Malaysia SST Sales & Services Tax 2018: Implemented on 1 September 2018 Onwards
Here, we are providing latest information about Malaysia SST Sales & Services Tax 2018 which will be implemented on 1 September 2018. So, let’s check what has been changed. The current Goods and Services Tax (GST) has been zero- rated since 01 June 2018. This is because the previous Sales and Services Tax (SST) will replace it. The Malaysian Finance minister “Lim Guan Eng” has announced on 16 July 2018, that the SST will be reintroduced on 1 September 2018, after the passing of the SST Bill. Besides, the provision of services will be taxed at 6% from that moment. While for the sale of goods, it will be taxed at 10%. We have unfolded all crucial points regarding for the change and effects which must have on your business. So, go through the complete article we are assuring that this will be very beneficial for you.
On 24 August 2018, the Bills to impact the abolishment of Goods and Services Tax (“GST”) and the execution of SST got the regal consent and progressed toward becoming Acts of the Parliament as pursues:-
- GST (Repeal) Act 2018 [Act 805]
- Sales Tax Act 2018 [Act 806]
- Service Tax Act 2018 [Act 807]
- Customs (Amendment) Act 2018 [Act A1571]
- Free Zones (Amendment) Act 2018 [Act A1572]
The acts provided above come into operation on 01st September 2018.
For Companies which were at that point enlisted under GST, some may have been naturally enrolled by the traditions, commitments to charge SST begin on September first. Besides, for organizations which will have not been naturally enlisted, enrollment is required most recent by September 30, 2018 with commitments beginning on October first.
Areas of Activities Being Affected by SST
Regardless of whether you will be an enlisted organization charging SST or a non-enrolled organization paying SST charged by others, whether you are liable to pay Sales or Service Tax on your items or administrations deals or regardless of whether you are as yet pondering where you stand and what should you do, the execution of SST will affect your activities in Malaysia on different area, for example,
- Managing the transition from SST to GST
- Complying with your latest GST obligations
- Measuring the financial impact on your margin
- Administration of your sales (Invoice template, trigger event)
- Documentation of your transaction
- Accounting for this new tax
- Update for IT system
If you are still shocking that your activity is taxing or not, your activity is coming under to pay tax, Sales or Service Tax or if you know where you stand but are unsure on what this implies, then you must visit the official page and must collect important information for this.
Regardless of whether, as at today, the directions may at present be liable to minor changes, our speaker, Ms.Corinne Schons, Managing Partner from CS and Co will give you some viable direction and expedite a few features:
- Taxable / Non-Taxable transactions
- Charging SST
- Declaring and paying SST
- Transitional matters
Dear visitors, if you have any query related to this article then you are absolutely free to ask at comment box below given. To get more information about Malaysia SST, then visit our next pages. Also, to learn more, you can read about SST Services in Malaysia and SST Malaysia to impose tax on goods and services.