With the introduction of Goods and Services Tax (GST) with effect from 1 April 2015, registered businesses are entitled to a special Sales Tax refund on goods held in stock on 1 April 2015, provided certain conditions are fulfilled. These goods must have been subject to Sales Tax and the Sales Tax must have been paid before 1 April 2015. The claim for this special refund must be submitted to the Royal Malaysian Customs (RMC) by 30 September 2015.
Persons eligible to claim this refund must be mandatorily registered for GST by 1st April, and any business which holds such stock of goods or materials, spares, etc is entitled. However, where Sales Tax for such goods cannot be evidenced in the supporting invoices, the RMC will only refund 20 per cent of the Sales Tax imputed in the goods held at 1st April 2015.
In order to claim the special refund in instances where the amount of the Sales Tax is RM10,000 or more, the claimant will require an external auditor to provide a Special Refund Certification. Baker Tilly will be able to assist claimants in this respect and undertake the necessary procedures to provide such certification.
Please contact your dedicated Baker Tilly's advisor for more information.
www.bakertillymh.com.my
+604-2888 258
Persons eligible to claim this refund must be mandatorily registered for GST by 1st April, and any business which holds such stock of goods or materials, spares, etc is entitled. However, where Sales Tax for such goods cannot be evidenced in the supporting invoices, the RMC will only refund 20 per cent of the Sales Tax imputed in the goods held at 1st April 2015.
In order to claim the special refund in instances where the amount of the Sales Tax is RM10,000 or more, the claimant will require an external auditor to provide a Special Refund Certification. Baker Tilly will be able to assist claimants in this respect and undertake the necessary procedures to provide such certification.
Please contact your dedicated Baker Tilly's advisor for more information.
www.bakertillymh.com.my
+604-2888 258
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