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More Than 100,000 Businesses To Register For GST By Year-end

KUALA LUMPUR, July 11 (Bernama) -- The Royal Malaysian Customs Department expects more than 100,000 businesses to register their operations by year-end for implementation of the Goods and Services Tax (GST).

Director-General Datuk Seri Khazali Ahmad said compulsory registration by the department would begin in September.

Since June, more than 4,000 businesses had voluntarily registered, with 3,900 granted approval for the new tax regime.

"We are undertaking the registration through our system, MyGST, which will operate the GST Malaysia," he told reporters at the close of the National GST Conference 2014 here today.

Khazali said the GST will put Malaysia on an equal footing with other countries in terms of export competitiveness.

"The export cost will be cheaper. Under the GST, exporters can claim back the input tax. At the export level, there is no GST.

"That is why our exports will become more competitive at the international level," he added.

Khazali noted that the Customs Department was now actively pursuing the "Hand-Holding Programme", which caters for specific industries to create awareness of the GST.

He said registered businesses would be taken through six modules of the programme to prepare them for the GST implementation.

-- BERNAMA




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