GST & other indirect taxes

GST and indirect tax such as customs duties have a direct correlation with the bottom line of many businesses, thus influencing the businesses' pricing and cashflow.

On 1st April 2015, a broad-based consumption tax known as Goods and Services Tax ["GST"] was introduced by the Government to replace the sales tax and service tax which were introduced in 1972 and 1975 respectively. GST is also known as Value Added Tax ["VAT"] in some countries. Unlike the previous single-stage sales tax and service tax systems, GST is a more comprehensive multi-stage tax, which is generally charged on the consumption of all goods and services at every stage of the supply chain, with the tax burden ultimately borne by the final consumer. Given its enormous impact on businesses, in-depth understanding of GST is crucial in order for businesses to be readily adaptable to this new tax regime and thereby, avoiding any unnescessary penalty arising from non-compliance with the GST legislations.

At Moore Stephens, besides the comprehensive GST implementation project that can be relatively costly, we have developed a simplified and pragmatic GST implementation methodology suitable for businesses falling under small and medium enterprises ["SME"] to medium and large enterprises ["MLE"]. This methodology is designed specifically to cater for SME and MLE where the business models are less complex and sophisticated. Besides being cost effective, this methodology offering is simple to roll out within business organisation without causing disruption to the business operations. The main objective of this methodology is to set our clients on the right path in managing their GST compliance matters.

Our indirect tax services include:

  • Assisting in compliance, management, planning and mitigating indirect tax exposure and risks
  • Assisting in tariff classification, customs valuation and documentation review
  • Assisting in indirect tax refunds or drawbacks and exemptions applications
  • Advising on the mechanism of GST, filing of GST returns, GST advisory services, GST health-check and GST audit by Royal Malaysian Customs Department.