malaysia - Tax & Revenue

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.
Date: 20 June 2018; Type: Industry Updates; Source: Bernama

Government to evaluate Zero GST Effect - Salahuddin

PUTRAJAYA, June 18 (Bernama) - The Agriculture and Agro-based Industry Ministry will make a comprehensive evaluation on the effects of the abolition of the Goods and Services Tax (GST) on the cost of food production and price of food items, said its minister, Salahuddin Ayub.
Date: 18 June 2018; Type: Industry Updates; Source: Bernama

GST: Zeti hopes Retailers will pass on Benefits to Consumers

KUALA LUMPUR, June 18 (Bernama) - Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).
Date: 18 June 2018; Type: Industry Updates; Source: Bernama

Tourism Tax should be abolished - MAH

KUALA LUMPUR, June 11 (Bernama) - The Malaysian Association of Hotels today reiterated their call for the tourism tax to be abolished as it is counter productive to the tourism industry.
Date: 11 June 2018; Type: Industry Updates; Source: Bernama

GST: Guide on Insurance and Takaful

This revised Guide is prepared to assist in understanding the Goods and Services Tax and its implications on the insurance and takaful industry.
Date: 26 March 2018; Type: Guide; Source: GST Royal Customs

RM2.6 Billion received by Najib now Subject to Further Examination - IRB

PUTRAJAYA, July 7 (Bernama) - Inland Revenue Board (IRB) says the RM2.6 billion received by former Prime Minister Datuk Seri Najib Tun Razak is now subject to further examination.
Date: 07 June 2018; Type: Industry Updates; Source: Bernama

Federal Government agrees to channel Oil Royalty directly to State

PUTRAJAYA, June 7 (Bernama) - The Federal Government has agreed to channel at least five per cent of the oil royalty received by the country directly to Terengganu as an oil producing state. Terengganu Menteri Besar Dr Ahmad Samsuri Mokhtar said the matter was agreed during the National Finance Council 2018 meeting chaired by Prime Minister Tu ...
Date: 07 June 2018; Type: Legal News; Source: Bernama

Rate of Goods and Services Tax to become Zero Per Cent

This Circular is to inform the members of the Bar that starting 1 June 2018, the rate of Goods and Services Tax will be amended from 6% to 0%. Circular No. 137/2018
Date: 31 May 2018; Type: Circular; Source: Malaysian Bar

CEP to announce Proposal on Mechanism to control Price of Goods

KUALA LUMPUR, June 4 (Bernama) - The Council of Eminent Persons will soon announce among others, a proposal to control the price of goods to ensure their market price matches the zero rated Goods and Services Tax (GST).
Date: 04 June 2018; Type: Industry Updates; Source: Bernama

Zero GST for Life, General Insurance and Takaful Products

KUALA LUMPUR, June 4 (Bernama) - The General Insurance Association of Malaysia (PIAM), Life Insurance Association of Malaysia and Malaysian Takaful Association announced that life and general insurance companies and takaful operators in Malaysia will be charging the Goods and Services Tax (GST) at zero per cent effective June 1, 2018.
Date: 04 June 2018; Type: Industry Updates; Source: Bernama

Cigarette Prices remain unchanged despite Zero GST, says Finance Ministry

KUALA LUMPUR, June 2 (Bernama) - The government has decided to maintain the retail prices of tobacco products including cigarettes even though the Goods and Services Tax (GST) has been zero-rated effective yesterday, said the Finance Ministry.
Date: 02 June 2018; Type: Legal News; Source: Bernama

Trust Fund Donations Tax deductible - Guan Eng

PUTRAJAYA, May 31 (Bernama) - The donations by the people and companies to the 'Tabung Harapan Malaysia' trust fund to help the government pay its debt are tax deductible, Finance Minister Lim Guan Eng said today.
Date: 31 May 2018; Type: Legal News; Source: Bernama

Zero-rated GST for Banking Products, Services starting June 1

KUALA LUMPUR, May 31 (Bernama) - Conventional commercial banks in Malaysia will impose zero per cent Goods and Services Tax (GST) for all banking products and services effective from June 1. Previously, all banking products and services were subjected to GST at six per cent, the Association of Banks in Malaysia said in a statement.
Date: 31 May 2018; Type: Legal News; Source: Bernama

Report on SST Implementation Method to be ready in Two Weeks, says Daim

Kuala Lumpur, May 30 (Bernama) - The report on the Sales and Services Tax (SST) implementation method will be submitted to the government within two weeks, said Chairman of the Council of Eminent Persons Tun Daim Zainuddin.
Date: 30 May 2018; Type: Legal News; Source: Bernama

Zero GST from June 1 - TNB

KUALA LUMPUR, May 29 (Bernama) - Tenaga Nasional Bhd (TNB) will implement zero per cent Goods and Services Tax (GST) on all electricity usage with effect from June 1, 2018, in line with the zero-rated GST implementation on the same date.
Date: 29 May 2018; Type: Industry Updates; Source: Bernama

Frequently Asked Questions GST Transitional 6%-0%

This information in the form of Frequently Asked Question’s by the Royal Malaysian Customs Departments is aimed at providing a better understanding of GST treatment.
Date: 25 May 2018; Type: Practice Note; Source: Royal Customs

MATTA calls for End to Tourism Tax

KUALA LUMPUR, May 22 (Bernama) - The Malaysian Association of Tour and Travel Agents (MATTA) has called for the abolishment of the Tourism Tax (TTx), which came into effect on Sept 1, 2017 charging a flat rate of RM10 per room night on foreigners staying in hotels or registered private accommodation.
Date: 22 May 2018; Type: Industry Updates; Source: Bernama

Guidelines on Tax Exemption for Wholesale Money Market Funds

These Guidelines are applicable to a wholesale money market fund.
Date: 24 April 2018; Type: Guideline; Source: Securities Commission

Tax Treatment on Digital Advertising Provided by a Non-Resident

This Practice Note is regarding withholding of tax provided by a non-resident on income from digital advertising. Practice Note No. 1/2018
Date: 16 March 2018; Type: Practice Note; Source: Inland Revenue Board

Remission of Late Payment Penalty under Section 62(2) of Goods & Services Tax Act 2014

This is to guide applicants on how to remit the late payment penalties under section 62(2) of Goods & Services Tax Act 2014 via Taxpayer Access Point (TAP). Furthermore, only one application can only be made for one taxable period.
Date: 26 March 2018; Type: Guideline; Source: GST Royal Customs

INDUSTRY UPDATES

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

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INDUSTRY UPDATES

London Documents to be used as Evidence against Petronas' Application

KUCHING, June 17 (Bernama) - The Sarawak state government would use Malaysia Agreement 1963-related documents found in London last year as a reference in its fight for rights to oil and gas produced in its territory.

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INDUSTRY UPDATES

CEP gets Seven Immediate Recommendations on Institutional Reform

KUALA LUMPUR, June 19 (Bernama) - The Committee on Institutional Reforms submitted to the Council of Eminent Persons (CEP) today seven immediate recommendations on the reform of key institutions in the country.

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INDUSTRY UPDATES

Government to evaluate Zero GST Effect - Salahuddin

PUTRAJAYA, June 18 (Bernama) - The Agriculture and Agro-based Industry Ministry will make a comprehensive evaluation on the effects of the abolition of the Goods and Services Tax (GST) on the cost of food production and price of food items, said its minister, Salahuddin Ayub.

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INDUSTRY UPDATES

GST: Zeti hopes Retailers will pass on Benefits to Consumers

KUALA LUMPUR, June 18 (Bernama) - Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).

Read More

INDUSTRY UPDATES

AALCO Annual Arbitration Forum

AALCO Annual Arbitration Forum

Kuala Lumpur, June 18 - The 2018 Annual Arbitration Forum of the Asian-African Legal Consultative Organisation (AALCO) will be held from the 21st to 22nd of July 2018 at Bangunan Sulaiman, Asian International Arbitration Centre, Kuala Lumpur. The Forum coincides with the 40th anniversary of the Asian International Arbitration Centre’s (AIAC) establishment under the auspices of the AALCO.

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INDUSTRY UPDATES

Website Glitch due to broken chain of trust between MYNIC, IANA Servers

KUALA LUMPUR, June 16 (Bernama) - MYNIC Bhd, an agency under the Communications and Multimedia Ministry (KKMM), has confirmed there was a broken chain of trust between the servers in MYNIC and Internet Assigned Numbers Authority (IANA).

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INDUSTRY UPDATES

Chief Justice, Court of Appeal President tender Resignations

PUTRAJAYA, June 13 (Bernama) - Chief Justice Tun Raus Sharif and Court of Appeal president Tan Sri Zulkefli Ahmad Makinudin have tendered their resignations which will take effect on July 31, it was announced today.

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INDUSTRY UPDATES

Dr M defends CEP over summoning of Judges

TOKYO, June 12 (Bernama) - Tun Dr Mahathir Mohamad has come to defence of the Council of Eminent Persons (CEP) for reportedly summoning judges recently.

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INDUSTRY UPDATES

Interpol Red Notice can be used to arrest Jho Low - Lawyers

KUALA LUMPUR, June 11 (Bernama) - There are ways to bring Low Taek Jho or Jho Low back to the country over an investigation of the 1Malaysia Development Berhad (1MDB) scandal.

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INDUSTRY UPDATES

Put an end to BNM's Non-Core Activities

KUALA LUMPUR, June 12 (Bernama) - Putting an end to Bank Negara Malaysia's (BNM) involvement in non-core activities, should be one of the main reforms that the new government can embark on, said HELP University Professor Dr Geoffrey Williams.

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INDUSTRY UPDATES

Malaysia and Japan to revive Look East Policy

KUALA LUMPUR, June 12 (Bernama) - Malaysia and Japan will rejuvenate and upgrade the Look East Policy to deepen collaboration and strengthen business competitiveness for both countries.

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INDUSTRY UPDATES

AG to recuse himself Sua Sponte

PUTRAJAYA, June 11 (Bernama) - Attorney-General (AG) Tommy Thomas has given assurance that he will recuse himself from cases involving parties he may know to avoid conflict of interest, according to the Malaysian Bar Council.

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INDUSTRY UPDATES

Tourism Tax should be abolished - MAH

KUALA LUMPUR, June 11 (Bernama) - The Malaysian Association of Hotels today reiterated their call for the tourism tax to be abolished as it is counter productive to the tourism industry.

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INDUSTRY UPDATES

Companies, Traders need to submit GST 03 Tax returns for now

ALOR SETAR, June 9 (Bernama) - The Royal Malaysian Customs Department says traders who have registered under the Goods and Services Tax (GST) system need to submit their GST 03 statements or tax returns even though the GST has been zero rated since June 1.

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