It's Official - GST Set To Zero From 1 June Onwards

Not fake news this time, folks!

Cover image via Paul Tan

In an official statement by the Finance Ministry released today, 16 May, the Goods and Services Tax (GST) will be set to zero percent from 1 June onwards

At present, GST is set at 6 percent for both local and imported goods and services, except for zero-rated items as provided for in the Goods and Services Tax Act 2014. 

The statement urged registered business owners to comply with the zero-rate imposition, while also ensuring that prices of goods and services comply with the Price Control and Anti-Profiteering Act 2011

"Registered traders are also subject to the current rules set forth in regards to tax invoices, the delivery of tax returns within the prescribed period of charge, and input tax credit claims," the statement read. 

You can read the full statement here:

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