Malaysia issues new guidance on GST implementation
In advance of the 2015 Malaysia Goods & Services (GST) implementation, the government is issuing new hand books this week for tax payers.
The new booklets, initially in English only, will include such details as:
- How to register for GST
- What are the taxable goods and services
- GST rates
- Returns frequencies and filing requirements
- Invoicing rules
The Finance Ministry has said that there are are about 10,000 businesses already registered for GST. It is estimated that around 100,000 companies are liable to register. The new consumption tax will be levied at 6%, and is due for implementation in April 2015. It will replace the existing goods and services sales taxes, which give no scope for the deduction of input taxes – leading to potential double taxation.