Malaysia extends 1st GST return deadline

Following the introduction of GST to Malaysia on 1 April 2015, the customs department has announced that it will extend the deadline for the first monthly filing from 31 May to 14 June 2015.

Companies with a turnover of less than MYS5 million per annum can file quarterly returns.

The new Malaysian Goods & Services Tax was introduced to replace the existing Sales and Services taxes. The rate for the new OECD-based GST is 6%. It is levied on the supply of most goods & services, with exemptions for exports and financial services. Basic foodstuffs and other essentials are nil rated.