Businesses see fall in sales because of GST

The majority of businesses - 56 percent - surveyed by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) have reported a decrease in sales since the goods and services tax (GST) was implemented.

According to the ACCCIM report that was unveiled today, the profit margins of 60 percent of the businesses surveyed had also shrunk.

Furthermore, over half the respondents, or 68 percent, reported that they still do not fully understand the workings of GST and how it affected their businesses, while another 10 percent were unclear about GST.

The survey also showed that most respondents still required assistance from their agents and accountants to understand GST better.

[More to follow]

-Mkini