Category Archives: Taxation and GST

Imposition of Compound on Registrants who fail to make GST payments within a prescribed period Registrants who still have outstanding tax in the year of 2015 will be given until 31 October 2016 to pay the outstanding amount. Failure to do so will be imposed a compound to the maximum amount of RM 20,000. Registrants…

GOODS AND SERVICES TAX (GST) AUDIT FRAMEWORK Need more insight information? Feel free to contact 3E Accounting for us to assist in getting yourself prepared and ready for the GST audit. Prevention is always better than rectification. Get the right GST agent like 3E Accounting and you will not need to worry about the GST…

Customs Department to audit GST-registered firms from Sept 1 The Royal Malaysian Customs Department 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). Director Datuk Seri Khazali Ahmad said that about 50,000 companies have been identified in the…

Notification on GST 03 return amendment In accordance with Regulation 69 of the GST Regulation 2014, with effect from 23 August 2016, rules on return amendments are as follows: 1) there is no limit on return amendments until due date of submission of return. 2) amendments are allowed once within 30 days (for monthly taxable…

GST changes for Disbursement and Reimbursement The RMCD has issued the amendment to Decision by Director General No. 5/2015 in relation to disbursement and reimbursement. The above-mentioned document can be downloaded from the RMCD’s website at here.   Related Link Overview of Goods and Services Tax (GST)

Tax Clearance Letter (SPC) Application for Companies, LLP and Labuan Entities This guideline specifies the method of Tax Clearance Letter (SPC) application for corporate taxpayers, LLP and Labuan entities (Labuan companies & Labuan LLP). Click here to download the guide.   Related Link Corporate Tax Compliance & Planning Services

Accounting Software Enhancement Towards GST Compliance (Revised as at 01 August 2016) On 1st August 2016, 3 tax codes (ES-GU, OS-OVN, OSOVT) were removed and one more new tax code (NP) is added, therefore now we have 37 GST tax codes in total. Tax Code: NP – This tax code is applicable for matters to…

Update of GST General Guide for Goods written-off Goods may expire or may be damaged and subsequently written-off and destroyed in the course of business. Input tax credit is allowable for these goods and supporting documents need to be furnished to RMCD upon request. If the written-off goods are sold as scrap, it is subject…