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Sales and Services Tax (SST) came into effect on September 1, 2018, replacing Goods and Services Tax (GST). SST consists of two pieces of legislation: the Sales Tax Act 2018, which regulates the manufacturing and oil and gas industries; and the Service Tax Act 2018 for selected designated service providers. The components of the SST are a sales tax of 10% and a service tax of 6%.<br><br>
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Sales and Services Tax (SST) came into effect on September 1, 2018, replacing Goods and Services Tax (GST). SST consists of two pieces of legislation: the Sales Tax Act 2018, which regulates the manufacturing and oil and gas industries; and the Service Tax Act 2018 for selected designated service providers. The components of the SST are a sales tax of 10% and a service tax of 6%.
Registration • Sales tax is levied on the manufacturing and oil and gas industries, while service taxes are levied on individual service providers provided they reach the annual threshold of RM500,000 and above. Service tax is levied on food and beverage (F&B) operators with an annual turnover of over RM1.5 million. Manufacturing is defined in section 3 of the Sales Tax Act 2018 as a manufacturing process in which raw materials are converted into goods of varying quality for Malaysia invoice template, nature and quantity. It also includes the assembly of vehicles or equipment, and the production and refining of oil. • Service tax is levied on taxable services as defined in the Service Tax Regulations 2018. This includes hotels, restaurants, food and beverage providers, professionals, gaming, specialty industries, and credit card providers. (A detailed list can be found on the Royal Malaysian Customs (RMC)
Existing GST registrants for invoice format Malaysia in production, oil and gas and services are automatically registered for SST in RMC. As of August 19, 2018, 77,451 enterprises have switched from MyGST to MySST. Of these, 32,557 are registered for the payment of sales tax and 44,874 for the service tax. • For a comparison between sales tax and service tax for Malaysia invoice template, see the box above.
SST Management • SST invoice format is an add-on item to the invoice based on goods supplied in the case of manufacturers (sales tax) or services rendered in the case of service providers (service tax). Accountability of RMC taxes varies as sales tax is recorded on an accrual basis and service tax is recorded on payments received from customers. • The government recognizes the long time lag between invoicing and receiving payment from Malaysia invoice requirements service clients such as auditors, tax professionals, lawyers, engineers, architects, and appraisers. Paying service tax upon receipt of payment will greatly facilitate cash flow and reduce business costs for service providers in a service tax regime. • However, service tax is deemed to have been received if payment is not received from customers within 12 months from the date of invoice sample Malaysia. Service tax is payable the day after this period of 12 months [Art. 11 (2) of the Service Tax Act 2018].
About Us • QNE Software SdnBhd (QNE) is a dynamic organization located in Kuala Lumpur (KL) that actively provides Accounting System to the South East Asia market. QNE’s solutions are designed specifically to meet the requirement of local business practices and challenging environments. Since QNE (formally known as OneStop Software Solutions (M) SdnBhd) was formed on 15 August 2001 under the Companies Act 1965, QNE’s is known for its strong commitment to research and development. As a result, QNE was awarded the MSC Pioneer Status in April 2005. • Website - https://www.qne.com.my/
