【Malaysia Company Registration Tips】 In-depth understanding of important tax knowledge - Sales and Services Tax (SST)
Understanding and complying with the Sales and Services Tax (SST) regulations is crucial for businesses operating in Malaysia. This is not only a legal requirement, but also a key measure to ensure the company's compliant operation and maintain its reputation. Today, FOZL will provide a detailed analysis of the key points of the Sales and Services Tax, helping you fully grasp this important tax process and ensuring your business remains compliant.
The Sales and Services Tax (SST) is a tax paid by consumers when purchasing taxable goods or services. The Sales and Services Tax (SST) includes Sales Tax and Service Tax.
What is Sales Tax?
Sales tax is a single-stage tax levied on imported and locally manufactured goods, whether at the time of import or when the goods are sold or otherwise disposed of by the manufacturer.
How is sales tax levied?
The government levies sales tax at the manufacturer level. Manufacturers sell goods including sales tax to wholesalers, wholesalers sell goods to retailers, and retailers finally sell goods to consumers! The sales tax is included in the price paid by the consumer.
What is Service Tax?
Service tax is a tax levied on taxable services provided by any taxable person in the course of business in Malaysia. A taxable person is anyone who is in Malaysia and is designated as a taxable person. A taxable service refers to any service that is designated as a taxable service.
How is service tax levied?
The government levies service tax on service providers at the commencement of the service, and service providers provide services including service tax to businesses and consumers. The service tax rate has been increased from 6% to 8%, but the service tax rates for catering, parking, logistics services and communication services remain unchanged.
If you are considering registering a company in Malaysia, setting up a new factory, etc., FOZL is your best choice. We have extensive experience and a professional team committed to providing customized solutions for our clients. Welcome to contact the FOZL team, and we will be happy to serve you.
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