KUALA LUMPUR – The number of companies registered for the Goods and Services Tax (GST) stood at 300,730 when the registration exercise ended on Dec 31, 2014, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
Of the total, 84 per cent were mandatory registration while voluntary GST registration accounted for the remaining 16 per cent.
“The number of GST-registered companies have surpassed the government’s initial expectation,” he said in a statement today.
Husni also said the number of GST-ready small and medium enterprises stood at 266,003.
Expressing optimism that the new tax regime would be implemented smoothly given the overwhelming response received from the business community, thus far, he said the MyGST computerised system was also ready for the implementation.
Husni said the achievement, thus far, was due to the tireless efforts of all relevant parties especially the Royal Malaysian Customs Department which is the implementing agency.
The customs department was continuously organising “hand holding” programmes to provide guidance and support in order for entrepreneurs to obtain a better understanding of GST procedures and regulations.
It also ensured that businesses with an annual turnover exceeding the threshold amount of RM500,000 registered for the GST before the Dec 31 deadline.
However, the deadline for GST registration for companies in flood-stricken states of Kelantan, Terengganu and Pahang has been extended to Jan 31, 2015.
Malaysia is set to implement the new consumption tax at six per cent at all levels of businesses from April 1, 2015.
Ahmad Husni also said the GST was a fiscal measure taken by the government to strengthen the economy, develop modern infrastructure and to bring about an efficient economic eco-system to gear the nation towards attaining developed nation status by 2020.
“I am confident with the cooperation of the government, private sector and the people, who continuously support the government’s goals, Malaysia’s aspiration to become a high-income developed nation would become a reality,” he added. – BERNAMA