What is GST Malaysia?

The Goods and Services Tax (GST) is a value-added tax in Malaysia. GST is levied on most transactions in the production process but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer.

The existing standard rate for GST effective from 1 April 2015 is 6%. Many domestically consumed items such as fresh foods, water, and electricity are zero-rated, while some supplies such as education and health services are GST exempted.

GST was scheduled to be implemented by the government during the third quarter of 2011,but the implementation was delayed until 1 April 2015. Its purpose is to replace the sales and service tax which has been used in the country for several decades. The 6% tax will replace a sales-and-service tax of between 5–15%.

Due to the implementation, it has become crucial for SMEs and organizations to have a GST-compliant accounting software to make sure that they comply with the GST rules and requirements. This is also to ensure that reports are easily prepared to be submitted to the Malaysian Royal Customs Department in a timely manner to avoid costly penalties.

You can refer to the Malaysia Accounting Software Guide for GST as follow:

Malaysian Royal Customs Department - Guide on GST Accounting Software Malaysia from Authentic Venture Sdn Bhd

OfficeCentral Malaysia GST Accounting Launch Video

Hi everyone!

We would like to share with you OfficeCentral Malaysia GST Accounting Launch Video as below:

OfficeCentral GST Accounting module has been launched at Shah Alam Convention Center on 4th June 2014. We had over 300 entrepreneurs and business owners who came to the event. Thank you, everyone, for participating!

Frequently Asked Questions on MPERS

FREQUENTLY-ASKED QUESTIONS (FAQs) ON MALAYSIAN PRIVATE ENTITIES REPORTING STANDARD

Malaysian Private Entities Reporting Standards (MPERS) was issued by the Malaysian Accounting Standards Board (MASB) on 14 February 2014. MPERS is effective for private entities for financial period beginning on or after 1 January 2016 with the early application being permitted. 

Below are some of the implementation questions that the staff of the Malaysian Institute of Accountants received in relation to MPERS. The answers to the questions have been prepared by the staff of the Institute and are not necessarily the views of the Institute.

Auditors and preparers are expected to use professional judgment in determining if the questions and answers are both appropriate and relevant to their circumstances.

Please find the FAQs in the document below:

FREQUENTLY-ASKED QUESTIONS (FAQs) ON MALAYSIAN PRIVATE ENTITIES REPORTING STANDARD from Authentic Venture Sdn Bhd

Malaysian Private Entities Reporting Standard (MPERS)

Hi everyone!

Do you know that all private entities such as Sdn Bhd companies are now compulsory to follow the MPERS? The Malaysian government has gazetted MPERS in 2016, making it compulsory for businesses doing audited accounts in 2016 onwards to comply with MPERS.

Why MPERS?

MPERS, the new financial reporting framework for private entities that came into force on 1 January 2016, is seen as a vital step in preparing local private companies for globalization as well as the challenges that come with it. MPERS is practically identical to the International Financial Reporting Standards (IFRS) for SMEs set by the International Accounting Standards Board, except for the requirements for those involved in property development activities.
Refer to the document below for more detailed information on MPERS:

Malaysian Private Entities Reporting Standard (MPERS) from Authentic Venture Sdn Bhd