Malaysian Customs Prepares For The Start Of SST
With the Goods and Services Tax (GST) repealed, the new government is all geared up to roll out the Sales and Services Tax (SST).
According to Royal Malaysian Customs Department (Customs) director-general Datuk Seri Subromaniam Tholasy, more than 77,000 traders have registered under for the SST. The registration was an automatic transfer from GST and the merchants have been informed via email.
“Of the total, 32,577 have been registered for the sales tax and 44,874 for the service tax. This indicates that the compliance cost will drop because it is not necessary for most of the traders to register under the SST, only manufacturers of certain goods and providers of services,” Datuk Seri Subromaniam was quoted as saying.
However, Datuk Seri Subromaniam is aware that there will definitely be some issues in the beginning stages and his team are prepared to help business owners to make a seamless transition.
“There will definitely be transitional issues, but that will be handled separately. The SST will take off first come Sept 1,” he added.
Datuk Seri Subromaniam also said that the automatic registration may have not correctly registered local businesses with customs according to their SST-registered entitles or SST-exempt entities.
“There is a chance that you could be registered wrongly so it is best to check your status. This is because the process is automatic and may end up with mistakes in registrations if there is any mistakes or wrong entries of the company in the system or if they have yet to be identified.” Datuk Seri Subromaniam clarified.
SST is set to be implemented nationwide on the 1st of September. Are you ready for it?