KUALA LUMPUR, Nov 22 – The number of companies registered for the Goods and Services Tax (GST) stood at 158,725 as of Nov 21, an increase of 2,210 from the previous day, the Royal Malaysian Customs Department said. The number of companies registered for the GST, to be implemented on April 1 next year, has now surpassed the government’s target of 140,000 by year-end.
However, those companies yet to register have until Dec 31, 2014 to do so. Businesses with an annual sales turnover of less than RM500,000 are urged to register for the GST, in the event it exceeds RM500,000 in future. Finance Ministry Deputy Secretary-General of the Treasury (Policy) Datuk Mat Noor Nawi advised such companies to voluntarily register with the Customs Department.