Please find attached a tentative draft GST Return and completion guidelines:
Further to the Prime Minister’s announcement on 25 October 2013, the Goods and Services Tax Bill 2014 (“the 2014 Bill”) was tabled in Parliament on 31 March 2014.
This issue of TaXavvy will consider some of the key changes set out in the 2014 Bill compared to the Goods and Services Tax Bill 2009 (“the 2009 Bill”).
For further details please follow the links below:
All imported goods into Malaysia are subject to GST with exception of goods that are relieved from the payment under the Goods and Services Tax Order 20XX.
For details see Guide on Import issued by Royal Malaysian Customs:
The Malaysian Prime Minister has announced that GST will be implemented in Malaysia on 1 April 2015 at the rate of 6% in his budget speech. The threshold for mandatory registration will be RM 500,000.
Income Tax rate will be reduced between 1 % to 3 %, effective from assessment year 2015. Corporate Tax rate will be reduced by 1% from 25% to 24% (SME rate from 20% to 19%) effective from assessment year 2016. Continue reading