The sales tax does not apply to any goods manufactured in the country that are destined for export. Aside from this, certain sorts of items are free from SST. These are as follows:
|➤ Books, magazines, periodicals, journals|
|➤ Bicycles, along with some parts and accessories|
|➤ Natural mineral substances, chemicals, medications, fertilizers|
|➤ Goods manufactured by a goldsmith, including certain types of jewelry|
Determine whether the business is a manufacturing one that is subject to this tax.
1. Determine the threshold: this is critical since it will determine whether registration is mandatory or voluntary.
Fill up and submit the Registration Application for Sales Tax or Service Tax to the appropriate authorities.
2. Verification: The application will be reviewed by a Customs Officer, who may seek additional supporting documentation.
3. Approval: Once the verification is complete, the report is sent to the Approval Officer, who will assign the status “registered” or “rejected.”
4. Receive the outcome: The outcome, whether authorized or refused, is sent through email or via the web portal.
Following that, if a firm receives its registration, it will also receive the login information for the MySST site, where the company representative will update the company information.
In Malaysia, corporate income tax is a direct tax paid to the government levied on both resident and non-resident corporations receiving income from Malaysia. The corporate income tax rate varies depending on the type of business. Companies in Malaysia are required to file a corporate income tax return within seven months of closing their books. Tax due must be paid by the last day of the seventh month following the close of the accounts. Companies must furnish estimates of their tax payable for a fiscal year no later than 30 days before the start of the base period.
Bookkeeping organizes data that will be evaluated throughout the accounting phase. Accounting is the process of summarizing, evaluating, and conveying financial data for an organization, whereas bookkeeping is just concerned with recognizing and documenting financial transactions. Management may utilize accounting data to make crucial decisions when the procedures incorporate financial reporting rather than bookkeeping. Accounting necessitates analysis and yields corporate knowledge. Bookkeeping does not provide information about a company’s financial status. Accounting helps to provide a comprehensive picture of a company’s financial situation.