earlier Barisan Nasional government.

"No longer up and down, the present (market) rate will stay. The government will subsidise if there are insufficiencies," he added.

-- BERNAMA

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