WHY SHOULD I REGISTER FOR GST?

If you are a business with annual turnover of MYR 500,000 in taxable goods and services, it’s mandatory for you to register for GST.

If your business doesn’t meet the RM 500,000 threshold, you don’t need to register for GST but here’s an example to demonstrate why you should register for GST too.

GST TAX CODE : BL

TAX CODE : BL

This refers to GST incurred by a business but GST registered trader is not allowed to claim input tax incurred. The expenses are as following:

•             The supply to or importation of a passenger car;

•             The hiring of passenger car

GST TAX CODE : IS

GST TAX CODE : IS

This refers to goods imported under the Approved Trader Scheme (ATS) and Approved Toll Manufacturer Scheme (ATMS), where GST is suspended when the trader imports the non-dutiable goods into Malaysia. These two schemes are designed to ease the cash flow of Trader Scheme (ATS) and Approved Toll Manufacturer Scheme (ATMS), who has significant imports.

ALL CHANGE FOR ACCOUNTANCY

With plans to strengthen the accountancy profession, the countdown to GST and corporate law reform in offing, 2014 is a big year for Malaysia, says Errol Oh (executive editor of The Star)

This year looks set to be an eventful one for accountants in Malaysia. The expected unveiling of an action plan for the Malaysian accountancy sector will by itself be a major turning point, but that is not all. In 2014, we will also see the run up to the introduction of the goods and services tax (GST) and perhaps the enactment of a new Companies Act.