MCA wants 6pct GST rate to be kept for 5 years

Supporting the just-announced goods and services tax (GST), the MCA has called on the government to keep the rate at six percent rate for at least five years in order to be fair to consumers.

The MCA welcomes the implementation of the GST as this will broaden the country's tax base, party president Dr Chua Soi Lek said today.

"However, MCA would like to propose that the six percent (rate) be maintained for at least five years or more from the date of implementation," Chua told a press conference at Wisma MCA after chairing a central committee meeting.

The government, he added, should also ensure that personal and corporate income taxes are gradually reduced to lessen the burden on the people.

The much-criticised GST was announced by Prime Minister Najib Abdul Razak, who is also finance minister, when he tabled Budget 2014 on Oct 25. It is to be implemented on April 1, 2015.

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