MADSA To Help Retailers In Implementing GST For Supplements
The Malaysian Dietary Supplement Association has formulated a plan to assist pharmacies and other retailers in the run-up to GST implementation in Malaysia on 1st April 2015.
- (1888PressRelease) February 09, 2015 - This morning, Eddy Ong, President of the Malaysian Dietary Supplement Association (MADSA) announced a couple of measures that MADSA would undertake during the implementation of GST, to help retailers.
The upcoming GST implementation in Malaysia is said to be the most impactful tax reform to date. Naturally, these effects will extend across most sectors in the country's economic landscape, including the dietary supplements industry.
MADSA aims to continue providing Members, retailers, patients and consumers its full support throughout this transition phase and thereafter. As the industry's representative, MADSA understands retailers' needs to minimise any undesirable impact to both their business and consumers, and to ensure a smooth adoption of the new tax system.
These measures by the Members at MADSA are currently underway to assist retailers in achieving their goals.
According to customs regulations, retailers may apply for a sales tax rebate of up to 20% on all remaining stocks that were purchased before 1 April 2015. To ensure retailers are refunded the correct tax amount, retailers would need to know the items that are currently subjected to sales tax and the percentage of sales tax that is imposed onto the item in question. Respective members of MADSA will be able to help retailers in this respect, by providing the details of their sales tax for the relevant item(s).
However, while Members endeavour to furnish retailers with as much details as possible, Members are unable to disclose neither the absolute ringgit value of the sales tax per item nor the absolute percentage of sales tax within the distributor prices, as it can impact competitiveness between Members. The details of the sales tax shall be given in percentages according to what has been mandated by the Royal Malaysian Customs. MADSA hopes for retailers understanding that these will remain highly confidential information to safeguard the interests of its Members.
MADSA is also pursuing several avenues to engage the relevant authorities to exempt all dietary supplements from GST. Supplements play a great importance in boosting the health of all Malaysians and will ultimately help lower the total national health expenditure.
MADSA members will continue to invest in strategic brand awareness efforts to further develop public trust and confidence in dietary supplements. MADSA believes that as the public come to realise that their health benefits far outweigh the slight increase in price, retailers' store(s) will in turn experience increased patronage.
Alongside its Members, MADSA hopes to continue working closely with retailers to propel industry growth even further, and foster mutual profitability for all.
Retailers and consumers may contact MADSA for any queries and/or suggestions at secretariat ( @ ) madsa dot org dot my
About MADSA
The Malaysian Dietary Supplement Association was created in 2005 with the aim of advancing the interests of the dietary supplements industry in Malaysia. It also pursues awareness of the public on the health benefits of supplements. Its members consist of local and foreign manufacturers and marketers.
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