Friday 29 Mar 2024
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KUALA LUMPUR (Oct 1): There are still a number of challenges that Malaysian businesses face when it comes to the implementation of the Goods and Services Tax on April 1, 2015, according to executive director for Pricewaterhouse Coopers Taxation Services Sdn Bhd, Hanita Ahmad.

Speaking at a media briefing today, Hanita said some of the key issues included identifying which products fall under the GST gambit.

She also said there was also an issue of possible double taxation on stock that was still on hand on March 31, 2015 and how to treat products which are billed in advance.

"[The Royal] Customs [of Malaysia] released their preliminary guidelines before the legislation was brought in, and the problem is that those guidelines have not been updated to be in line with the legislation," she said.

"The zero rated and exempt goods orders are also still outstanding, and we hope that this will be addressed in the upcoming Budget speech,"she added.

Budget 2015 will be tabled on October 10.

 

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