The Sales and Service Tax (SST) is a tax imposed on the sale and provision of taxable goods and services in Malaysia. Every registered SST entity is required to submit the SST-02 return form, which includes the sales and purchase transactions for the taxable period, as well as the output tax and input tax amounts. The SST-02 return form must be submitted to the Royal Malaysian Customs Department (RMCD) no later than the last day of the following month after the taxable period.
For yearly submission, every registered SST entity is required to submit the SST-03 return form, which is a summary of all taxable transactions conducted during the year, to the RMCD no later than the last day of February of the following year.
Penalties will be imposed on any late SST submission. The penalty fee for late SST-02 submission is RM200 or 10% of the total tax payable, whichever is higher. Meanwhile, the penalty fee for late SST-03 submission is RM1000 or 10% of the total tax payable, whichever is higher.
As an accounting firm, we understand that SST submission can be a complex and time-consuming process, especially for businesses with a high volume of transactions. Therefore, we offer SST submission services to assist our clients in ensuring that their SST returns are accurately and promptly submitted to the RMCD. We will ensure that all the necessary information is complete and accurate, and the submission is done within the deadline to avoid any penalties.
Our services also include monitoring the SST submission deadlines to ensure that our clients’ submissions are always on time. We will also provide our clients with regular updates on any changes in SST regulations and requirements to ensure they remain compliant with the law.
In conclusion, SST submission is an essential task for every SST-registered entity in Malaysia, and it is crucial to ensure timely and accurate submission to avoid penalties. As an accounting firm, we can help our clients by providing SST submission services and ensuring that they remain compliant with the law.