KUALA LUMPUR: The government will not increase the threshold for businesses to register for Goods and Services Tax (GST) despite request to increase it from RM500,000 to RM1 million.
Deputy finance minister Datuk Chua Tee Yong said Malaysia’s threshold was within the norm and higher in comparison to Thailand, Philippines, United Kingdom and Australia,
“If we compare regionally, such as Thailand and Philippines, the threshold was between above RM140,000 and RM180,000.
“Meanwhile, in United Kingdom and Australia, the threshold was around RM400,000,” he said when met at Publika, Solaris Dutamas today.
Chua said from initial survey, there were about 12 to 13 per cent of companies including sole proprietor, partnership and 'Sendirian Berhad' that have a turnover of RM500,000 annually which requires them to register for GST.
Chua added that as of yesterday, a total of 306,704 companies have registered for GST.