KUALA LUMPUR, May 14 (Reuters) - Malaysia has not yet set a date for the abolishment of the Goods and Services tax (GST), the finance ministry said in a statement on Monday.
Malaysia’s newly elected administration, led by Prime Minister Mahathir Mohamad, had promised to abolish the deeply unpopular tax within its first 100 days.
The ministry said rumours on social media that the tax would be abolished effective June 1, with no new tax to be imposed for first two years of the new administration, were untrue.
“As such, all businesses must follow current law and continue imposing GST as required,” the ministry’s statement said.
Mahathir had said on Sunday the country had sufficient revenue to remove GST, state news agency Bernama reported. (Reporting by Rozanna Latiff; Editing by Raju Gopalakrishnan)