GST Audit in Malaysia
Be Prepared for the GST Audit with Confidence
Reputed as the land of business opportunities, Malaysia is a business friendly and economically stable place to setup a company and start operations here. However, to operate successfully in Malaysia, conformance with the industry standards and rules & regulations set by the RMCD (Royal Malaysian Customs Department) is imperative, such as following the newly introduced GST system which was launched and implemented in Malaysia 1 ½ years ago.
If you have taxable supplies of more than 500,000 MYR, then it is important that you register with the GST system and ensure that it is implemented correctly. The Royal Malaysian Customs Department has selected 50,000 companies for GST audit. This audit will be carried out to ensure that the GST system have been implemented correctly. The next batch of GST registered companies will be announced next year in March. Initially, the main focus of the RMCD will be high-risk companies such as retailers, B2C businesses and restaurants.
How Companies are selected for GST Audit?
Though the companies are selected for audit by the intelligence automated-system randomly, there are certain criteria that are kept in consideration such as:
- Different performance and results in comparison to industry competitors
- Providing wrong information in the form of GST returns
- Frequent late submission of GST returns
- Frequent amendments in the GST return filed
The question now boils down to; are you ready for the GST audit? Have you implemented it correctly? Are you ready for the audit from KASTAM? If you’re unsure, then get in touch with us for GST audit services.
At 3E Accounting Malaysia, we have a deep understanding and knowledge about the Malaysian GST system. Our experienced and knowledgeable team of auditors can audit & also check your Goods & Services Tax accounting process, tax invoices and GST 03 forms. We, at 3E Accounting Malaysia, can help you get prepared & ready for custom audit. With us, you don’t have to worry about anything. We liaise with custom officers, helping you answer correctly and provide the officer with what they want.
If you need more information about the Malaysian GST audit system and how it works, or need professional assistance with auditing and ensuring that your business is well-prepared for custom audit and the tax system is implemented correctly within your company, then contact us today! Allow our GST agents to help you prepare for the audit and make the auditing process absolutely stress-free for you.