Malaysia introduced a GST Bill in December 2009 which has yet to be read a second time. Nonetheless, it seems that much work and consultation has been done to progress the Malaysian GST in readiness for an introduction at a date not too far in the future.
Over the last several weeks a number of guides and forms have been published on the Royal Malaysian Customs website that provide a reasonably detailed account of how the system will work. The guides include, a general guide to GST and specific guides such as:
- Manufacturing Sector
- Warehousing scheme
- Duty Free Shops
- Approved Jeweller Scheme
- Approved Toll Manufacturer Scheme
- Auctioneers
- Approved Trader Scheme
- Relief on Second-Hand Goods
- Exports and imports
- Going concerns
- Partial Exemption
- Designated Areas; and
- Agents
There are many draft forms for registration and returns that are worth a look.
The extent of the material on the site indicates that a lot of work has been and continues to be done. Perhaps rumours of the death of Malaysia’s GST are greatly exagerated.