Companies in Malaysia have the option to challenge late GSP penalties online. The application for the remission of the late payment penalty can now be made through the Taxpayer Access Point, or TAP. The statement plus the instructions on how to handle this step were released by the Royal Malaysian Customs Department. The team of experts at our law firm in Malaysia can give you more information on remitting all of part of the late payment penalty.

A three-month long tax holiday is expected to increase the retail industry growth this year from 4.7 percent to 5.3 percent. The Malaysia Retailers Association released an adjusted forecast for the GST-exempt period during which spending patterns are very likely to change. This tax holiday is possible during the transition period between the Goods and Services Tax and the Sales and Services Tax.