Malaysia postpones GST quarterly filings deadline
The filing and payment dates for the first returns under the new Malaysian GST regime has been delayed. The new deadline is 24 August 2015, and covers the period 1 April to 30 June. Monthly returns are due for businesses with an annual turnover above MYS5 million. Otherwise, companies can submit quarterly returns.
The GST returns submission deadline for monthly returns had to be delayed from 31 May to 14 June 2015.
Malaysian GST was introduced from 1 March 2015 to replace the existing Goods and Services taxes, which were both 6%. The new GST is also 6%, but the base of the tax has been widely extended to help stabilize future government revenues and prevent distortions of activities from potential tax avoidance activities.
GST key to future growth
Malaysia, like India and China, is keen to implement a full OECD-based indirect tax to help make trade and growth more agile, and less burdened by opaque and burdensome sales-type taxes.