Malaysia’s GST will be 0% effective 1 June 2018

The Ministry of Finance of Malaysia has declared that the goods and services tax (GST) will be zero-rated from 1 June.

According to the official release posted on the official Ministry of Finance Facebook page, this will cover both local and imported goods and services. GST isn’t abolished but its current 6% rate will reduce to 0% effective 1 June 2018 nationwide until further notice. This excludes goods and services that are currently GST exempted.

The release also mentions that all registered businesses must follow the new zero rating and they must adhere to the current practice of issuing tax invoices, submission of tax statements and claiming of input tax credit.

 

The Royal Malaysian Customs Department has also shared the same post from the Ministry of Finance. For further clarification, the Royal Malaysian Customs Department is reachable at 1 300 88 8500 or 03-7806 7200.

Link: https://www.facebook.com/JabatanKastamDirajaMalaysia/posts/1777450235657548

 

 

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