According to Malaysia’s Ministry of Finance, the supply of goods and services made in Malaysia will now be subject to the zero rated Goods and Services Tax (GST) effective from 1st June 2018. The “Goods and Service Tax (Rate of Tax) (Amendment) Order 2018” amends the rate of tax on the supply of goods or services as well as on the importation of goods from 6% to 0%.
Please be aware that the zero rating will not apply to the supply of goods and services listed under the Goods and Services Tax (Exempt Supply) Order 2014. These goods and services will remain exempt from GST.
All persons registered for GST (Goods & Services Tax) must comply with the new legislation in relation to zero rating but will continue to be governed by the current regulations with regard to invoicing, filing and claiming input tax credits.
GST registered persons must continue to ensure that the pricing of goods and services provided adheres to the Price control and Anti-Profiteering Act 2011.
Comments are closed.