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“TAX evasion is a treasonous act and tantamount to interfering with the country's development growth"
- Prime Minister Datuk Seri Najib Razak
Member Firm of
Malaysian Institute of Accountants
“The world is undergoing an evolution process, not only in terms of technology, but economy, business and taxation.The government wishes to adopt an effective tax collectionsystem which will spur economic growth.”
- Second Finance Minister
YB. Dato’ Seri Ahmad Husni Mohamad Hanadzlah
Goods and Services Tax (GST) is a multi stage consumption tax levied on goods and services at all levels of business transactions. GST replaces the current Sales Tax and Services Tax (SST). The main aim of the government in introducing the GST is to make the tax system more effective, efficient, transparent and business friendly.
Goods and Services Tax Act 2014 (Act 762) has received Royal Assent on 9 June 2014 and was gazetted on 19 June 2014. GST will be implemented on 1 April 2015 and the standard rate of GST is fixed at 6%. Registration must be done (MANDATORY) before 31 December 2014.