Guidelines on Incentives for Goods and Services Tax (GST) will be released soon
It was announced recently that the guidelines on incentives for companies that have registered for implementation of the Goods and Services Tax (GST) will be released soon.
Deputy Finance Minister Datuk Chua Tee Yong said the guidelines are needed as many companies or business associations, have yet to fully comprehend the incentive package being offered by the government.
“This could be due to the absence of the guidelines. I have as such had discussions with the Internal Revenue Board about the matter and it is now in the process of being prepared,” he added.
The guidelines, among others, covers secretarial fees, tax deductions which are allowable from the year of assessment 2015, the cost of purchase of equipment and ICT software that has been given an extension of the accelerated capital allowance until the year of assessment 2016.
It also includes expenditure for accounting training and ICT related to the GST for the years of assessment 2014 and 2015 that has been given an additional tax relief.
Chua said as of yesterday, 9,580 businesses had registered with the Royal Malaysian Customs Department to participate in the implementation of the GST as of April 1, 2015. He added that 119 companies with income of less than RM500,000 had also voluntarily registered.