Carbuyers throughout the nation have speculated on how the GST implementation will affect the price of car sales. A common perception is that theorethically, the price should reduce, given the fact that the 10% sales tax will be replaced by the 6% GST and could this then possibly lead to profiteering?
UMW Toyota Motors today came out and in a statement quelled any potential misconceptions on the matter. In a statement by UMW Toyota Motor President Datuk Ismet Suki, “There will be price reduction up to RM4,000 or 2% for Toyota and Lexus models. UMW Toyota Motor vehicles will pass 100% of the cost savings to the customers upon purchasing any Toyota and Lexus models during the new tax structure’s implementation.”
Under the GST regime, there are different implications to businesses in various areas ranging from tax computation, collection, refunds, reconciliation to costing, as compared to the existing Sales and Services Tax system.
Affirming UMW Toyota Motor’s support for the implementation of the GST, Datuk Ismet said the company would be transparent in its business transaction and it would strictly adhere to the Price Control and Anti-Profiteering Act 2014.
He advised customers to enjoy the new price reductions of all Toyota and Lexus vehicles and also take the opportunity of the fabulous deals and promotions that UMW Toyota Motor will be offeringthroughout the year.