VAT Consulting Malaysia

Value added Tax, or VAT is the most common type of tax levied on the consumption of goods and services globally. Introduction of VAT in Malaysia is bound to create a paradigm shift in the business dynamics of the Middle Eastern countries, as it’s soon going to become an integral part of the businesses from 1st January 2018, as per the announcement made by the Malaysia Ministry of Finance.

SCBC Enterprise is a reputed company offering vat consultancy in Malaysia, and can help you streamline your financial statements and ensure it’s in accordance to VAT regulations.

VAT in Malaysia

As a measure to stimulate the local economy, VAT in Malaysia will be levied at each step of the supply chain at a rate of 5% on all goods, use of public infrastructure, and services. Few categories like education, basic food items, and healthcare, will remain exempt. VAT may also be introduced in other countries in the Gulf Cooperation Council (GCC) around the same time or by 2019.

FEDERAL TAX AUTHORITY (FTA) was set up on October 25, 2016, to maintain records of taxes paid and taxpayers’ details, and collect all data, statistics, and information pertaining to federal taxes. FTA is also responsible to specify guidelines pertaining to federal taxes and related fines.

Why Do You Need a VAT Consultant?

As the first-ever iteration of Value Added Tax will be rolled out in 2018, business community in Malaysia is facing tremendous compliance challenges. They need a reliable consultant who understands global and local tax regimes, and can help them streamline their documents and processes to ensure there is no penalty or fine after VAT legislation.

SCBC Enterprise, a reputed VAT consultancy can help you get your business ready for the VAT implementation. SCBC Enterprise’s taxation team has vast experience and exposure to different tax regimes and assists businesses improve their systems and processes in the Malaysia, Sub-continent, and Europe.

Our tax consultants not only prepare businesses for the economic impact of the legislation, but also make them aware of the VAT registration process, documents required for the VAT registration, while assisting them in filling the application form.

Our VAT Consulting Services

We evaluate & plan the impact of VAT on our client’s businesses by reviewing their documents, suggesting changes in their current applications, assisting with VAT implementation and compliance, and conducting organization-wide training sessions to prepare them for the effects of VAT implementation in accordance with Federal Tax Authority (FTA) requirements. Our services include -

• VAT Consultancy
• Management Consultancy
• Software Consultancy
• Audit and Assurance
• Accounting and Accounting Supervision
• Corporate Finance
• Project Feasibility and Forecasting

Be VAT Ready. Contact SCBC Enterprise, the Leading VAT Consultants in Malaysia

Most businesses have a faint idea of VAT compliance requirements, as the legislation is still in its nascent stage. At SCBC Enterprise, we have a team of VAT consultants, certified auditors, tax specialists, and accountants who can assist you with proper VAT documentation and filing, ensuring that your company does not incur penalties due to improper compliance.

With vast experience in providing localised accounting and auditing services in Malaysia, our tax specialists will develop a proactive strategy to help your company smoothly tide through the legislation.