The customs department has presented the new Sales & Services Tax (SST) model. The information includes the new SST model's scope, responsibilities of registered manufacturers, facilities, special treatment and transitional issues. For more information, follow the link here ---->SSTslides
Sales Tax rates for various goods has been updated on the 7th of September based on the gazetted orders. a copy can be downloaded here
A general guide on SST for goods can also be downloaded at here . The Royal Malaysian Customs Department has also organized hand holding sessions with the public and for a clearer picture you should attend a session near your area. The hand holding sessions schedule can be found at https://mysst.customs.gov.my/Calendar
Notice: The information contained in the linked slides above and hyperlinks are the property of the Royal Malaysian Customs Department and ICIA cannot be held responsible for the accuracy and relevancy of the information contained therein.
As we all know by now, Sales & Service Tax is making a comeback to Malaysia replacing the now zero-rated GST. But do you know what services are taxable or what the thresholds are for each type of service business? Click the link below to find out.
SST Service Guide
For those who are company secretaries in addition to being accountants in practice, please note the following SSM directives;
- Practice Note No. 3/2018: Clarification on Application for Extension of Time under the Companies Act 2016
- Practice Note No. 2/2018: Circumstances and Procedures for Rectification of Documents Lodged and Registered with the Companies Commission of Malaysia
- Amendment of Practice Directive 2/2017 (read together with Practice Directive 2/2017)
For more information please go to http://www.ssm.com.my/en/companies_act_2016
Please be informed and act accordingly if necessary