Under the Sales Tax Act 2018 and Services Tax Act, 2018, businesses with taxable supply (i.e. turnover) exceeding RM500,000 in the current month and the preceding 11 months or projected to have taxable supply exceeding RM500,000 in the current month and the next 11 months, are required to be registered as a taxable person with the Royal Malaysian Customs (RMC). The registered person is required to file periodic SST returns accordingly.
At RSM, they undertake this function on your behalf by providing the following services:-
- Recording and classifying the Sales amount with the respective Sales/Service Tax – to be based on the sales invoices prepared by the company;
- Compiling data required for Sales/Service Tax purposes by extracting information from the accounting records maintained;
- Preparing reconciliation worksheet to establish that the figures to be reported tally with the financial reports;
- On behalf of your company, they shall, complete and submit your SST Form 02 to Custom Authority on a bi-monthly basis;
- Assist you to submit the cheque** on Service Tax payable together with the SST Form 02 on a bi-monthly basis;
- Monitoring the Service Tax payable in the Balance Sheet to ensure payment of Service Tax to Custom Authority is made within twelve (12) months from the date of the invoices.
For more information about SST Accounting Service, please visit https://www.rsmmalaysia-outsourcing.com/