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Malaysian Royal Customs registers 241,493 companies rapid for GST

Malaysian Royal Customs registers 241,493 companies rapid for GST

KUALA LUMPUR: According to Malaysian Government new tax policy number of companies registered for the Goods and Services Tax (GST) stood at 241,493 here the other day, an increase of 4,883 from Sunday, said the Royal Malaysian Customs Department.

The number of GST-registered companies has now surpassed the government’s year-end target of 140,000.

Businesses with an annual sales turnover of less than RM500,000 are urged to register for the GST, in the event it exceeds RM500,000 in the future.

They are to register by Dec 31 for the new tax system to be implemented on Apr 1, 2015.