“And, some
companies also made outlandish claims of up to
RM144 million even though upon through
examination they were entitled to only RM1
million in GST refunds,” he said.
On the GST
collected so far, he said the total amount would
be disclosed in December after a full analysis
was carried out to ensure that the information
made public was accurate.
“Whatever
announcement made by the government affects
foreign and local investors, so, we have to be
careful,” he said.
He said 98 per
cent of companies complied with the GST
regulations, while the remaining two per cent
still needed time to adapt to the change from
the sales and services tax and the department
would continue to assist them.
Meanwhile, Johari
proposed that the department created a special
division to locate companies that failed to
register for the GST as out of about one million
companies registered with the Companies
Commission of Malaysia SSM, only 389,000 were
GST registrants.
He said the
special division could collaborate with the SSM
and the Inland Revenue Board to detect errant
companies and checks could be made with the SSM
to detect their status as to whether they were
still active or otherwise.
“It could be
turned into a database as information on
companies could help facilitate foreign and
local shareholders in making investment
decisions,” he said.
According to the
GST Act 2014, companies that fail to register
for the GST maybe liable to a fine not exceeding
RM30,000 or a jail term not exceeding two years,
or both, if convicted or slapped with a compound
of up to RM15,000.
Present was Royal
Malaysian Customs Department Director-General
Datuk Seri Khazali Ahmad.
Source:
The Borneo Post, dated 18/08/2015 |