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Ways To Pay For Sales And Services Tax (SST) In Malaysia – Now Is at Your Fingertips
Payment of Malaysia sales and services tax (SST) is now a straightforward process, especially so when it saves the hassle of heading to the Customs in person. With the SST implementation, every business owners are required to submit a tax return to the Royal Malaysian Customs Department every two months. The due date for SST payment is the last day of the following month from the taxable period, which means the taxable period was two (2) months before. Let’s know the Ways To Pay SST in the below information.
Easy, Peasy Payment
All sales and services tax payment can be made via electronic through the MySST Financial Process Exchange (FPX) system or manually by cheque posted to the Customs Processing centre. For online tax payments, there is a limit for the allowable amount. For corporate account payments, the online transaction limit is RM100 million, while for individual account payment, the online transaction is RM100,000.
Returns & Payments of Sales And Service Tax in Malaysia
Businesses are required to submit their returns through the MySST system, at which they will fill up the necessary details. At the end of it, the system will display the amount of taxes due for payment. It is then followed by an option to pay it online for the amount due. If the amount is within the transaction limit, you can pay it using the FPX system. If your taxes due is more than the transaction limit, you have the option to pay according to the maximum limit via online and the balance via cheque or bank draft. The bank draft or cheque must be remitted together with the relevant return which you can print out from the MySST system that you have submitted online. You can also pay all your taxes due via cheque entirely if this option would be easier for you to track your total tax payments over time. All payments via cheque must be made payable to ‘Ketua Pengarah Kastam Malaysia’ and mailed to the following address.
Ketua Pengarah Kastam Malaysia
Jabatan Kastam Diraja Malaysia
Pusat Pemprosesan Kastam
Kompleks Kastam Kelana Jaya
No.22, Jalan SS6/3 Kelana Jaya
47301 Petaling Jaya, Selangor
To date, the government is moving towards ease of doing business for everyone in the business ecosystem. Hence, the ways of paying for sales and services tax via online is widely accepted as many account holders now have access to online bank and transactions. Only certain few still prefer paying via cheque or bank draft as some of them are accustomed to managing matters hands-on.