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VAT

Her Majesty's Revenue and Customs, part of The Treasury, has issued a reminder (reproduced below) to all businesses with an annual turnover of more than GBP85,000 that new reporting rules require steps to be taken on or before 29 July this year.

There are few things about Malaysia's Najib government that have caused as much anger amongst the populace as the introduction of the Goods and Services Tax ("GST") which is, in fact, a form of Value Added Tax. It was an election promise that Mahathir's coalition would repeal it and reinstate the old Sales Tax. Even during a press conference yesterday, before he was sworn in, Mahathir was asked to confirm that the promise would be kept and he did. Popular though such a policy would be, it is a horribly retrograde step that will cost the country, and businesses, dear. He should revise GST, which was not, in some detail, properly thought through, but he should not reverse its imposition.

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