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Business : Agriculture Sector May Impose 2 Per Cent Flat Rate Charge Under GST

PUTRAJAYA, Aug 8 (Bernama) — Farmers, smallholders, fishermen, livestock and poultry breeders, and others in the food aquaculture sector are entitled to impose a two per cent flat rate charge on registered buyers under the Goods and Services Tax (GST).

Deputy Finance Minister Datuk Chua Tee Yon said only those earning below RM500,000 a year were eligible to impose the additional charge without having to submit account statements.

“The additional charge is not meant for the government, instead it is to cover their production costs or act as an extra income for them.

“For this purpose, they have to submit the form once a year. It not mandatory,” he told reporters after meeting representatives from the fruit and agricultural industry associations here today.

On the other hand, he said buyers could claim input tax credit on the additional flat rate charge paid, but it must be supported by invoices.

Chua said those eligible for the scheme must be endorsed by 16 departments, namely the Agriculture Department, Fisheries Department, Veterinary Services Department, Malaysian Fisheries Development Board, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Pepper Board.

The others are the National Kenaf and Tobacco Board, National Farmers Organisation, Kemubu Agricultural Development Authority, Muda Agricultural Development Authority, Malaysian Pineapple Industry Board, Sarawak Agriculture Department, Sabah Rubber Industry Board, and Sabah Agriculture and Food Industry Ministry.

The GST at six per cent is set to be introduced in April 2015 to replace the Sales and Service Tax at 16 per cent.

— BERNAMA

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