Najib launches MyGCAP to improve risk management and GST compliance

PUTRAJAYA: Prime Minister Datuk Seri Najib Tun Razak yesterday launched the Malaysia GST Compliance Assurance Programme ( MyGCAP), a smart partnership initiative between the Royal Malaysian Customs Department and GST registered businesses to enhance risk management and compliance with Goods and Services Tax (GST) legislation.

Najib, who is also Finance Minister, launched MyGCAP in conjunction with the 38th World Customs Day celebration here, yesterday.

The Finance Ministry in a statement said MyGCAP was implemented to encourage businesses to voluntarily register for GST, manage GST risk and improve compliance within an effective and robust control framework.

Meanwhile, Second Finance Minister Datuk Seri Johari Abdul Ghani said initially, MyGCAP would be offered to public listed and Government- linked companies (GLCs).

“This programme will be extended to other companies in stages,” he told a press conference after the celebration, here.

He said the implementation of MyGCAP was expected to begin in the second quarter of this year.

Johari said the programme, among other things, would facilitate eligible companies to enjoy GST refunds more efficiently.

“It will also help cash flow movement in companies. This initiative will ensure that issues relating to slow refunds can be overcome,” he said. — Bernama