Goods and Services Tax Act 2014

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Goods and Services Tax Act 2014

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The Goods and Services Tax Act 2014 comes into effect on 1 April 2015. This new legislation affects all business persons, whether they sell goods or provide a service.

The Royal Malaysian Customs requires all business operators to register for GST licensing between 1 June 2014 and 31 December 2014. The lead-in period to the effective date of 1 April 2015 is fast approaching and places high pressure on all business operators to ensure that they are adequately prepared.

The many unique features of the Malaysian GST model can only be unlocked through proper comprehension of the legislation. Towards this end, the Act reproduced in this volume is accompanied by an Introduction written by renowned tax specialist Choong Kwai Fatt.

The Introduction clearly explains the main concepts behind the Malaysian GST model such as supply, timing and value of supply, taxable period, and threshold determination. It also highlights the mechanism for collection, registration requirements, enforcement, appeal and review, offences and penalties, transitional provisions, and GST’s linkage with sales tax and service tax for the last taxable period.

Further aiding understanding of the intended GST model, this volume includes a comparison of the differences between the Act as gazetted in 2014 and the earlier Bill tabled in 2009. An analysis of these changes serves as an important aid to interpretation of the current provisions and a useful gauge of the legislative intent behind the Act. The deleted sections are reproduced in an appendix.

The GST generally operates supply standard-rated at 6%. However, certain supply is zero-rated, thus effectively excluded from the imposition of GST. A list of zero-rated and exempt supplies is provided for convenient reference.

This book is a must-have for all business persons, legal practitioners, consultants, auditors, accountants and anyone affected by the GST.

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