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Register for GST soon or face legal action
It has been stated by the Royal Malaysian Customs Department Director General Datuk Seri Khazali Ahmad that no legal proceedings will be taken against companies that register for GST by 28 February 2015. However, action will be taken for companies fails to do so and a crackdown will be launched from 1 March 2015 onwards.
Citing with accordance with the provisions in the GST Act 2014, he said if an eligible business entity fails to register for GST by 28 February 2015, the customs will …
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Businesses to be penalised for late registration
With the deadline for GST registration over, the Malaysian Customs has begun imposing penalties for businesses that have not registered for GST within the stipulated deadline of 31 December 2014. The penalty is a graduated penalty, the quantum increases by RM50 every 20 days until April 1 when the GST kicks off, and the maximum penalty can go up to RM15,000.
Director of GST Datuk Subromaniam Tholasy said that the Customs will be force-registering those businesses that had yet to register for …
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GST on Pos Malaysia services
The Malaysian postal service provider Pos Malaysia are in discussion with the relevant authorities on whether GST will be imposed for utilities bills paid at its counters to its customers, stated Pos Malaysia group head of corporate communications and customer care Datuk Rohaiza Hashim.
However, she has denied allegations GST has already been imposed on customers when they pay utility bills such as water and electricity, and road tax renewal, and pointed that GST is only effective from 1 April …
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Getting ready for GST
Business are looking towards a challenging year with the implementation of Goods and Services Tax (GST).
The question of how GST will affect SMEs in Malaysia was answered by SME Corporation Malaysia Chief executive officer Datuk Hafsah Hashim.
The areas that will experience changes are as follows:
There will be some impact of the running of daily operation due to the GST compliant accounting systems. This will give rise to additional operations costs.
SMEs will need to assess if …
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