Malaysia

Malaysia scraps GST June 2018

May 16th, 2018

The new Prime Minister of Malaysia has committed to withdrawing the 6% Goods and Services Tax, setting it at zero from 1 June 2018. It will be replaced by a more limited Sales and Services Levy – a sales tax. PM Mahathir Mohamad has promised to withdraw the consumption tax, which was only introduced in April …


Worldwide

VAT Reporting update 18.4.1

May 1st, 2018

Overview This release is a maintenance release of the VAT Reporting application for the month April. It includes changes to reports, modifications and bug fixes. Main changes in Reports Spain – Immediate Filing (SII) We have started to implement changes to support filing of SII V1.1, which will be available from 1st July 2018. Please …


Malaysia

Malaysia 2018 GST changes

January 2nd, 2018

The Malaysian 2018 Budget introduced a number changes to the Goods and Services Tax regime. These include: Reclassifying the sale of newspapers, journals and books as nil-rated Exempting local government services from GST Exempting from GST management and maintenance services for certain housing development. The above changes came into effect on 1 January 2018.


Malaysia

Malaysia cuts GST registration threshold

November 9th, 2015

The new 2016 budget has introduced a number of changes to the Malaysian GST regime, which was introduced in April this year to replace the Sales and Services Taxes. The GST rate is 6%. The changes include: The GST registration threshold will be reduced from MYR100,000 to MYR50,000 per annum on the flat rate VAT …


Malaysia

Malaysia imposes GST assessments

October 4th, 2015

The Royal Malaysian Customs Department will start to raise Goods & Services Tax assessments on businesses which have failed to submit GST returns under the new indirect tax regime. Malaysia introduces GST 2015 Malaysia replaced its Goods and Services Taxes from 1 April 2015 with GST. The new regime facilitated much easier recovery of consumption …


Malaysia

Malaysia extends 1st GST return deadline

June 9th, 2015

Following the introduction of GST to Malaysia on 1 April 2015, the customs department has announced that it will extend the deadline for the first monthly filing from 31 May to 14 June 2015. Companies with a turnover of less than MYS5 million per annum can file quarterly returns. The new Malaysian Goods & Services …