KUALA LUMPUR: The submission of returns by companies implementing the Goods and Services Tax (GST) from May 1 will enable the government to monitor the tax implementation in a more detailed manner.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said through the submissions, the Royal Malaysian Customs Department (RMCD) would undertake audit to ensure expenses as well as the consumer tax were implemented according to the stipulated rate.
“Assuming a GST-registered company is involved in manipulation, when it submits the returns, we can see its expenses.
“This means that when the returns submission starts from May 1, the business world will be more transparent. They cannot hide the prices as details on their sales and costs will be obtained by RMCD,” he said.
He said this during the winding-up debate for his ministry on the motion of thanks for the royal address by the Yang di-Pertuan Agong at the Senate here yesterday. — Bernama