Coming Soon: NetSuite will be supporting new Malaysia Goods and Services Tax changes

Effective April 1, 2015, Malaysia will adopt the Goods and Services Tax (GST) system to replace its current consumption tax, the sales tax and service tax. NetSuite will be supporting this new tax system for Malaysia, including its GST and audit file requirements.

The following enhancements will be included in the upcoming version update of the following NetSuite Tax SuiteApps on February 24, 2015:

International Tax Reports version 3.65

  • Pre-configured of GST tax codes – Creates a set of tax codes for GST as recommended by the Royal Malaysian Customs Department.
  • GST-03 form – Enables generation of the localized GST form for Malaysia. It includes detail reports and full drilldown capability.

Tax Audit Files version 1.33

  • GST Audit File (GAF) - Contains entries from the General Ledger together with the master file data for customers and suppliers, and details of transactions. It is available in two file formats:
    • XML
    • Pipe delimited text file

Important Note: To benefit from the automatic tax code provisioning, you must have the International Tax Reports SuiteApp installed in your account prior to the scheduled release date of the updates.