- GST Orders and Regulations Gazetted
Businesses that have not yet commenced preparation for the GST should do so, to ensure that they will be GST ready by 1 April 2015.
Following the Royal Assent of the GST Act, the Federal Government of Malaysia now gazetted a number of Goods and Services Tax (“GST”) Orders and Regulations which came into operation on 1 July 2014.
These events serve as a timely reminder that the GST go live date is fast approaching.
Furthermore, businesses that have not yet commenced preparation for the GST should do so, to ensure that they will be GST ready by 1 April 2015.
SJ Grant Thornton’s specialist GST practice has reviewed the orders and regulations and consider that the headline items are:
The GST registration turnover threshold is confirmed as RM500,000.
- The standard rate of GST is fixed at 6% on the supply of goods and services, as well as the importation of goods.
- Generally the supply of goods and services, as well as the importation of goods made within or between Designated Areas are not subject to GST.
- A person may apply to the Director General for an advance ruling on the application of any provision in the GST Legislation.
- The effective date for the imposition of the GST will be 1 April 2015.
For more information please contact:
Sharon Sung, Technical and Corporate Affairs Partner, T +60 3 2692 4022,
Charmane Koh, Corporate Affairs Assistant Manager, T +60 3 2692 4022,