When should I charge SST Malaysia?

The taxable period of SST is a period of 2 calendar months. Hence, SST returns must be filed every 2 months even if there is no tax to be paid. The SST payment should be done within 30 days from the end of the taxable period.

Who should charge SST?

The SST has two elements: a service tax that is charged and levied on taxable services provided by any taxable person in Malaysia in the course and furtherance of business, and a single stage sales tax levied on imported and locally manufactured goods, either at the time of importation or at the time the goods are sold …

What is the threshold for SST?

The current threshold is set at an amount of RM500,000. The threshold for operators of restaurants, cafes, bars, canteens, or any food and beverage business is subject to RM 1,500,000. The businesses already registered with the GST don’t need to register again for SST(Sales and Service Tax).

Who should pay SST Malaysia?

The Sales Tax is levied at the import or manufacturing levels, and companies with a sales value of taxable goods exceeding RM500,000 in a 12-month period are liable to be registered for the tax, which is levied at rates varying from 5% to 10% depending on the goods in question.

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Who needs SST registration?

Any person who manufactures taxable goods and the sales value of such taxable goods for a period of 12 months and exceeds the threshold of RM500,000 is liable to be registered under the Sales Tax Act 2018.

How do you calculate SST?

To calculate SST value, simply + in the total value of good (RM) x SST rate (5%), and you’ll get the total amount of value (RM) after tax.

Is SST better than GST?

The Sales Tax is only imposed on the manufacturer level, the Service Tax is imposed on consumers that are using tax services. SST rates are less transparent than the GST which had a standard 6% rate, the SST rates vary from 6 or 10%.

When should I apply for SST?

The taxable period of SST is a period of 2 calendar months. Hence, SST returns must be filed every 2 months even if there is no tax to be paid. The SST payment should be done within 30 days from the end of the taxable period.

Is trading company subject to SST?

Trading companies are not required to impose sales tax and are outside the ambit of Sales Tax Act 2018. SST operates within Malaysia; the export of manufactured goods and provision of services outside Malaysia is free from SST.

How do you record SST in accounting?

There is a way if you really want to record your tax paid for own reference. You just simply have to create an account in COA under account payable type. Then, create a tax code using your own description in the SST setup screen in TreezSoft. Link the tax code to the account payable that you have created in your COA.

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Is SST tax deductible?

A sales tax deduction shall be made in SST-02 tax return for the taxable period during which the taxable goods were purchased. I have declared the SST-02 tax return for the taxable period of May-June 2019 and made the appropriate payment.

Is SST tax deductible in Malaysia?

SST is tax-deductible for companies which lowers overall tax collected.

What is required for SST?

As a requirement of Local Law 196 of 2017, workers at job sites requiring a Construction Superintendent, Site Safety Coordinator or Site Safety Manager must have a total of 40 hours of safety training.

Do I qualify for SST?

No fixed place of business for more than 30 days in the state. Less than $50,000 of property in the member state. Less than $50,000 of payroll in the state. Less than 25 percent of total property or payroll in the state.

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