Page 108 - Malaysia 2016
P. 108
2016
2016 BUDGET Improving The Goods And Services Tax
(GST)
Prospering The Rakyat
1) Zero-rated GST for all types of
First : Strengthening Controlled Medicines totalling 8,630
Economic Resilience under the Poisons List Group A, B, C
and D for 30 types of illness such as
Second : Increasing Productivity, cancer, diabetes, hypertension &
Innovation and Green heart disease.
Technology
2) Additional GST zero-rated on food
Third : Empowering Human items proposed:
Capital
• Soybean and organic-based infant
Fourth : Advancing Bumiputera and children milk formula;
Agenda
• Chickpeas, mung beans and white
Fifth : Easing Cost of Living of beans (Dhal or Parpu);
the Rakyat
• Lotus root and water chestnut;
Economic Performance & Prospects • Mustard seeds;
• Brown sugar; and
GDP (2015) : 4.5% to 5.5%; • Dry mee kolok.
GDP (2016) : 4.0% to 5.0%
Fiscal Deficit 2015 : 3.2% ; 3) Annual sales turnover threshold for
Fiscal Deficit 2016 : 3.1% registration of Flat Rate Scheme under
Federal Government : RM222.5 billion GST for small-scale farmers is reduced
Revenue 2015 to RM50,000 from RM100,000.
Federal Government : RM225.7 billion • Small-scale farmers can impose an
Revenue 2016 additional 2% on sales value
2016 Budget Allocation 4) MRO companies allowed to
participate in the Approved Trader
2016 Allocation : RM267.2 billion Scheme & exempted from paying GST
on imported goods.
i.Operating Expenditure : RM215.2 billion
5) GST relief for reimportation of goods
ii. Development Expenditure : RM50 billion that were exported temporarily for
the purpose of promotion, research or
iii. Contingency Reserve : RM2 billion exhibition.
GST Collection And Oil-Related Revenue
6) GST relIef for oil and gas industries on
reimportation of equipment that was
temporarily exported for the purpose
of rental and lease such as oil platform
equipment and floating platforms.
* SST (Jan-March 2015) 7) GST relief for procurement of teaching
** GST (April-Dec 2015) materials and equipment by skills and
vocational training providers under
the National Skills Development Act
2006.
8) Rebates equivalent to the amount of
GST paid on prepaid mobile phones
cards will be credited directly to
2016 BUDGET Improving The Goods And Services Tax
(GST)
Prospering The Rakyat
1) Zero-rated GST for all types of
First : Strengthening Controlled Medicines totalling 8,630
Economic Resilience under the Poisons List Group A, B, C
and D for 30 types of illness such as
Second : Increasing Productivity, cancer, diabetes, hypertension &
Innovation and Green heart disease.
Technology
2) Additional GST zero-rated on food
Third : Empowering Human items proposed:
Capital
• Soybean and organic-based infant
Fourth : Advancing Bumiputera and children milk formula;
Agenda
• Chickpeas, mung beans and white
Fifth : Easing Cost of Living of beans (Dhal or Parpu);
the Rakyat
• Lotus root and water chestnut;
Economic Performance & Prospects • Mustard seeds;
• Brown sugar; and
GDP (2015) : 4.5% to 5.5%; • Dry mee kolok.
GDP (2016) : 4.0% to 5.0%
Fiscal Deficit 2015 : 3.2% ; 3) Annual sales turnover threshold for
Fiscal Deficit 2016 : 3.1% registration of Flat Rate Scheme under
Federal Government : RM222.5 billion GST for small-scale farmers is reduced
Revenue 2015 to RM50,000 from RM100,000.
Federal Government : RM225.7 billion • Small-scale farmers can impose an
Revenue 2016 additional 2% on sales value
2016 Budget Allocation 4) MRO companies allowed to
participate in the Approved Trader
2016 Allocation : RM267.2 billion Scheme & exempted from paying GST
on imported goods.
i.Operating Expenditure : RM215.2 billion
5) GST relief for reimportation of goods
ii. Development Expenditure : RM50 billion that were exported temporarily for
the purpose of promotion, research or
iii. Contingency Reserve : RM2 billion exhibition.
GST Collection And Oil-Related Revenue
6) GST relIef for oil and gas industries on
reimportation of equipment that was
temporarily exported for the purpose
of rental and lease such as oil platform
equipment and floating platforms.
* SST (Jan-March 2015) 7) GST relief for procurement of teaching
** GST (April-Dec 2015) materials and equipment by skills and
vocational training providers under
the National Skills Development Act
2006.
8) Rebates equivalent to the amount of
GST paid on prepaid mobile phones
cards will be credited directly to
