Welcome to our E-Newsletter March 2017
The world economy has struggled on a path to uniform and widespread economic stability. The downturn in economic activity at the national level with its pronounced effects on the commercial and hospitality sectors has afflicted many businesses. However, 3E Accounting Malaysia manages to weather the difficulties and made clear progress on a number of strategic fronts that laid the foundations for future growth in revenue and profitability.
The success of the 3E Accounting was crucial to international expansion into other countries around the world. Most notable among these advances was the expansion of our International Network to South Africa, France, and Ukraine. The 3E International Network maintains its momentum to grow and connect with the world through the network that spans over six continents in the world, namely Asia, Africa, Europe, North America, South America, and Oceania.
As a Goods and Services Tax (“GST”) Agent licensed by the Ministry of Finance, Malaysia on October 2016, 3E Accounting has since further enhanced our services in tax accounting. As such, here are some updates about the commercial property tax in Malaysia.
GST and commercial property in Malaysia
The latest “GST General Guide” (amended on 25 January 2017) stated that, in the case of goods including capital goods (such as property), the registered person may be allowed to claim input tax on the goods he holds at the time of registration based on the approved amount by the Director General. In other words, if you are a GST-registered person, you must obtain Director General’s approval before you can submit the pre-registration GST claim according to Regulation 46 of GST Regulations 2014. We advise that you register your company for GST before you purchase the property under the Company. You are always to get in touch with us if you have any question about tax accounting.
On a final note, we remain resolved and firm in our commitment to serve our clients and keep up with the quality. Our focus is on implementing strategies that sustain value creation and generate better returns for the company. Meanwhile, we will remain alert to all uncertainties and potential risks that lie ahead. The flexibility in business planning is the key to manoeuvre the company to the greatest extent possible from the negative consequences of local and regional instability.
Read More in our E-Newsletter March 2017.