About 50,000 companies have been identified for the first phase of the audit to ensure they are on the right track, says Customs director Khazali Ahmad.

 

KUALA LUMPUR: The Royal Malaysian Customs Department (JKDM) will launch the Customs Blue Ocean Strategy Operation (Ops CBOS) in phases from Sept 1 to audit companies registered for the Goods and Services Tax (GST).

Customs Department director Khazali Ahmad said about 50,000 companies were identified for the first phase of the audit to ensure they were on the right track.

“There are 420,000 companies registered for the GST. After implementation of this new tax regime one-and-a-half years ago, we want to ensure everything is being done in the correct manner.

“We will initially start with these 50,000 companies, which we have randomly selected. The next batch for the exercise will be in March next year,” he added.

He told reporters this at the GST Conference 2016 and launch of the Ops CBOS.

Khazali said the first phase of the Ops CBOS would involve 1,500 Customs officers and run until the end of the year.

“We welcome any suggestions or input from the public, especially tax practitioners like accountants, as to the cost of the GST implementation.

“They may have found something not right and can make suggestions to the department, so that the necessary changes can be made in our implementation,” he added.

 

Asked as to the amount in GST collection to date, he said, it had to be set off against the refunds.

“Suffice to say, we are actually on track in terms of the collection,” he added.

Khazali said there would be no changes made to the GST in the coming Budget 2017.

Meanwhile, the Malaysian Institute of Accountants, who organised the two-day GST Conference, themed, “The Future of Economic Growth” said it was to provide participants with the latest developments on the consumption tax that replaced the Sales and Service tax (SST).

Some 500 participants attended the event.

the source:www.freemalaysiatoday.com