{"id":1950,"date":"2025-02-14T04:24:44","date_gmt":"2025-02-14T04:24:44","guid":{"rendered":"http:\/\/localhost\/mysst-dev\/?page_id=1950"},"modified":"2025-07-16T10:32:48","modified_gmt":"2025-07-16T02:32:48","slug":"glossary","status":"publish","type":"page","link":"https:\/\/mysst.customs.gov.my\/ms\/glossary\/","title":{"rendered":"Glosari"},"content":{"rendered":"\t\t
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<\/a>Accrual Basis\t<\/strong>
Accrual basis is a method of recording accounting transactions for revenue when earned and expenses when incurred.\r\nThe accrual basis requires the use of allowances for sales returns, bad debts, and inventory obsolescence, which are in advance of such items actually occurring. An example of accrual basis accounting is to record revenue as soon as the related invoice is issued to the customer. A key advantage of the accrual basis is that it matches revenues with related expenses, so that the complete impact of a business transaction can be seen within a single reporting period.<\/div><\/div>
<\/a>Agent<\/strong>
A person who acts on behalf of an overseas principal in arranging taxable supplies in Malaysia\r\n<\/div><\/div>
<\/a>Business<\/strong>
Business includes any trade, commerce, profession, vocation or any other similar activity whether or not it is for a pecuniary profit\r\n<\/div><\/div>
<\/a>Computer<\/strong>
Has the meaning assigned to it under section 3 of the Evidence Act 1950\r\n<\/div><\/div>
<\/a>Consideration<\/strong>
Any payment made or to be made in the form of monetary or non monetary terms in relation to a transaction or trade\r\n<\/div><\/div>
<\/a>Conveyance<\/strong>
Includes any vessel, train, vehicle, aircraft or any other means of transport by which persons or goods can be carried\r\n<\/div><\/div>
<\/a>Customs Appeal Tribunal\t<\/strong>
Means the Customs Appeal Tribunal established under section 141b of the Customs Act 1967\r\n<\/div><\/div>
<\/a>Customs Ruling\t<\/strong>
Means any customs ruling made by the Director General under section 44\r\n<\/div><\/div>
<\/a>Customs Warehouse\t<\/strong>
has the meaning assigned to it under subsection 2(1) of the Customs Act 1967\r\n<\/div><\/div>
<\/a>Designated Area\t<\/strong>
An area within the island of Labuan, Langkawi or Tioman\r\n<\/div><\/div>
<\/a>Director General\t<\/strong>
Means the Director General of Customs and Excise appointed under subsection 3(1) of the Customs Act 1967\r\n<\/div><\/div>
<\/a>Document<\/strong>
Has the meaning assigned to it under section 3 of the Evidence Act 1950 [Act 56]\r\n<\/div><\/div>
<\/a>Exempt Supply\t<\/strong>
\u2022Supply of goods or services which is not subjected to SST.
\r\n\u2022The list of exempt supply to be prescribed by the Minister in an Order published in the gazette.<\/div><\/div>
<\/a>FPX<\/strong>
FPX is a direct-to-bank payment gateway under Payments Network Malaysia Sdn Bhd (PayNet) that facilitates interbank transfer via savings and current accounts\r\n<\/div><\/div>
<\/a>Glossary<\/strong>
an alphabetical list, with meanings, of the Words or phrases in a text that are difficult to understand.\r\n<\/div><\/div>
<\/a>Goods<\/strong>
Any kind of moveable and immovable property but excludes money\r\n<\/div><\/div>
<\/a>Handbook<\/strong>
a book that contains instructions or advice about how to do something or the most important and useful information about a subject\r\n<\/div><\/div>
<\/a>Imported Services\t<\/strong>
Any services performed or consumed in Malaysia supplied by supplier who does not belongs in Malaysia or carry on business outside Malaysia\r\n<\/div><\/div>
<\/a>Invoices<\/strong>
a list of things provided or work done together with their cost, for payment at a later time\r\n<\/div><\/div>
<\/a>Jeweller<\/strong>
a person who sells and sometimes repairs jewellery and watches.\r\n<\/div><\/div>
<\/a>Joint Development Area\t<\/strong>
Has the meaning assigned to it under section 2 of the Malaysia-Thailand Joint Authority Act 1990 [Act 440].\r\n<\/div><\/div>
<\/a>Labuan<\/strong>
Means the Island of Labuan and its dependent islands, namely Rusukan Besar, Rusukan Kecil, Keraman, Burong, Papan and Daat\r\n<\/div><\/div>
<\/a>Langkawi<\/strong>
Means the Island of Langkawi and all adjacent islands lying nearer to the Island of Langkawi than to the mainland\r\n<\/div><\/div>
<\/a>Licensed Manufacturing Warehouse\t<\/strong>
Means a licensed warehouse in respect of which an additional licence to carry on any manufacturing process has been granted under section 65a of the Customs Act 1967\r\n<\/div><\/div>
<\/a>Licensed Warehouse\t<\/strong>
Means any warehouse or place licensed under section 65 of the Customs Act 1967 [Act 235]\r\n<\/div><\/div>
<\/a>Limited Liability Partnership\t<\/strong>
Has the meaning assigned to it under section 2 of the Limited Liability Partnerships Act 2012 [Act 743]\r\n<\/div><\/div>
<\/a>Manufacture<\/strong>
\t\r\n(a) in relation to goods other than petroleum, the conversion by manual or mechanical means of organic or inorganic materials into a new product by changing the size, shape, composition, nature or quality of such materials and includes the assembly of parts into a piece of machinery or other products, but does not include the installation of machinery or equipment for the purpose of construction; and\r\n
\r\n(b) in relation to petroleum, any process of separation, purification, refining, conversion and blending.\r\n
\r\nIf any question arises as to the meaning of \" manufacture \" ,such question shall be decided by the Minister whose decision shall be final.<\/div><\/div>
<\/a>Minister<\/strong>
Means the Minister charged with the responsibility for finance\r\n<\/div><\/div>
<\/a>Procurement<\/strong>
The process of getting supplies\r\n<\/div><\/div>
<\/a>Registered Person\t<\/strong>
Any person who make taxable supply of goods or services in the course or furtherance of his business in Malaysia\r\n<\/div><\/div>
<\/a>Regulation<\/strong>
an official rule or the act of controlling something.\r\n<\/div><\/div>
<\/a>Relief<\/strong>
Power of minister to grant relief to any specific person or class of persons from the payment of the whole or any part of SST payable.\r\n<\/div><\/div>
<\/a>RMCD<\/strong>
Royal Malaysian Customs Department.\r\n<\/div><\/div>
<\/a>Sales<\/strong>
Includes barter, disposal of goods with a right of purchase or on terms providing that the seller retains an interest in the goods, and delivery of goods under any conditions as to future payment\r\n<\/div><\/div>
<\/a>Sales Tax\t<\/strong>
means the tax payable under this Sales Tax Act 2018\r\n<\/div><\/div>
<\/a>Service Tax\t<\/strong>
means the tax payable under this Service Tax Act 2018\r\n<\/div><\/div>
<\/a>Shadow Economy \/ Black Economy\t<\/strong>
Refers to untraceable and untaxable business activity which is not captured or reflected in the in a gross domestic product (GDP) computations\r\n<\/div><\/div>
<\/a>Simplified Tax Invoice\t<\/strong>
An invoice which contains the basic particulars approved by the Director General.\r\n<\/div><\/div>
<\/a>Special Areas\t<\/strong>
Means any free zone, licensed warehouse and licensed manufacturing warehouse, and the Joint Development Area.\r\n<\/div><\/div>
<\/a>Taxable Period\t<\/strong>
Regular interval period where a taxable person is liable to account and pay to the government his SST liability. The standard taxable period is on every two months.\r\n<\/div><\/div>
<\/a>Threshold<\/strong>
Annual business sales turnover of a person which determines the liability to be registered under SST Act.<\/div><\/div><\/div><\/div>