Exotic Group Malaysia attained its Malaysian GST license on October 2016. Exotic Group is now a qualified GST agent not just in Singapore but also in Malaysia.
Introduced by the Malaysian Government on 1st April 2015 as a replacement to the Government Sales and Service Tax, GST or Goods & Services Tax is a Value-Added Tax (VAT) that is largely based on multi level tax – based on consumption. In other words, GST is a consumption based tax that is charged on taxable goods being supplied. Some group of items are GST tax exempt. This group is known as Zero Rated or Exempt Supply and include categories like public transportation, basic food items such as flour and rice and healthcare & education.
GST was introduced last year as a way to reform the tax collection system in Malaysia and overcome the existing tax system weaknesses. Under GST, the taxable company no longer needs to collect Sales Tax on its sales. Also, the company is now eligible for filing a claim for input credit on the GST that is incurred in manufacturing the supplies. To state it simply, GST paid on operational cost incurred, asset, and purchases for manufacturing goods remain claimable as Input Tax Credit. There are several aspects of GST that need to be understood to comply with the guidelines and file claims appropriately. This is where the services of a qualified GST tax agent are helpful.
Happy to share the news, the official spokesperson of 3E Accounting had this to say, “We, at 3E Accounting PLT, Malaysia, are proud to announce that we’re now licensed and certified as qualified and local GST tax agents in Malaysia. Stephanie, our Managing Partner, and Lawrence, our Partner, attained the Malaysian GST License on October 2016.”
He further said, “Finding the right and best advice related to GST filing is not easy. Since it is newly implemented, it requires custom office based and other professionals to respond to GST inquiries quickly and provide quality advice. However, with us, you don’t have to worry about that as we are qualified as GST tax agents in both, Singapore and Malaysia.”
The spokesperson of 3E Accounting PLT further elaborated and said, “GST was implemented in Singapore a long time back. And working in Singapore as GST tax agents, we’ve truly gained a wealth of experience related to GST matters.”
3E Accounting PLT’s rich experience truly differentiates them and helps them stand out from the crowd. Leveraging on their years of hands on industry experience, proud GST knowledge and in depth understanding, their GST tax agents are able to provide clients with the best advice on what items GST is applied and what are exempted, and quality guidance on how to conform to the implemented GST laws in Malaysia.