Customs Dept to launch Ops CBOS on GST from Sept 1

The Royal Malaysian Customs Department (Customs) will launch the Customs Blue Ocean Strategy Operation (Ops CBOS) in phases from Sept 1 to audit companies registered for the Goods and Services Tax (GST).

Director Datuk Seri Khazali Ahmad said about 50,000 companies had been identified in the first phase, and the audit is to ensure they are on the right track.

"There are 420,000 companies registered for the GST. After implementation of this new tax regime one-and-a-half years ago, we want to ensure everything is being done in the correct manner.

"We will initially start with these 50,000 companies, which we have randomly selected. The next batch for the exercise will be in March next year," he said at the GST Conference 2016 and launch of the Ops CBOS today.

Khazali said the first phase of the Ops CBOS will involve 1,500 Customs officers and will run until year-end.

"We welcome any suggestions or input from the public, especially tax practitioners like accountants, as to the cost of the GST implementation.

"They might have found something not right and can come up with suggestions to the department, so that the necessary amendment can be made to our implementation," he said.

Asked as to the amount in GST collection to date, he said, it had to be set off against the refunds to made.

"Suffice to say, we are actually on track in terms of the collection," he said.

Khazali said there would be no changes made to the GST in the coming Budget 2017.

Meanwhile, the Malaysian Institute of Accountants organised the two-day GST Conference, themed, "The Future of Economic Growth".

It is to provide participants with the latest developments on the consumption tax which replaced the Sales and Service tax (SST).

Some 500 participants attended the event.