SST revenue collection surpasses target

KUALA LUMPUR: The sales and service tax (SST) revenue collected in the first 10 months of this year amounted to RM22.6 bil, exceeding this year’s target of RM21 bil with two months left, Deputy Finance Minister Datuk Amiruddin Hamzah said on Dec 2.

“While this surpassed our initial expectation, we intend to ensure that the economy continues to grow, with many large-scale businesses flourishing and the number of people paying taxes, especially business taxes, increasing.

“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.

The SST was reintroduced on Sept 1, 2018, to replace the Goods and Services Tax (GST).

On income tax exemption, Amiruddin said a 10% deduction would be given to companies that make cash donations to houses of worship, for either construction or management purposes, that are approved under Section 44 (6) of the Income Tax Act 1967.

The bill was approved by the Dewan Rakyat. – Bernama

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