Friday, September 18

SST revenue collection surpasses target


KUALA LUMPUR: The total sales and services tax (SST) revenue collected from January until October this year was RM22.6 billion, Deputy Finance Minister Datuk Amiruddin Hamzah said.

He said the tax revenue had exceeded this year’s target of RM21 billion, even with two months left.

“It surpassed our initial expectation. We intent to ensure that the economy continues to grow, with many large-scale businesses flourishing and the number of people paying taxes, especially business taxes, gets bigger. This will indirectly increase the country’s source of income,” he said when winding up debate on the Finance Bill 2019 at the Dewan Rakyat yesterday.

The SST was reintroduced on Sept 1, 2018 in place of the abolished goods and services Tax (GST). The SST was gazetted on Aug 26, 2018.

On income tax exemption, Amiruddin said a 10 per cent deduction would be given to any companies take make cash donations to any house of worship construction or management funds approved under Section 44 (6) of the Income Tax Act 1967.

“The companies are entitled to a 10 per cent tax deduction from their aggregate income provided they provide receipts as proofs of the donations,” he said.

The bill was approved by the Dewan Rakyat after the third reading. The House resumes sitting today. — Bernama