Malaysia’s tax authorities have extended the deadline for taxpayers who cannot meet their SST payment obligations. The extension applies to taxpayers unable to meet their SST obligations for the taxable period April 2021 to May 2021, due to Malaysia’s Government Movement Control Order (PKP). The PKP refers to a series of restrictions instituted by the government to help slow the spread of Covid.
Avoiding late SST submission penalties
SST returns for the specified period were due on 30 June 2021. Authorities now extend the deadline to 31 July 2021.
If taxpayers pay their outstanding SST, and apply for a waiver, they will not be subject to a penalty for late submission.
Managing tax in a time of Covid, in Malaysia and beyond
The Malaysian’s authorities’ move signals the extent to which Covid measures have disrupted ordinary trade. The country is no exception.
For example, the UK’s tax authorities extended VAT payment deadlines, and are now urging companies to make arrangements to meet their obligations. As in Malaysia, the authorities nonetheless have set clear, albeit extended, deadlines by which payment needs to be made.
From a business perspective, company managers turned to advanced mechanisms to improve cash flow during a time of constricted trade.
Ensure total compliance in all conditions
The unprecedented events of the past year prompted global tax authorities to act more flexibly. In many instances, deadlines were extended and payment terms could be renegotiated. However, tax offices are now looking to recoup missed payments.
Consequently, if you have VAT obligations, you need to take prompt and effective action to ensure you don’t face penalties.
Vatglobal’s technology-driven VAT compliance solution makes it simpler, easier and more cost effective than ever to meet your VAT obligations. Our global VAT experts can help you optimise your VAT compliance and take advantage of preferential VAT mechanisms, to help you avoid penalties and provide cash flow relief to take advantage of new opportunities.