By IZZAT RATNA / Pic By ISMAIL CHE RUS
The Goods and Services Tax (GST) collection for this year is expected to meet the projected target despite reports of false claims and revenue leaks.
Ministry of Finance (MoF) Secretary General of Treasury Tan Sri Dr Mohd Irwan Serigar Abdullah said the government is conducting checks to ensure the GST rules and regulations are adhered to by all parties.
“We are optimistic this year’s GST collection will remain on track which is over RM40 billion,” he said at the GECommunity Summit 2017 media conference in Cyberjaya yesterday.
In the 2017/2018 Economic Report, the government is expected to collect RM41.5 billion from the consumption tax this year and RM43.8 billion next year.
The government has collected RM27 billion for the April-December 2015 period, the first year the tax was introduced. The figure rose to RM41.2 billion last year.
Customs DG Datuk Seri Subromaniam Tholasy was reported as saying that tax collectors lost about RM100 million in GST revenue due to illicit claims.
He said the figure was based on the companies prosecuted for related offences and had their accounts frozen. The related companies, however, are allowed to resubmit their claims by year-end. The Customs Department plans to launch a large scale operation in January next year to weed out the GST offenders.
Meanwhile, the GECommunity Summit 2017 aims to raise about RM100 million in value creation over the next two years through the Global Entrepreneurship Community (GEC) Lab sessions.
The summit, which will be held at the Kuala Lumpur Convention Centre on Dec 12 to Dec 13 this year, will host 50 local and international speakers, 330 exhibitors, 20 keynote and panel discussions, and up to 100 GEC Lab sessions.
The summit brings together local, regional and international parties within the entrepreneurship ecosystem.
“Strengthening the ecosystem is no easy feat. That is why we are bringing various parties with different roles, expertise and initiatives to join forces in making this summit a success.
“We are bringing together parties within the local, regional and international entrepreneurship ecosystems under one roof to transform and enhance sectors, as well as industries,” he said.
Three areas of interest during the two-day event, are social innovation, education and artificial intelligence and machine learning.