Malaysian GST registration deadline 31 Dec 2014
- 7 December 2014 | Richard Asquith
Malaysian and foreign businesses providing taxable supplies above RM 500,000 per annum must register for the new Goods & Services Tax (GST) regime by 31 December 2014.
The new Malaysian GST system, similar to EU VAT, comes into place on 1 April 2015. The consumption tax system replaces the existing two Sales and Services Taxes. The new GST rate is 6% on most goods and services, with a nil rate for essentials, public transport and education. Financial services and exports are exempt.
Registration is through the Malaysian Customs Office, via the Taxpayers Access Point. Companies operating below the above compulsory GST registration threshold may voluntarily register too.