Malaysia's Finance Ministry threw businesses a lifeline after companies complained about new tax rules. The government heard loud complaints from service providers who struggled with the updated Sales and Service Tax requirements. Ministry officials decided to give these companies extra time to figure out the complicated paperwork. Business owners can submit their tax forms by hand from July through September instead of using computer systems. Companies still have to charge customers the Service Tax during this grace period.
Factory owners face different rules starting this month when they must collect Sales Tax from their customers. These manufacturers can ask for special breaks on the raw materials they buy to make their products. Companies that already got tax exemptions from the Malaysian Investment Development Authority keep their sweet deals. The exemptions stay good for as long as the original agreements promised. Manufacturing businesses that make finished products after July first must sign up as official manufacturers if they hit certain money targets.
The Finance Ministry wants to make life easier for companies dealing with the expanded tax rules. Business owners can apply for tax breaks through the MySST website portal. The government hopes these changes will help companies run their operations without major headaches. Companies that need answers about the new tax system can call the Royal Malaysian Customs Department hotline. The phone number for business questions is 1-300-888-500.
Factory owners face different rules starting this month when they must collect Sales Tax from their customers. These manufacturers can ask for special breaks on the raw materials they buy to make their products. Companies that already got tax exemptions from the Malaysian Investment Development Authority keep their sweet deals. The exemptions stay good for as long as the original agreements promised. Manufacturing businesses that make finished products after July first must sign up as official manufacturers if they hit certain money targets.
The Finance Ministry wants to make life easier for companies dealing with the expanded tax rules. Business owners can apply for tax breaks through the MySST website portal. The government hopes these changes will help companies run their operations without major headaches. Companies that need answers about the new tax system can call the Royal Malaysian Customs Department hotline. The phone number for business questions is 1-300-888-500.
