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Tuesday, March 25, 2014

Firms eligible for GST must register by 1 Jan 2015 to avoid penalty

First Published: 6:22pm, Mar 24, 2014
Last Updated: 6:22pm, Mar 24, 2014

KUALA LUMPUR (March 24): Companies that qualify to register for the goods and services tax (GST) will be charged a penalty, if they fail to register with the Royal Customs Department by Jan 1, 2015, at the latest.

Companies earning more than RM500,000 profit in the 11 months before the date of registration, or are expected to hit the amount in 11 months, are mandated to register with the department, to avoid paying a penalty.

The Royal Malaysia Customs senior assistant director (I) Rohana Ahmad, said the penalty was to ensure that all companies complied with the guidelines for the GST, which would come into force on April 1, next year.

"We are still in the early stage of determining the type of fines to be imposed on companies that failed to register," she told reporters, after a GST seminar organised by the Malaysian Financial Planning Council and the Financial Planning Association Malaysia, in collaboration with the Royal Malaysia Customs.

Rohana said that the duty-free islands — Langkawi, Tioman and Labuan — remained exempted from the GST.

She said goods and services transactions among the three duty-free islands, are also not subjected to GST, but the transactions of goods and services from the islands to the rest of Malaysia, would be charged GST.

"Transactions from other parts of Malaysia to and from the islands, will also be levied GST," she said.

However, overseas goods and services to and from the duty-free islands, are not subjected to GST, she said.

Some 200 participants attended the one-day seminar, themed GST: Its Impact on Financial Planners. - BERNAMA

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