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Today’s Top Headlines

Malaysian Tax Administration Improvements Welcomed

by Mary Swire,, Hong Kong

28 December 2016

The World Bank has praised Malaysia for significant improvements it has made on the administration of taxes during 2016.

The World Bank in particular lauded the introduction of an online system for filing and paying goods and services tax.

This has resulted in a fall of about one-third in the number of tax payments a medium-sized company needs to make, to nine.

Dato' Abdul Latif, Deputy Director General of the Malaysian Productivity Corporation, said the country wanted to "expedite impactful changes." He said: "Every regulation has a purpose. Our goal is to make sure it is easy for people to do business."

The country announced a number of concessions for business in its 2017 Budget, including corporate tax cuts for companies increasing their annual revenues and for small businesses.

TAGS: compliance | tax | small business | business | value added tax (VAT) | goods and services tax (GST) | Malaysia | regulation | services | VAT compliance matters

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