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Thursday, 13 July 2017

Malaysian PM Najib Announces additional services to be GST zero-rated at event to celebrate 60 Years of US-Malaysia relations

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Najib announces additional services to be GST zero-rated
 LAILI ISMAIL,New Straits Times 19 hours ago


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KUALA LUMPUR: The government has agreed to treat several services to overseas customers as zero-rated supply for the purpose of Goods and Services Tax (GST) effective July 1, Prime Minister Datuk Seri Najib Razak announced.

Speaking at the gala dinner to celebrate the 60-year bilateral relations with the United States, he said the services include those prescribed in connection with goods for export where the service is supplied to overseas customers.

"Secondly, prescribed services supplied in the free zones, including Licensed Manufacturing Warehouses (LMW) to overseas customers.

"Thirdly, research and development services... and finally, non-recurring expenditure incurred as engineering expenses, including tools and machinery used in the manufacturing process of goods.

"To accommodate the necessary amendment to the GST Zero Rate Order, a relief from charging of GST under section 56 of the GST Act 2014 has been granted effective July 1 this year," he said at the event hosted by American Malaysian Chamber of Commerce (AMCHAM), earlier this evening.

Najib said the government is committed to ensuring a set of guidelines on Exemption of withholding tax to be annnounced by end of this month.

"These guidelines will be formulated jointly by the Finance ministry, International Trade and Industry ministry (MITI), Malaysian Investment Development Authority (MIDA) and relevant industry groups to ensure the interests of both parties are taken into consideration.

"A special committee under the Finance ministry will also be established to address any ambiguity or disputes that may arise.

"Moving forward, I suggest that we work towards the signing of a double tax agreement between our two countries (Malaysia and US) to allow American companies to deduct their tax obligations," he added.

Also present were Datin Rosmah Mansor, US ambassador to Malaysia Kamala Shirin Lakhdir, International Trade and Industry minister Datuk Seri Mustapa Mohamed, Women, Family and Community Development minister Datuk Seri Rohani Abdul Karim, Immigration Department director-general Datuk Seri Mustafar Ali and AMCHAM Interim president Datuk Tim Tariq Garland.

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PHOTO CREDIT: P.Arul

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