On May 5th, 2014, Malaysia's Upper House of Parliament passed the 2014 Goods and Services Tax (GST) Bill. The plan for implementing GST was originally announced in October 2013 and was passed by Malaysia's Lower House of Parliament on April 7th, 2014. The new GST will apply from April 2015.

The standard rate of GST will be 6%, and will be similar in application to value added tax. Exports and ba…