Future fair: (From left) Tan, Gandhi and Goi show the future plan for a bigger-scale MIFF in 2018 during the MIFF 2016 pre-show press conference in Kuala Lumpur. Malaysia will stand to benefit from the Trans-Pacific Partnership Agreement (TPPA), as there would be fewer barriers for the export of Malaysian-made furniture to the United States, said United Business Media (M) Sdn Bhd (UBM) managing director M Gandhi. “The good thing about the TPPA is that it is not in conflict with the other free trade agreements (FTAs). “It is an addition to what we already have. “One of the biggest buyers of Malaysian furniture is the US, and it is part of the TPPA. “In fact, most furniture exports are to countries that are a part of the TPPA “Besides that, one of our competitors is China, and China is not part of the TPPA. So, Malaysia will be more competitive in exporting to the TPPA countries,” added Gandhi. The upcoming Malaysian International Furniture Fair (MIFF) 2016, which is t
The goods and services tax (GST) collection exceeded the RM27 billion mark set by the Government for 2015, says Royal Malaysian Customs Department deputy director-general Datuk Subromaniam Tholasy.
He said the exact collection from the new tax regime, implemented on April 1, 2015, would be announced soon by the Government.
"For this year, the department has been given the task of raising RM39 billion from the GST and we are confident of achieving the target," he told a press conference on the GST implementation report card in Kuala Lumpur on Thursday.
The 6% GST replaced the sales and service tax of 10% and 6%, respectively.
On achieving the target set for this year, Subromaniam said the department was taking several initiatives, including compliance, and would send its audit team to verify and work with local businesses.
"There is still a lot of confusion among businesses about the GST implementation. There is still many companies that are still not GST-ready.
"We know there are thousands of companies out there which record an annual turnover exceeding the threshold RM500,000 but they are not registered for the GST with the Customs Department.
"The number will continue to change with the establishment of new companies," he added.
More than 406,000 companies are now registered for the GST.
Subromaniam said the Customs Department was also in the midst of resolving issues relating to the GST claim period for companies.
"For the first month of the GST implementation, we could only refund 17% (of total claims) within 14 days, as stipulated by the law, but now the figure has gone up to 70%.
"We have taken many initiatives and measures to achieve these numbers," he said, adding that many European countries take more than two weeks to process claims.
sources: Bernama, theStar
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