KUALA LUMPUR: A record high of 3,000 companies registered for Goods and Services Tax (GST) on Thursday.
The average registration per day is 1,000-1,500 companies a day.
However, Deputy Finance Minister Datuk Chua Tee Yong is hopeful that the positive trend will continue.
“If we continue to maintain
this trend, we would be able
to get 200,000 companies registered by year-end,” he said at the launch of the GST implementation and its impact on the tourism industry seminar, here, yesterday.
The threshold for companies
eligible to be taxed with GST
is a turnover RM500,000 and above, which is one of the highest,
compared with neighbouring countries.
“Thailand’s threshold is above RM180,000. For the Philippines, it is above 140,000.
“In China, the registered threshold is between RM2,600 and RM10,000,” Chua said.
Businesses that register before September 30 are eligible for the industry-specific GST hand-holding training.
He said 42,000 companies have registered for GST to date.