China

Details

  • Service: Tax, Trade & Customs
  • Type: Business and industry issue
  • Date: 2/20/2012

Asia-Pacific Trade & Customs News - 201201/01: Malaysia: Customs audits on the rise 

The Malaysian indirect tax regime comprises mainly of taxes administered by the Royal Malaysian Customs and Excise Department (RMCED). These include import duty, export duty, excise duty, sales tax and service tax. Collections by the RMCED have somewhat stagnated, hovering around the MYR 30 billion (USD 10 billion) mark annually over the past few years. In response to this, the Malaysian Prime Minister, has re-emphasised in the last two budget announcements that the government is committed to strengthening the nation’s financial position by increasing revenue collection through enforcement and audit activities. Following this, the RMCED audit teams have been steadily beefed up by transferring personnel from less active divisions and also through recruitment.

Featured in this edition are:

 


Malaysia
Customs audits on the rise

China
Additional duties on large US vehicles

Singapore
Date set for implementation of Advance Export Declaration (AED)

Japan
Japan-Peru Economic Partnership Agreement (EPA) to take effect

Indonesia
Indonesia finally joins the ASEAN-Australia New Zealand Free Trade Agreement (AANZFTA)

 

 More Asia-Pacific Trade & Customs News

Asia-Pacific Trade & Customs News - 201201/01: Malaysia: Customs audits on the rise
Asia-Pacific Trade & Customs News - 2012/03: Australia: Trans-Tasman trade agreement changes may impact importers and exporters