GST Rate will be revised from 6% to 0%

The newly elected government of Malaysia has announced the reduction of the Goods & Services Tax (GST) rate from 6% to 0% effective 1 June 2018. Therefore, all registered business entities have to comply with the GST rate adjustment to 0%. In addition to this, the following GST Orders will be revoked with effect from 1 June 2018: · GST (Zero-Rated Supply) Order 2014 [P.U.(A)272/2014] · GST (Relief) Order 2014 [P.U.(A)273/2014] · GST (Imposition of tax for supplies in respect of Free Zone) Order 2017 [P.U.(A)373/2016] · GST (Application to Government) Order 2014 [P.U.(A)185/2014] · GST (Imposition of tax for supplies in respect of Designated Area) Order 2014 P.U.(A)187/2014] The zero-rated or

Advance payments are taxable!

Is business income taxed on accrued or receipt basis? Prior to year of assessment 2016, it was a generally accepted principle that business income is taxable when the services have been rendered. On 29 Dec 2015, the Finance Act was passed and S.24(1)(b) and S.24(1)(c) of Income Tax Act (ITA) was amended which now read “... any services rendered or services to be rendered at any time in the course of carrying on a business” and “... any property dealt or to be dealt with at any time in the course of carrying on a business” respectively. And S. 24(1A) was introduced which states that money received by a person in respect of any services to be rendered or the use or enjoyment of any property

Professional Credentials of Our Management Team:

© 2020 by StanleyCo Consulting Sdn. Bhd. (472476-X)