GST is a consumption based tax which is also known as value added tax (VAT) in certain countries. It is charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person and also on the importation of goods and services.
The current GST rate is 6% for standard rated supplies. Other types of supplies are zero rated, exempt, out of scope or under relief. Classifying the type of supply is not always clear and past experience in countries which have implemented GST or VAT has shown that errors in GST returns are common and are still occurring even in countries which have implemented GST over 20 years ago. It is therefore crucial for businesses to manage their exposure to GST and prevent unnecessary penalties especially during a customs audit.
Our GST team can assist you to understand and comply with the GST legislation, minimise the impact of GST and avoid the pitfalls for your business.
Our GST services include the following:
- Review of GST Return
- Health Check
- Retainer Services
- Advisory Services:-
- Advice on GST implications of new business ventures, merger and acquisition, IPO or cross-border transactions;
- Advice on GST implication of specific transactions and/or special business;
- Advice on start-up issues (e.g. GST coding in system);
- Assistance in obtaining advance rulings from Royal Malaysia Custom Department (RMCD);
- GST due diligence for mergers and acquisitions (M&A);
- Advice on various schemes (e.g. Approved Trader Scheme, Approved Toll Manufacturer Scheme) that are relevant to the business including analysis of the benefit and assist in applications;
- Acting as an Expert in litigation on GST matters
- Customs Audit
- Outsourcing Services