Finance | 16 June 2017

The goods and services tax (“GST”) has been with us since 1 April 2015 and we have seen its impact on various parts of our lives. In theory, it is a relatively straightforward tax regime that can nevertheless prove difficult in practice, especially in relation to GST on real estate transactions.

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Legal Briefing

Author(s)

  • Ashley Lee Si Han, Senior associate, Lee Hishammuddin Allen & Gledhill, Lee Hishammuddin Allen & Gledhill (LHAG)

    Ashley Lee Si Han

    Senior associate, Lee Hishammuddin Allen & Gledhill

    als@lh-ag.com

Finance | 16 June 2017

When the goods and services tax (GST) was first introduced to replace the general sales tax and service tax regimes in 2015, the overarching concern for businesses was the implementation and administrative aspect. As companies scrambled to understand the rules and procedures in order to facilitate the rollout of GST, many, if not all, would have neglected or overlooked the fact that this transition would trigger a double collection of taxes for goods still held as stock across both tax regimes.

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Legal Briefing

Author(s)

  • Jason Tan Jia Xin, associate, Lee Hishammuddin Allen & Gledhill, Lee Hishammuddin Allen & Gledhill (LHAG)

    Jason Tan Jia Xin

    associate, Lee Hishammuddin Allen & Gledhill

    tjx@lh-ag.com

Finance | 16 June 2017

The enforcements of customs valuation and transfer pricing are the epitome of similar means and different goals to achieve the same end. The means of valuation and pricing are similar in the form of the valuation and pricing methodologies. However, the goals are at two ends of the spectrum: the former wants the highest appraised value of imports; the other, the lowest possible level to maximise taxable profits. Such paradoxical treatments are largely unregulated, not less due to regulators themselves being beneficiaries of the ultimate end in the form of higher revenue collection.

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Legal Briefing

Author(s)

  • Jason Tan Jia Xin, associate, Lee Hishammuddin Allen & Gledhill, Lee Hishammuddin Allen & Gledhill (LHAG)

    Jason Tan Jia Xin

    associate, Lee Hishammuddin Allen & Gledhill

    tjx@lh-ag.com

Finance | 16 June 2017

When we ordinarily refer to compliance in goods and services tax (GST), what strikes our minds is the filing of GST returns and settling the GST due within the stipulated taxable period. It has been more than two years now since the implementation of GST in Malaysia. The compliance rate for GST filing thus far has been high, with an average rating of above 95%.

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Legal Briefing

Author(s)

  • S Saravana Kumar, partner, Lee Hishammuddin Allen & Gledhill, Lee Hishammuddin Allen & Gledhill (LHAG)

    S Saravana Kumar

    partner, Lee Hishammuddin Allen & Gledhill

    sks@lh-ag.com
  • Annie Thomas, senior assistant director, Royal Malaysian Customs Department, Lee Hishammuddin Allen & Gledhill (LHAG)

    Annie Thomas

    senior assistant director, Royal Malaysian Customs Department