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Malaysia GST Implementation On April 1, 2015
The Malaysian government is preparing to implement the Goods and Services Tax (GST) on April 1, 2015. Malaysia’s 6 per cent GST, will replace its 10 per cent Sales Tax and 6 per cent Services Tax.
The Royal Malaysian Customs Department (RMCD), tasked with administering the Malaysia GST, announced registration of around 300,000 companies by the end of January, with around 50,000 yet to register. Companies who fail to meet the new February 28, 2015 registration deadline could face fines of RM2,000 to RM15,000 (about US$ 543 – $ 4,071).
The RMCD divides types of taxable supplies into four groups:
In October 2014, the department released a 900-item zero-rated GST exemption list. Another comprehensive list of taxable and non-taxable sundry goods was released in January 2015. Zero-rated goods and services include exported goods and services, RON 95 petrol, diesel and cooking gas, the first 300 units of electricity for a domestic household for a minimum period of 28 days, agricultural products, livestock, live and frozen seafood, and 2,900 essential medicines.
GST exempt supplies include residential property, public transportation, certain financial services, agricultural land, as well as health education and childcare. Almost all goods mentioned in the sundry goods list are taxable, with fruits and vegetables being the only tax exempt category.
Read more: Malaysia GST Implementation On April 1, 2015 http://www.establishmentpost.com/malaysia-gst-implementation-april-1-2015/#ixzz3VMUymeMM
List of Sundry Goods :
http://gst.customs.gov.my/en/cp/Pages/cp_imp.aspx
Some interesting stuff from the list:
Have fun!
The Malaysian government is preparing to implement the Goods and Services Tax (GST) on April 1, 2015. Malaysia’s 6 per cent GST, will replace its 10 per cent Sales Tax and 6 per cent Services Tax.
The Royal Malaysian Customs Department (RMCD), tasked with administering the Malaysia GST, announced registration of around 300,000 companies by the end of January, with around 50,000 yet to register. Companies who fail to meet the new February 28, 2015 registration deadline could face fines of RM2,000 to RM15,000 (about US$ 543 – $ 4,071).
The RMCD divides types of taxable supplies into four groups:
- Standard rated: Taxable goods and services subject to GST at a standard rate
- Zero-rated: Goods and services subject to zero per cent GST rate, in which consumers pay no GST and businesses claim a GST refund on inputs
- Exempt Supplies: Goods and service supplies not subject to consumer GST but for which businesses will not receive a refund of GST paid on inputs
- Supplies not within the scope of GST: Non-business transactions, sales of goods outside of Malaysia and services provided by the government sector
In October 2014, the department released a 900-item zero-rated GST exemption list. Another comprehensive list of taxable and non-taxable sundry goods was released in January 2015. Zero-rated goods and services include exported goods and services, RON 95 petrol, diesel and cooking gas, the first 300 units of electricity for a domestic household for a minimum period of 28 days, agricultural products, livestock, live and frozen seafood, and 2,900 essential medicines.
GST exempt supplies include residential property, public transportation, certain financial services, agricultural land, as well as health education and childcare. Almost all goods mentioned in the sundry goods list are taxable, with fruits and vegetables being the only tax exempt category.
Read more: Malaysia GST Implementation On April 1, 2015 http://www.establishmentpost.com/malaysia-gst-implementation-april-1-2015/#ixzz3VMUymeMM
List of Sundry Goods :
http://gst.customs.gov.my/en/cp/Pages/cp_imp.aspx
Some interesting stuff from the list:
- In the Grocery list, Nescafe is zero GST rated but Nescafe 2-in-1, 3-in-1 are subject to GST.
- Only infant milk powder are zero rated; all other milk powders are taxed.
- In the F & B list, only white bread & wholemeal breads are zero GST rated.
- All fruits and vege are zero rated except some, such as dry mushrooms (fresh mushrooms no GST), crinkle cut potatoes (normal potatoes no GST).
- For medicines, all Panadol products are zero rated
Have fun!
