Malaysian businesses complain of delay in getting GST refunds
Kuala Lumpur
SOME three months after the start of Malaysia's 6 per cent Goods & Services Tax (GST), businesses say they are finding the going tough, hemmed in as they are by a delay in getting their GST refunds as well as by sales that have slipped as a result of the shrinking ringgit and the new consumption tax.
Tax experts say exporters are particularly hit by the delay because they pay the tax on their inputs - that is, their capital goods, raw materials, spare parts and services - upfront.
The tax specialists also note that Malaysia's customs department has taken a cautious approach to giving out refunds, especially those involving larger amou…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Bank of Korea chief signals readiness to deal with volatile currency moves
Banks told to anticipate risks from using AI, machine learning
Earthquake jolts southern Japan’s Ehime, Kochi prefectures
Climate impacts set to cut 2050 global GPD by nearly a fifth
G7 foreign ministers meet in Italy amid calls for sanctions on Iran
IMF calls for fiscal restraint in year with most elections ever