The Royal Malaysian Customs Department (RMCD) has set a new target to collect RM3.0 billion in Goods and Services Tax (GST) this year (up to 31 Dec 2017), through its Customs Blue Ocean Strategy (CBOS) 3.0.
In CBOS, RMCD aims to visit 200,000 of the 434,000 GST-registered premises during CBOS 3.0, where 600 trained officers from its Compliance and Enforcement unit will be involved in the operation.
GST is a self-compliance system and non-compliance would be subjected to heavy penalties. Clients are advised to have in place a structure audit program to review their returns for their customs import, export and GST requirements.
Let’s talk: StanleyCo is a Licensed Tax Agent and GST Agent, please contact us if you need assistance with the topic above.
Disclaimer: Every effort has been made to provide accurate information. However, the information and regulations contained in this article are subject to changes and amendments by the relevant authority at any time. As such, the information in this article may not be current.
And the information provided in this article is general commentary only and shall not be considered as advice or recommendation. As all tax situations are specific to their facts and will differ from the situations in this article - if you have specific tax questions you should consult a licensed tax agent.