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Goods and Services Tax (“GST”) has been implemented in Malaysia effective April 1, 2015. Businesses and individuals are required to gain understanding to the implications, and also keeping up-to-date with the latest changes to the regulations, and it ultimately increased the businesses’ costs to compliance. Non-compliances are often slammed with heavy penalties, e.g. late registrants are often slammed with a RM 15,000 of compound.
Besides record keeping and timely submissions of GST return forms, businesses are also required to note the operational implications of GST in various industries, e.g. certain retailers are strictly required to implement GST compliant point of sale (POS) system or a GST compliant cash register to issue GST tax invoices.
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As an approved GST tax agent, we are always ready to assist our client to gain understanding to GST impacts that are relevant to specific industry. Our services include application for registration, preparation and submission of GST return form (“GST03”), application for cancellation, and various notifications to Royal Malaysia Customs Department on changes of business models, business addresses, etc. All these professional services for GST aim to reduce the compliance costs incurred by the businesses and individuals. |