GST – a matter of interpretation

IN 10 more days, Malaysia shall enter into a new era where the price tags that you are familiar with will never be the same. While it is certain that no consumer shall escape from the fate of the Goods and Services Tax (GST), not everyone fully understands the implication of the GST at this juncture. This is inevitable as even the authorities themselves are sharing the similar conflicting views on many concerns and apparently grey areas.

If you have not realised by now, the Royal Malaysian Customs Department (RMCD) is the authority to implement, supervise and collect GST. On the other hand, income tax and stamp duty, where most income earners are well versed with, are in the jurisdiction of the Inland Revenue Board (IRB). Besides submitting online income tax forms through IRB’s website, one may pay a visit to RMCD’s official GST webpage, where, despite the issued guidelines, there are also a panel and the director-general’s decisions published to act as guidance of the RMCD’s interpretation of the GST legislation. There is now a third dimension on how you conduct your business in Malaysia, from how you earn to how you spend.