Designed with our clients in mind, our audit and assurance services focus on critical areas and risks that matter most to your business. The ability to manage...
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Designing a tailored audit programme customised for your business, we will combine the collective skill and experience of assurance professionals around the world to deliver an audit that is efficient and provides assurance to your key stakeholders.
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Our local experts
Our local experts
At Grant Thornton, tax is a key part of our organisation and our tax teams can offer you a range of solutions.
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Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Corporate & individual tax
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax & Global mobility services
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Indirect tax
Our indirect tax specialists help clients in effective planning; assist to bring clarity to the legislation; assist and advise in audits or investigations. It is important for all entities, whether or not required to register for Sales Tax or Service Tax to analyse the impact of the taxes on their business operations, their revenues and expenses, and their customers and suppliers.
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Tax audit & investigation
Tax audit and investigation
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Transfer pricing
Transfer pricing
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Forensic
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Whether you are raising capital, disposing of a business or seeking a wider market for your company's shares on a stock market, we are ready to help make it a successful and stress-free experience for you.
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We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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Japan Desk in Grant Thornton Malaysia was established in October 2013 to serve as bridge between Malaysia and Japan.
Our expertise in the property industry in ASEAN
Support clients in identifying strategic business or investment partners in China or other region
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Tax
GST Updates
17 May 2019The Royal Malaysian Customs Department (RMCD) has released an updated GST guideline pertaining the issuance of tax invoice, debit note, credit note and retention payment after 1 September 2018. This newly updated guideline shall prevail over the latest tax alert in April 2019: Updates on GST and Sales Tax Exemption.
The major changes in the updated guideline are briefly highlighted as follows:
Tax invoice
- Previously, a tax invoice is not allowed to be issued after 1 September 2018. The new guideline provides that any registered person who makes taxable supply of goods or services before 1 September 2018 may issue either tax invoice or invoice after 1 September 2018 and account for tax in the final return
- A registered person who is the recipient of a tax invoice is eligible to claim the input tax credit in his final return on or before 29 December 2018. Such claim is deemed the final claim for all input tax and any input tax credit is not claimable after 29 December 2018.
Retention payment
- As provided in the previous guideline, a registered person is not required to account for output tax on any invoice issued for retention sum or any retention payment received, whichever is earlier, on or after 1 September 2018, relating to work done before 1 September 2018. If he has issued a tax invoice or received retention payment on or after 1 September 2018 and he has declared and paid the tax in the final return, he may issue a credit note to his client and amend his final return.
- A recipient of a credit note relating to retention sum shall adjust his final return. He may apply for remission via GST TAP should there be any imposition of late payment penalty.
Please contact your respective Grant Thornton indirect tax adviser should you require further guidance.
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