The implemetation of GST has now been announced to take effect from 1 April 2015. The GST rate is fixed at 6% and would be imposed on supplies of goods and services. GST is categorised in the family of indirect taxes and would be administered by the Royal Malaysian Customs (Customs). Based on consumption and not earnings, GST is levied by a person registered with Customs.
In some other other countries, Goods & Service Tax (GST) is also known as Value Added Tax (VAT). Globally, the indirect taxes trend is moving upwards, shifting from direct taxes such as personal and corporate taxes. GST is a consumption tax that is based on the value-added concept which will replace the current sales tax and services tax. Different from the existing sales tax and service tax, Goods and Services Tax (GST) is generally imposed on the consumption of goods and services at every stage of the supply chain.
The multiple tax levels feature of GST is the fundamental change from the present single-stage sales tax and service tax charged at only one stage of the supply chain. For companies, the immediate challenge or impact would be the integration of GST into their business operations. Companies must now assess the impact of GST on their operations as well as pricing strategies.
Our GST Solutions:
In view of the introduction of GST in Malaysia, we provide ONE STOP GST Solution to your business before and after the GST Implementation Day. Our GST Specialize Team will able to help you on:
-Understand and assist your business in fulfilling the GST requirements
-Consultancy/advisory on all aspects, e.g accountancy, audit, tax, legal, GST compliance system etc.
-Equipped your employees with GST know-how with real life case study
-Review of GST computation and GST returns for every taxable period