KUALA LUMPUR – Companies with an annual turnover ofÂ RM500,000 and above must register for the Goods and Services Tax so as not to be left out of reaping its benefits and to obtain valuable information on the new tax structure, says Deputy Finance Minister Datuk Chua Tee Yong.
He said every company that registers for the GST would be able to receive additional information as they would be accorded “one-to-one” guidance by the Royal Malaysian Customs Department.
“Via this programme, the companies will get a better understanding of theÂ benefits and their queries on the matter will be answered,” he told reporters after opening a one-day seminar on GST for about 500 Indian restaurant operators here today.
Chua said the response so far has been positive with 37,300 companies, to date, having registered for the GST which would be implemented on April 1, 2015.
“Each day the numbers are increasing. Between 1,000 and 1,500 companies are registering for the GST daily and if this trend continues, a total of 140,000 companies would be GST-registered by year-end,” he added.
The deputy minister said there were between 13 per cent and 15 per cent of companies in the country that chalked up a turnover of more than RM500,000 and it was mandatory for them to be GST-registered.
Companies failing to comply with the ruling would be slapped with a penalty and registered automatically.
Meanwhile, President of the Indian Restaurant Owners Association Muthusamy Thirumeni was optimistic that 90 per cent of the seminar participants would register their business for GST. – BERNAMA