Goods and Services Tax (GST)

Types of taxes
1. Indirect Tax
  1. Customs Duties
    1. Excise Duties
      1. Sales Tax
        Service Tax
2. Direct Tax
  1. Corporate Tax
    1. Income Tax
      1. Real Property Gains Tax
        Stamp Duty
Functions of Royal Malaysian Customs (RMC)
1. Formulate & enforce legislations, policies and procedures
  1. Monitor & enhance regulations/procedures to ensure compliances
    1. Consultation & advice to business community/investors
      1. Provide data information for decision support
Comparison of SST & GST
1. Sales Tax
  1. Tax computed on sales
    1. Imposed on manufacturer & importer
      1. Sales Tax Act 1972
        Rata: 5%, 10%, 20%
2. Service Tax
  1. Tax computed on services
    1. 1. Imposed on service provider
        Service Tax Act 1975
        Rate: 6%
3. GST
  1. Tax computed on supply
    1. Imposed on business operator
      1. GST Act 2014
        Rate: 6%
Concept on GST
1. is a new legislation
  1. take effect on 1/4/15
    1. for business turnover>RM500K
      1. easy to understand
        one single rate of 6%
        broad based on all goods, services
GST is charged on:
1. (a) any taxable supply of goods and services
  1. (b) made in the course or furtherance of any business
    1. (c) by a taxable person
      1. (d) in Malaysia
Types of Supplies
1. Taxable supplies
  1. Standard Rated Supply
  2. Zero-rated supply
2. Non-taxable supplies
  1. Exempt supply
  2. Out of scope supply
Malaysia's GST Model
1. Zero-rated Supply
  1. food items
    1. agricultural products
      1. livestock & meat
        seafood
        utility
        medication
2. GST exempt supply
  1. rail
    1. taxi/car rental
      1. toll
        bus
        education/health
        residential
Penalty
1. Non payment/late payment will subject to penalty
  1. the penalty will be cumulative
    1. maximum penalty is 25% upon 6 months

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Goods and Services Tax (GST)

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