Goods and Services Tax - Postponement

As you are aware, the anticipated second reading of the GST Bill in Parliament has been postponed.

The Second Finance Minister has, however, announced that the postponement of the second reading does not mean GST has been cancelled. The postponement is to enable the Government to raise public awareness of the need for GST. It has been indicated that the MOF will go on more road shows to achieve this objective.

As preparing for GST may take significant time and effort, businesses should continue their efforts in getting ready for GST. The extra time accorded by this announcement should be used to your advantage, to assess the impact of GST on your business and to identify areas which require a longer lead time to change. There may also be a need for a stabilization policy to include GST clauses into contracts entered into from now on. Next steps can be decided when further clarification is available.


Postponement of Second Reading of the GST Bill Announcement No. 5