The target of 220,000 companies registering for the Goods and Services Tax (GST) by year’s end is expected to be met.

Deputy Finance Minister Datuk Ahmad Maslan said this was because 201,440 companies had done so, including more than 4,000 companies which registered Wednesday.

“A total 4,008 companies registered yesterday alone. It was the highest among all the registration days, since June 10 this year. As such, we believe the target of 220,000 companies registering by Dec 31 can be met.

“Those yet to register must do so before Dec 31. They are aware of the penalty and compound facing them if they don’t register,” he told a media conference after opening the Credit Cooperative Convention organised by the Malaysian National Cooperative Movement (Angkasa), here, Thursday.

Over 300 people from numerous cooperatives attended the convention, which was held to impart knowledge on several effective methods in funding arrangements practiced by banking institutions.

Meanwhile commenting on the drop in the price of crude oil to the government’s income, Ahmad said the dividend of Petronas to the government was not expected to be badly affected as payment was based on the price of US$110 a barrel.