KINIBIZ Prime Minister Najib Abdul Razak will make his Budget 2014 speech on Oct 25 and the long overdue Goods and Services Tax (GST) is highly likely to be a major part of a package of reforms to address the growing fiscal deficit.

In 2009 a Goods and Services Tax Bill made it as far as Parliament only to be withdrawn for reassessment. The same is not likely to happen this time owing to fewer obstacles to the introduction of GST.

Once an announcement on the GST is made, actual implementation of the tax will be subject to a 14-month long implementation period for businesses to familiarise themselves with the new accounting standards.

Here are nine basic GST questions and answers courtesy of KiniBiz.

Go to KiniBiz for more.