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Tuesday, July 11, 2017

Najib: 4 more services to be GST zero-rated

The additional services are prescribed services performed in connection with goods for export, prescribed services supplied in the free zones, R&D provided to overseas customers and non-recurring expenditure incurred as engineering expenses.
najib-gstKUALA LUMPUR: Prime Minister Najib Razak today said the government has agreed that four more services will be treated as zero-rated supply for the purposes of the goods and services tax (GST).
These include prescribed services performed in connection with goods for export where the service is supplied to overseas customers, and prescribed services supplied in the free zones, including licensed manufacturing warehouses (LMW) to overseas customers.
The other two services are research and development (R&D) services provided to overseas customers and non-recurring expenditure incurred as engineering expenses, including tools and machinery used in the manufacturing process of goods.
Speaking at the American Malaysian Chamber of Commerce dinner here, the prime minister said in order to accommodate the necessary amendment to the GST Zero Rate Order, a relief from the charging of GST under Section 56 of the GST Act 2014 had been granted with effect from July 1, 2017.
“The Malaysian government has always been supportive in facilitating the business community in Malaysia and welcomes frank and transparent dialogue between all the stakeholders involved,” he said. -FMT

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