Part 11 Gearing GST towards public acceptance. Dollar for dollar reimbursement It is generally felt that GST implementation is more urgent now due to rising GDP-debt ratio, low earnings from the petroleum, gas and commodity sectors as well as the need to narrow the budget deficit. In a GST environment, greater efforts are needed to boost productivity and promote innovation. In this regard, a dollar for dollar reimbursement should be given for GST-related expenditure on R&D activities, cost of purchase of new accounting software and expenses related to re-training staff. A double deduction should also be given under the Income Tax Act 1967 for all GST related book-keeping expenses which the Malaysian Inland Revenue Board would find useful for tax audit verification. The GST when implemented in Malaysia can be seen as a reformatory move to further promote efficiency of the tax administration. Source : The Star
Posted on: Mon, 21 Oct 2013 23:53:41 +0000
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