Malaysia’s GST Return Submission

In Malaysia, every GST-registered person is required to submit the Form GST-03 return to Malaysian Customs either every 1 month or 3 months, depending on the annual revenue of all taxable supplies of the GST-registered person.

A GST-registered person has to submit Form GST-03 return every 1 month if it has an annual revenue of RM5 million or more. For those that have an annual revenue of less than RM5 million, then the submission of Form GST-03 return is every 3 months. In both cases, the deadline for filing the return is not later than the last day of the month following the end of the taxable period.

There are 2 ways to calculate the annual revenue (in a 12-month period) for Malaysian GST purposes.

  • The historical method

GST exclusive value of the supplies in the current month plus the value of taxable supplies made in the preceding 11 months

  • The future method

GST exclusive value of supplies made in the current month plus the value of supplies likely to be made in the next 11 months

Therefore, it is important for a GST-registered person to continuously monitor their annual revenue based on the above-mentioned method in order to ensure their GST filing frequency is correct.

Get in touch with your GST advisor now to know more.


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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