IMPOSITION OF COMPOUND ON REGISTRANTS WHO FAIL TO MAKE GST PAYMENTS WITHIN A PRESCRIBED PERIOD
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Registrants who still have outstanding tax in the year of 2015 will be given until 31 October 2016 to pay the outstanding amount. Failure to do so will be imposed a compound to the maximum amount of RM 20,000.
Registrants who have outstanding tax in the year of 2016 will be given until 31 December 2016 to pay the outstanding amount. Reduction in the amount of the compound will be given if registrants pay the outstanding amount until 31 December 2016. Compound to the maximum amount of RM 25,000.00 will be imposed if the outstanding tax is paid after 31 December 2016.
Source: RMCD
BUDGET 2016: PROSPERING THE RAKYAT
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[Summary] Budget 2016 Speech, delivered by YAB Dato' Sri Mohd Najib Tun Haji Abdul Razak (Prime Minister and Minister of Finance) on 23 October 2015, Friday:
5 Priorities
First: Strengthening Economic Resilience
Second: Increasing Productivity, Innovation and Green Technology
Third: Empowering Human Capital
Fourth: Advancing Bumiputera Agenda
Fifth: Easing Cost of Living of the Rakyat
Click HERE to download Budget Speech Summary
(Click HERE for Bahasa Melayu version)
Source: MOF
FURTHER EXTENSION OF DEADLINE FOR SUBMISSION OF FIRST GST-03 RETURN
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Please be informed that the deadline for submission of the first GST-03 return for quarterly taxable period is on or before 31 July 2015 for GST Registered Business where his first taxable period is from 1 April 2015 – 30 June 2015 as indicated in the registration approval letter. The deadline above has been further extended to on or before 24 August 2015. Failure to submit by such date would result in an assessment to be undertaken by the Customs Department under Section 43 of the GST Act 2014.
There is no extension of payment and submission of GST - 03 returns for GST Registered Business whose taxable period is monthly.
Source: RMCD
