Handbook On List Of Taxable Goods For Traders Introduced
The government today introduced a handbook on the list of taxable and non-taxable goods for sundry goods specifically for traders in preparation for the Goods and Services Tax (GST) on April 1.
Deputy Finance Minister Datuk Chua Tee Yong said the book, jointly published by the Royal Malaysian Customs Department and the Finance Ministry, listed 1,800 goods initially and would add the remaining 8,200 list of goods for registered traders in the near future.
“The handbook is not for the use of consumers as the list of 10,000 goods is for traders’ reference to enable them to make the necessary preparation,” he said in a press conference after attending a ‘Hand Holding’ programme for the retail sector especially on the GST.
The programme involves a briefing on the ways to prepare invoices, record keeping and other information needed in the implementation of the GST.
Chua said the programme would be provided free-of-charge to registered companies even after the GST implementation date.
Up to January 5, a total of 301,306 companies have registered with the Customs Department, exceeding the target of 240,000 at end-2014.
Out of the total, he said 123,000 companies were from the wholesale and retail sector, property (49,000 companies) and manufacturing (33,000 companies).
Chua also said the guideline for consumers was expected to be issued at the end of January or early next month by the Ministry of Domestic Trade, Co-operatives and Consumerism.