GST Compliance Made Easy, Malaysia

Are businesses really mindful of their GST risks? Is GST compliance part of the normal psyche of companies?

As the Malaysian Government shifts its attention more to the GST as against direct taxes such as the corporate income tax, it would be wise to take a serious look at one of the most insightful taxpayer tools implemented by the RMCD – and act before the authorities take a hard line with taxpayers who flout their responsibilities to administer and pay GST. 

GST Compliance Made Easy focuses on four key aspects:

• Putting in place good GST practices that businesses can include in their internal processes comprising people, record-keeping, systems and internal controls to properly handle the GST reporting of transactions;
• Preparing and completing the GST-03 return form for submission to the Royal Malaysian Customs Department (RMCD);
• Self-assessment relying on pre-submission checkpoints to ensure that GST returns are correct before submission; and
• Performing periodic reviews of past GST returns to detect errors early for timely disclosure to the RMCD to avoid costly penalties.