Blog Posts Archive
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Hefty discounts for companies that settle CCM fines speedily
KUALA LUMPUR: Discounts will be given to companies that have received notices from the Companies Commission of Malaysia (CCM) for various offences.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainudin said those who came forward to pay the compounds as early as possible will be given discounts of up to 80%.
He said the discounts would be gradually reduced every month.
"If you come forward to settle your compound this month, you will be given a discount of 80%. …
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Important dates for filing of GST-03
For annual turnover below RM5.0 million:
Year End
1st Taxable period
Due date
2nd Taxable period
Due date
January
01-04-15
31-05-15
01-05-15 to 31-07-15
31-08-15
February
01-04-15 to 31-05-15
30-06-15
01-06-15 to 31-08-15
30-09-15
March
01-04-15 to 30-06-15
31-07-15
01-07-15 to 30-09-15
31-10-15
April
01-04-15
31-05-15
01-05-15 to 30-07-15
31-08-15
May
01-04-15 to 31-05-15
30-06-15
01-06-15 to 31-08-15
30-09-15
June
01- …
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Blocked Input Tax
BLOCKED INPUT TAX
190. Input tax incurred by a taxable person in respect of the following supplies shall be excluded from any credit under GST:-
(a) the supply to or importation by him of a passenger motor car;
(b) the supply of goods or services relating to repair, maintenance and refurbishment of a passenger motor car;
(c) …
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Residential maintenance fees to be GST-free
PETALING JAYA: Maintenance fees for residential stratified properties will be exempted from the Goods and Services tax (GST), said Datuk Ahmad Maslan.
The Deputy Finance Minister said the exemption covered all forms of residential stratified property, including low-cost housing projects, apartments and condominiums.
"The decision was made after taking into account that the maintenance services are not meant to make excessive profits," he told reports after attending a briefing on the GST, the …
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GST registration deadline looming in
With the extended GST registration deadline looming in, the Customs director-general Datuk Seri Khazali Ahmad has pointed to the unregistered companies to register for GST before 28 February 2015 or be prepare to pay RM15,000 in compound. He also mentioned that till date, there are more than 60,000 companies are yet to register for GST.
Meanwhile, for companies that does not register within the extended deadline, they will face a compound of RM15,000 and will be force registered for GST. The …
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No clarity on GST for secondary property market
With the GST to be implemented in 1 April 2015, the Malaysian Institute of Estate Agents (MIEA) President Siva Shanker has highlighted that there is no clear guidance or analysis on how property prices are going to be affected in the secondary market. This is a crucial for the investment community and there are many unanswered questions, he added.
Meanwhile, KP Bose Sdn Bhd tax consultant KP Bose Dasan has mentioned that guidelines from the customs has not taken into account on the …
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"Extremely" challenging year for developer?
IT was a somewhat sombre 8th Malaysian Property Summit on Wednesday with property consultants and a taxman highlighting how prices will move post-goods and services tax (GST) as a result of an over supply in most sub-segments. There will be more clarity by the middle of the year.
The main take-away was the over supply in high rise residentals, hotel rooms, office and retail space. The shortage is in affordable housing, shop houses, industrial land and landed units.
The event was organised by …
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Register for GST soon or face legal action
It has been stated by the Royal Malaysian Customs Department Director General Datuk Seri Khazali Ahmad that no legal proceedings will be taken against companies that register for GST by 28 February 2015. However, action will be taken for companies fails to do so and a crackdown will be launched from 1 March 2015 onwards.
Citing with accordance with the provisions in the GST Act 2014, he said if an eligible business entity fails to register for GST by 28 February 2015, the customs will …
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Businesses to be penalised for late registration
With the deadline for GST registration over, the Malaysian Customs has begun imposing penalties for businesses that have not registered for GST within the stipulated deadline of 31 December 2014. The penalty is a graduated penalty, the quantum increases by RM50 every 20 days until April 1 when the GST kicks off, and the maximum penalty can go up to RM15,000.
Director of GST Datuk Subromaniam Tholasy said that the Customs will be force-registering those businesses that had yet to register for …
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GST on Pos Malaysia services
The Malaysian postal service provider Pos Malaysia are in discussion with the relevant authorities on whether GST will be imposed for utilities bills paid at its counters to its customers, stated Pos Malaysia group head of corporate communications and customer care Datuk Rohaiza Hashim.
However, she has denied allegations GST has already been imposed on customers when they pay utility bills such as water and electricity, and road tax renewal, and pointed that GST is only effective from 1 April …
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Getting ready for GST
Business are looking towards a challenging year with the implementation of Goods and Services Tax (GST).
The question of how GST will affect SMEs in Malaysia was answered by SME Corporation Malaysia Chief executive officer Datuk Hafsah Hashim.
The areas that will experience changes are as follows:
There will be some impact of the running of daily operation due to the GST compliant accounting systems. This will give rise to additional operations costs.
SMEs will need to assess if …