MISIF hopes GST refunds paid before SST implementation

By BERNAMA / Pic By TMR

The Malaysian Iron and Steel Industry Federation (MISIF) hopes the Goods and Services Tax (GST) refunds will be paid before the implementation of the Sales and Services Tax (SST) to restore business confidence and meet the tough challenges ahead.

In a statement, the federation said while it empathised with the government’s fiscal position, any further extended delays would jeopardise business operations and disrupt cashflows.

“The steel industry has already been overwhelmed with a barrage of cost increases this year on account of the double whammy hike in energy tariffs (natural gas and electricity) which took effect on July 1, the implementation of the Employment Insurance Scheme (from Jan 1), numerous pending uncertainties relating to minimum wage and rehiring of foreign workers, as well as prevailing stringent credit access by financial institutions on the steel industry.

“While we commend the government’s honesty and earnestness in resolving this matter, we urge the government to consider the predicaments of our members should the waiting period be further prolonged,” it added.

A recent survey involving 32 MISIF members highlighted that about RM85 million in input tax refunds have not yet been received. — Bernama