In less than 2 weeks, business entities operating in Malaysia with annual sales above RM500,000 will have to comply with the GST requirements. Depending on the size and complexity of your business, it could range from years of preparation to merely few hours of tweaking existing procedures.
Here is a very brief note to ensure compliance. Focus on 4 key tasks to ensure readiness:
Business entities in Malaysia will have to comply with GST requirements effective 1 April 2015.
Despite the months and even years of preparation, mistakes are likely to happen.
Below is a good article on common GST mistakes - Australian experience (GST started in Australia in year 2000):
Here are some of the mistakes the Tax Office has noted being made by small businesses. The list is not exhaustive, but may serve to underline areas that others have come to grief on – so you don't make the same blunders.
For a good proportion of the above problem areas, accurate record keeping will go a long way to making sure these sorts of errors cannot slip through. But a weather eye will still need to be kept on one-off or sundry items not in the usual ambit of the business's core transactions, and that may not be accounted for correctly.
Source: Common GST mistakes (www.taxpayer.com.au)
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