News & Events

Malaysia GST revised to 0% from 1 June 2018 onwards

In conjunction with Malaysia’s new government decisions, Goods and Services Tax (GST) has been revised to 0% with effective from 1 June 2018, there are a few things need to be prepared by retailers using Flexilite.

The important things to be done while GST rate changes from 6% to 0%:

  1. Reduction of retail prices
    • Retailers may use system to deduct 6% from existing prices
    • Should retailers require any assistance from system vendor, all request should be made at least 5 working days before 1 June 2018, and are processed on first come first served basis (subject to service charges to be advised)
  2. System configuration changes for GST rate into 0%, for existing 6% tax codes
  3. No changes to printing of receipts and tax invoices at this moment, as long as the tax rate is zerorised

This is the official letter issued by the Ministry of Finance:

This is the FAQ list, download HERE

We have also collected some slides from tax consultants on their suggestions (only Chinese version available)

 

 

For more timely information updates, kindly join and follow our facebook closely.