The Malaysian Government will need to fork out an estimated initial sum of Rm222 million to ensure the smoth and effective implementation of GST system in Malaysia.
The amount consists of Rm 139 million for developing the GST computerisation system, and Rm 83 million for the Malaysian Customs Department to implement the system.
The annual maintenance cost is estimated to cost Rm 8.5 million.
Statement from the Finance Minister in a written reply to a Member of Parliment
My one sen worth
By implementing the GST system, the Government is expected to generate Rm 1 billion in additional income.
The cost seems reasonable, judging by the tax amount to be collected, and it appears that the government can recoup its investment in 3 months after the GST is implemented.
I just hope the new system will be thoroughly tested before it is launched.
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