Customs Department Says Essential Items Will Not Be Taxed SST Certain Consumer Goods Will Not Subjected to the Upcoming SST Vegetables. Poultry. Fresh milk. Various types of sugar. These are just some of the consumer good items on a long list prepared by the Customs Department that is proposed to be exempted from Sales…
Notice Regarding GST Price Displays 30 May 2018 – The Royal Malaysian Customs Department (RMCD) is issued a notice regarding the change in GST rate. This notice provides customers with the guidelines about the price tag changes which began on the 1st of June 2018 when the GST rate was zeroed out. Key highlights…
Malaysia’s New Finance Minister Confident of Stronger Economy Malaysia’s newly appointed Finance Minister Lim Guan Eng recently stated that the country’s economy remained strong and was backed by sound fundamentals. However, he said there was still a need to improve the fiscal conditions and also iron out other pressing issues. “The country’s economic fundamentals…
SST Takes Effect in Malaysia on Sept 1 The new Sales and Service Tax (SST) will come into effect in Malaysian on September 1 this year, after the Goods and Services Tax (GST) was zero-rated on June 1. Following this, the price of goods dropped by at least six per cent once the zero-rated GST system kicked…
Tax Incentive for Returning Expert Programme The Inland Revenue Board of Malaysia (IRBM) recently issued the Public Ruling (PR) No. 2/2018: Tax Incentive for Returning Expert Programme. The objective of this PR is to explain the tax treatment relating to tax incentives in respect of the Returning Expert Programme to attract Malaysian citizens who work…
New Malaysian Government Fulfils Promise, Malaysia GST Reduced to Zero The Malaysian government has today thrilled citizens by fulfilling their promise – the Malaysian Goods and Services Tax (GST) will be reduced from 6% to zero come June 1st. The new Malaysian Prime Minister Mahathir Mohamad had earlier instructed the government to stop collection on…
MASB Issues Revised Framework On April 30, 2018, the Malaysian Accounting Standards Board (MASB) issued a revised Conceptual Framework for Financial Reporting and amendments to fourteen Standards under the Malaysian Financial Reporting Standards Framework. According MASB Chairman, Mohamed Raslan, the revised Conceptual Framework and Amendments to References to the Conceptual Framework in MFRS Standards are word-for-word…
What Does the New Government Mean for Malaysia in Terms of Business? Malaysia, the fourth largest economy in Southeast Asia, has always been known for its high labor productivity and its diverse economy. For the first time in 61-years, the country has a new government, a significant win in the country’s history since it gained…
Goods And Services Taxes (GST) Does Not Burden The People, Says Malaysian Premier Malaysian Prime Minister, Datuk Seri Najib Abdul Razak said the introduction of the Goods and Services Tax (GST), although unpopular, was the right decision in view of changing economic circumstances. He said the GST was only imposed after extensive studies were carried out…
Narrow – Scope Amendments to Pension Accounting in Malaysia The Malaysian Accounting Standards Board (MASB) recently issued narrow-scope amendments to pension accounting. The amendments to the Malaysian Financial Reporting Standards (MFRS) Employee Benefits are word-for-word Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) issued by the International Accounting Standards Board. Under the amendments, an…