SHS Web Conf.
Volume 36, 2017The 2016 4th International Conference on Governance and Accountability (2016 ICGA)
|Number of page(s)||12|
|Published online||24 July 2017|
Goods and Services Tax (GST): The Importance of Comprehension Towards Achieving the Desired Awareness Among Malaysian
Faculty of Accountancy, Universiti Teknologi MARA Melaka
* Corresponding author’s email: email@example.com
In line with the implementation of value added tax (VAT) by 160 countries, Malaysia has taken its own path with the introduction of goods and services tax (GST) starting from 1 April 2015 to replace its previous tax system. This new tax system has been announced on 25 October 2013, which has given about 17 months for businesses and people in Malaysia to make a complete preparation for GST. GST is proven to be the fairer tax system to overcome the previous one which was not only limited in scope, but also came with a number of inherent weaknesses. Therefore, in order to achieve the desired awareness regarding GST, it is essential that all Malaysians have the required level of understanding in terms of its concepts, scopes, charges and mechanisms. This paper discusses the benefits of GST for the nation in the long run as well as the negative perceptions from the public. This should reveal the additional steps to be taken by the regulators in ensuring a better comprehension of this new tax system among the citizens as a support for the government’s tax reform, which has been programmed for Malaysia to move towards a high-income nation.
Key words: Goods and Services Tax / Sales and Services Tax / Tax Reform
© The Authors, published by EDP Sciences, 2017
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