At a press conference on New Year’s Eve (31st December 2018), Customs director-general Datuk Seri T. Subromaniam announced that the Sales and Services Tax (SST) will soon be implemented on four more services starting 1st March 2019.
According to Free Malaysia Today, the four services are;
- Amusement park operations
- Securities brokerage and underwriting
- Cleaning services
- Training provision
Source: malaysia business finder
It was decided by the government to impose SST on these services as a means of increasing revenue collection, which can then be channeled to the people, especially the bottom 40 per cent income group (B40).
The director-general was quoted by the New Straits Times as saying,
“Companies providing such taxable services with a total value of more than RM50,000 per annum must be registered with Customs on or before Feb 28 2019.”
“They have been given two months to register their business and prepare to implement service tax collection.”
Source: the star
Subromaniam added that about 5,000 to 10,000 companies offering these four services are expected to to be registered with customs by the aforementioned deadline.
To assist these companies with registration, the Royal Malaysian Customs Department will also release an industry guide. The MySST portal, Customs call centre and state Customs offices are also ready to assist these companies.
What are your thoughts on this move? Let us know in the comments below!
Also read: M’sians Can Now Make SST-Related Complaints to KPDNKK via WhatsApp
