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> Who are winners and losers of SST

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TSsukhoi35mk
post Aug 27 2018, 12:33 PM, updated 6y ago

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since we have so many SST consultants here...
QUOTE
Who are winners and losers of sales and services tax.

PETALING JAYA: The sales and services tax (SST) regime is likely to have an impact on the earnings of manufacturers and importers while healthcare and building material companies are among the major beneficiaries.

Under the SST system, which will begin from Sept 1, several manufacturers and importers would have to pay up to 10% tax rate in comparison with the 6% rate under the previous goods and services tax (GST) regime.

Based on the list of goods to be taxed under the SST, manufacturers involved in the flavoured drinks, alcohol and tobacco, as well as automotive sectors are likely to face higher taxes.

As for the producers in the rubber gloves, wood-based and electronic goods sectors, the tax is said to be limited to some segments of their production.


A tax consultant said a number of manufacturers and importers would have to pay higher tax of 10% compared with 6% under the GST.

“But it is worth noting that there are also companies that would be paying less if they are subject to 5% rate or exempt from it,” said the chief executive officer of Tax Advisory and Management Services Yong Poh Chye.

The SST is a single-layer tax, which only applies to the manufacturing and importers level, and does not involve a lot of transactions, according to Yong.

This is in comparison with the GST which is a multi-layer system that applies across the value chain.

“Under the SST, we expect the prices of goods to go down despite the higher tax rate for certain items compared with the GST,” Yong said.

“For example, a box of flavoured drinks worth RM100 is being taxed at 10% and the manufacturer would garner RM10, while under GST, the same goods could garner RM12 because of the multi-layer tax system pass-through via the manufacturer, wholesalers, and retailers,” he explained.

Additionally, he said under the SST, 38% of items under the consumer price index bucket of goods and services are subject to tax while under the GST there is almost 60%.

“There are many items that would be exempted under the SST including cans of sardines, dairy products, coffee and tea.

“Bicycles, small motorcycles and building materials such as cement and bricks are also not subject to the 10% tax,” he said.

In the automobile sector, the completely knock-down models are exempted from the sales tax while the completely-built-up models are subject to the 10% sales tax.

The healthcare industry would be one of the biggest beneficiaries under the SST system because consultation fees, medications, usage of medical equipment and ambulance services are exempted.

On the additional 6% service tax, Yong said the tax rate would only apply to food and beverages (F&B) outlets that churned more RM1mil turnover a year.

“The 6% service tax is only applicable to certain prescribed services compared with 6% GST that applied to most services.

“In the case of restaurant business, the 6% SST is only imposed if the turnover is more than RM1mil a year compared with RM500,000 under the GST,” he said.


Yong expected the excise duty and import duty to remain at the same rate.

It is worth noting that tobacco and alcohol are heavily taxed in Malaysia. The last excise duty hike for the tobacco sector was in November 2015, at 36%.

Excise duty for locally-produced hard liquor increased from RM24 to RM60 per litre in December 2016. Excise duty for beers had been changed to RM175 per 100% volume per litre, from the previous RM7.40 per litre and 15% ad valorem tax, effective since March 1, 2016.

Yong hoped that when the country’s finances improve, the import duty and excise duty would be reduced.
hizperion
post Aug 27 2018, 12:36 PM

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u're the looser TS lol
hyunterx
post Aug 27 2018, 12:37 PM

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Everyone the winner

Rakyat the loser
PlayMaker`
post Aug 27 2018, 12:38 PM

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Rakyat will be the loser. Period.
gnome
post Aug 27 2018, 12:39 PM

- We game, do you? -
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Madey kroni lel
SUSbig[1]
post Aug 27 2018, 12:39 PM

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QUOTE(hyunterx @ Aug 27 2018, 12:37 PM)
Everyone the winner

Rakyat the loser
*
Rakyat wanted SST.

Thats how PH won.
Zaryl
post Aug 27 2018, 12:40 PM

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whoever wins, we LOSE!
TSsukhoi35mk
post Aug 27 2018, 12:43 PM

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kekekee...... did PH promised a TAX FREE Malaysia????? u all bettter dig out SST guideline before GST implementation..... PH promised they will revert from GST back to SST....
patnam
post Aug 27 2018, 12:51 PM

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QUOTE(PlayMaker` @ Aug 27 2018, 12:38 PM)
Rakyat will be the loser. Period.
*
so you mean Rakyat kena GST is winner la...?!
sakuraboo
post Aug 27 2018, 12:53 PM

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Perotiga winner

Funding inkambing
westley0214
post Aug 27 2018, 12:56 PM

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/K are the winners since they are mostly PH macais.
TSsukhoi35mk
post Aug 27 2018, 12:57 PM

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so, how we can help gomen to increase the revenue.... no SST... no GST then is it ok to increase your personal income tax? gomen need money for development.... need money to pay for public utilities... need money to service our rusky jets.... later u all will taruh the gomen why TUDM assets cannot fly .. lol

u all know that our population is 32mil now but only 1mil ppl are paying income tax?
acbc
post Aug 27 2018, 01:03 PM

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If don't want to pay tax, please don't breed, maintain low income or be poor and living in garden shed.
Roman Catholic
post Aug 27 2018, 01:12 PM

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If there's inflation because of SST, then ...

Short term
Winner : PH government
Loser : The rakyat

Long term
Winner : The rakyat
Loser : PH government
TSsukhoi35mk
post Aug 27 2018, 01:18 PM

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as i say..... gomen revenue is truly limited yet they have to please 32mil rakyat but only 1 mil rakyat is paying income tax.... everything wants free.... want subsidized this and that.... like your credit card... if u keep paying the min amount and swipe the card like no tomorrow.... sooner or later someone still have to settle the debts....sweet dream of 60 is over..... time to wake up and face the reality......
fun_feng
post Aug 27 2018, 01:19 PM

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Confirm most Malaysian are stupid... They only see whichever amount is higher then they kecoh..

Already proven fact that SST collect 20 billion and gst correct 50 billion... Which one u think will cause more price increase?

Same shit happen when they implement gst lah... Macai everyday day price will reduce
SUSbig[1]
post Aug 27 2018, 01:20 PM

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QUOTE(Roman Catholic @ Aug 27 2018, 01:12 PM)
If there's inflation because of SST, then ...

Short term
Winner : PH government
Loser : The rakyat

Long term
Winner : The rakyat
Loser : PH government
*
As long as money is not in gomen pocket its good.


fun_feng
post Aug 27 2018, 01:20 PM

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QUOTE(Peiyantiu @ Aug 27 2018, 01:06 PM)
I dont give a fark abt sst or gst.
I think it is gooding bcos ebelybody get taxed including rempit

PH still > BN

No matter what sst
*
Actually is gst that tax everyone.. sst is selective
shirohamada
post Aug 27 2018, 01:22 PM

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QUOTE(Zaryl @ Aug 27 2018, 12:40 PM)
whoever wins, we LOSE!
*
buy land on the seaside.
declare independence.
brows.gif

because don't want to get landlocked.
SUSbig[1]
post Aug 27 2018, 01:22 PM

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QUOTE(fun_feng @ Aug 27 2018, 01:19 PM)
Confirm most Malaysian are stupid... They only see whichever amount is higher then they kecoh..

Already proven fact that SST collect 20 billion and gst correct 50 billion... Which one u think will cause more price increase?

Same shit happen when they implement gst lah... Macai everyday day price will reduce
*
Exactly.

They complaining businessmen will still songlap.


I was like, bro, if businessmen also die then the rest rakyat die even harded.

There is only 2 ways,

Money in gomen pocket
Or
Money in rakyat(businessmen/pak guard/ceo/working class) pocket.

Due to rqce and religion card everyday, many thought kerajaan = orang saya, businessmen = orang jahat.

That is why many still supports GST.



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