As of 1st of March 2024, Financio has implemented the following updates to comply with the latest revision to the Sales and Service Tax (SST) rate in Malaysia.
The SST rate will increase from 6% to 8%, applicable to a range of taxable goods and services. Thus, a new set of existing SST tax codes with a tax rate of 8% has been added.
The new 8% tax rate is applicable to all the existing service tax codes and are suffixed with “08”. Refer to the following table:
| No. | Existing 6% Service Tax Code | New 8% Service Tax Code |
| 1. | SV06 | SV08 |
| 2. | IM06 *Applicable to both SST & SST02A | IM08 |
| 3. | TD06 | TD08 |
| 4. | D06 | D08 |
To view the 8% new tax code:
- Log in to Financio.
- Navigate to the Taxes page: Control Panel > Master Data > Taxes
In addition, the tax lines of the existing 6% tax codes and the new 8% tax codes have also been updated.
1. 6% Tax Codes
| No. | Tax Code | Tax Rate | Description | Tax Type | Tax Lines |
| SST | |||||
| 1. | SV06 | 6 |
Service Tax 6% |
Sale |
11c(1) – Taxable Services at 6% Rate. |
|
2.
|
IM06 |
6
|
Value of Imported Services |
Purchase |
11c(1) – Taxable Services at 6% Rate. |
| 3. | TD06 | 0 | Exempted IT Services | Sale | 18c – Total Exempted Taxable Services. |
| 4. | D06 | 6 |
Disposed/ Own Used
|
Sale |
|
| SST-02A | |||||
| 1. | IM06 |
6 |
Value of Imported Services |
Purchase |
10a(1) – Value of Imported Services. |
2. 8% Tax Codes
| No. | Tax Code | Tax Rate | Description | Tax Type | Tax Lines |
| SST | |||||
| 1. | SV08 | 8 | Service Tax 8% | Sale |
11c(2) – Taxable Services at 8% Rate. |
| 2. | IM08 |
8
|
Value of Imported Services
|
Purchase |
11c(2) – Taxable Services at 8% Rate. |
| 3. | TD08 | 0 | Exempted IT Services | Sale | 18c – Total Exempted Taxable Services. |
| 4. | D08 | 8 |
Disposed/ Own Used |
Sale |
|
| SST-02A | |||||
| 1. | IM08 |
8 |
Value of Imported Services |
Purchase |
10a(2) – Value of Imported Services. |
However, please note that we are currently awaiting the release of the official and updated SST form from the Royal Malaysian Customs Department (RMCD). Thus, the above will be updated accordingly once the official specification has been released.
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