Companies news
Sales & Service Tax (SST) in Malaysia, What You Need to Know
On 24 August 2018, the Bills to effect the abolishment of Goods and Services Tax (“GST”) and the implementation of SST received the royal assent and became Acts of the Parliament as follows:-
(a) GST (Repeal) Act 2018 [Act 805]
(b) Sales Tax Act 2018 [Act 806]
(c) Service Tax Act 2018 [Act 807]
(d) Customs (Amendment) Act 2018 [Act A1571]
(e) Free Zones (Amendment) Act 2018 [Act A1572]
The above Acts come into operation on 1st September 2018.
For Companies which were already registered under GST, some might have been automatically registered by the customs (please check registration status on https://mysst.customs.gov.my/), obligations to charge SST start on September 1st. For companies which will have not been automatically registered, registration is required latest by September 30, 2018 with obligations starting on October 1st.
Whether you will be a registered company charging SST or a non-registered company paying SST charged by others, whether you are subject to pay Sales or Service Tax on your products or services sales or even if you are still wondering where you stand and what should you do, the implementation of SST will have an impact on your operations in Malaysia on various domain such as:-
- Compliance
- 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
- IT system to be updated
If you are still wondering if your activity is taxable or not, if your activity fall under Sales or Service Tax or if you know where you stand but are unsure on what this implies, CCIFM is pleased to invite you for a Morning Talk on highlights on the new version of the Sales & Service Tax 2.0.
Even if, as at today, the regulations might still be subject to minor changes, our speaker, Ms.Corinne Schons, Managing Partner from CS & Co will provide you with some practical guidance and bring some highlights on:
- Taxable / Non-Taxable transactions
- Registration
- Exemptions
- Charging SST
- Declaring and paying SST
- Transitionnal matters
This overview sessions will highlight tools made available by the Customs in order to guide companies through the transitional process (website, legal documentation..).We look forward to see you and we remain, should you require any further assistance, click here to register for the event
