CMK & Associates

29/09/2022

Increase in Socso & EIS Contribution. Please click for more information

According to Employees’ Social Security (Amendment) Act 2022 and Employment Insurance System (Amendment( Act 2022, the wages threshold for contribution of Socso & EIS has been increased from RM4,000 to RM5,000. As such, the monthly Socso & EIS contribution has been increased accordingly.

13/07/2021

09/08/2018

What is SST???

- SST stand for Sales and Service Tax.

Is SST a single tax imposed by the Malaysian government?

- NO. SST in fact are 2 separate and different taxes. 1st is sales tax charged under Sales Tax Act 2018 and 2nd is service tax charged under Service Tax Act 2018

What is the difference between sales tax and service tax?

- Sales tax is charged on the goods supplied by manufacturing company or imported goods from oversea. In another word, there will be no sales tax charged for goods supplied by trading company (Wholesaler or retailer).

- Whereas service tax is charged on certain services provided by service provider. Example of services subject to service tax are “hotel, restaurant, lawyer fee, accounting fee, engineer fee, architect fee, telecommunication service, parking & etc..”. That is to say, not all services are subject to service tax.

Are all goods supplied by manufacturer or imported goods subject to sales tax?

- No. Certain goods are exempted from sales tax. Example is majority of the food products are exempted from sales tax.

What is the rate of SST?

- Sales tax is charged at 5% or 10% depending on the categories of goods.

- Service tax is charged at 6% on taxable services.

Are all manufacturer or service provider need to register for SST and charged SST accordingly?

- No. Only those businesses where the sales value reach the threshold prescribed by the Finance Minister are required to register and charged SST. Current threshold is RM500,000 per year for most of the businesses except for certain business with different threshold for example restaurant is RM1,000,000 per year.

09/09/2017

Wanted
- Company Secretary Assistant

Responsibilities
- Prepare form for submission to SSM
- Prepare minutes of directors and shareholders meeting
- Update records required by Companies Act 2016

09/12/2015

20/08/2015

Extension of Deadline for 1st GST Submission

Royal Malaysian Customs Department has announced that the deadline for submission of first GST-03 returns for the quarterly taxable period from 1 April 2015 to 30 June 2015 has been extended to on or before 24 August 2015.

There is no extension of time for payment of GST and submission of GST-03 returns for GST Registered Business whose taxable period is monthly.

The announcement can be viewed from the RMCD's website at the following link: http://gst.customs.gov.my/en/hl/_layouts/CustomApplication/AnnouncementDetails.aspx?ID=194.

07/02/2015

Reverse Charge Mechanism under GST

Under normal rules of GST, the supplier will be responsible to charge, collect and account for GST for their supplies made. The recipient will pay the GST for their purchases to supplier and claim the GST paid/payable as input tax credit if they are registered person.

An importer who import goods from oversea shall pay the GST directly to customs upon importation of goods. The GST paid is claimable as input tax credit if the importer is registered person.

Reverse charge mechanism under GST is a mechanism whereby the recipient of imported service will be responsible to account for and pay the GST to customs just like the importer of goods.

Imported service means a service provided by a person not in Malaysia to a person in Malaysia and the service is consumed in Malaysia.

The recipient of the imported service need to account for and pay GST of 6% on the value of imported service to customs upon payment of the imported service whether he/she is a registered person or not.

The impact of this reverse charge mechanism will be i) if the recipient is not a registered person, then he/she will not be able to claim the GST paid as input tax credit. ii) If the recipient is a registered person, he/she will be able to claim the GST paid as input tax credit provided he/she is providing taxable supplies.

28/01/2015

是不是所有没有注册的商家都不需要呈报消费税?

Are all non-registered businesses not required to submit GST return and account for output tax?

24/01/2015

GST Practical Course by CMK & Associates in progressy