Goods and Services Tax [GST or also known as “Value Added Tax” (VAT) in some countries] will be implemented in Malaysia from 1st April 2015.
It is a multi-stage consumption tax to be charged on all taxable supplies of goods and services in Malaysia except those that have been specifically exempted. GST will replace the existing Sales and Services Tax. The rate of tax is currently set at 6%.
MSIG is registered with Royal Malaysian Customs Department (RMCD) and our GST Registration Number is 000251133952.
Anyone carrying out a business in Malaysia with an annual turnover or RM500,000 and above, are required to be registered with Royal Malaysian Customs Department (RMCD). Once they are GST-registered, they have to charge GST on their business turnover at the prevailing rate of 6%.
Since the GST status of our clients and business partners will have an impact on their insurances and other business transactions with us, we would encourage all our GST registered clients and business partner to provide us their GST information by completing the GST Registration Details Update Form below:
To help you calculate the additional GST to be charged on the policy premium from 1st April 2015, we have developed a simple GST calculator.
Click here to use GST calculator