High submission of GST return statements

KUALA LUMPUR: About 95% of some 420,000 companies have been submitting the goods and services tax (GST) monthly return statements since its implementation over a year ago.

Royal Malaysian Customs Department director-general Datuk Seri Khazali Ahmad said the higher submission rate was indicative of the smooth implementation of the system.

Compared with other countries which implemented a similar tax regime, Malaysia, in its first year of the GST implementation, succeeded in recording a high level of compliance from registered companies, he told reporters after attending a conference on GST here. — Bernama