The Royal Malaysian Customs Department has launched its latest compliance drive, seeking to collect RM3bil in unpaid Goods and Services Tax (GST) and it's called Customs Blue Operations Strategy (CBOS) 3.0, aims to collect twice the amount collected in its second operation conducted last year. The previous CBOS 2.0 was launched in Sep 2016.
CBOS 3.0 will see the department taking a friendlier approach, by educating companies on “Informed Compliance” instead of punishing them through “Enforced Compliance”.
About 600 officers from the Customs Department's GST, Compliance and Enforcement divisions would take part in the door-to-door operations.
They are expected to visit 200,000 of the 434,000 GST-registered premises during CBOS 3.0 that runs until Dec 31.
Companies found behind in their payments or paperwork will be given one month, from the date of the visit, to comply.
Those that fail to comply could face legal action and be fined for up to 40% of their unpaid dues.
It was reported that Customs targets to collect up to RM42bil in GST this year, compared with RM41.2bil in 2016.
The government coffer is getting drier much faster than it can be top-up.
If you're a abiding business that yet to use a GST accounting system, you can subscribe to Datapuri Financial System (details at www.datapuri.com). It better later than never and save that 40% fine.