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`GST will simplify Malaysian tax base' [New Straits Time (Malaysia)](New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: The Goods and Services Tax (GST) system will benefit the country by simplifying its tax base, says CPA Australia, external positioning policy adviser-audit and assurance, Amir Ghandar. "GST simplifies the way our tax base fits together. Cross-border taxation is dealt through the simplicity of GST," Ghandar told Business Times at the CPA Australia's guide to understanding annual reports forum, organised by the Malaysian Institute of Accountants (MIA). He also said there is a possibility of both a price hike and spike in inflation as a result of the GST implementation. "In the short term, the price hike and spike in inflation is inevitable, which will make people nervous. In Australia, it took up two to three years for tax to become embedded and settle down," added Ghandar. Australia began implementing GST in 2000. Meanwhile, two free online guides are now available on the CPA Australia website to help investors better understand annual reports as well as annual audits of listed companies. The guides are intended to help existing as well as prospective investors and users of financial statements make better informed investment decisions. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |