Malaysia Office:
Acumen Business Services:
16-01, Jalan Rosmerah 2/14,
Taman Johor Jaya,
81100 Johor Bahru,
Johor, Malaysia.
+607-2895697
+6016-7619905
+607-3536811
Kelly Accounting Services:
10, Anson Road,
#26-04 International Plaza,
Singapore 079903.
+65-61006552
+65-98781685
+65-67258438
GST (Goods & Services Tax)
The introduction of GST in Malaysia was announced by Prime Minister Datuk Seri Najib Razak during the presentation of Budget 2014. GST will be effective on April 1, 2015. GST, which is set at 6%, will affect companies in all industries and will replace sales tax and service tax. A Malaysian business making taxable supplies must register for GST if its sales turnover exceeds RM500,000 over a twelve month period. Businesses below this threshold have the option to register if they wish to do so.
GST is not far away and will affect all types of businesses whether individuals, sole-proprietor, partnerships or companies. Awareness is especially important for certain key businesses such as Manufacturing, Construction, Import and Export Businesses, Group Companies, Second Hand Motor Vehicle Sales and Real Estate Companies.
GST compliance will require enhancement of accounting systems, updated accounting records and improvement in accounting controls. Poor planning and implementation can result in significant penalties, lost monies or worsening cash flow. It is therefore crucial that you are ready with an optimal and timely GST implementation plan.
It should however be noted that the Government has provided incentives to soften the burden of implementation and is expected to provide subsidies or increased deduction in the future. Do look out for our seminars or contact us to register your interest with us.
How We Can Help You:
- Conducting training to keep you and your staff updated on the latest developments
- Providing consultancy and advisory services to help you implement proper systems and processes to ensure compliance with GST in time
- Providing GST planning consultancy services to minimise tax burden under the new regulations and application for approved schemes