Healthcare and pharmaceutical industry is a complex and fast-changing industry that touches all aspects organization, financing and delivery of healthcare services. It is an area of industry that links ethical and legal relationships among patients, medicine consumers, doctors, drug manufacturers, healthcare providers and pharmaceutical companies whereby the common denominator of these relationships is human life and health, thus subject to high degree of legal compliance by regulations.
Our team of experts in the healthcare and pharmaceutical area are providing a wide range of legal advisory and services in the field of healthcare and pharmaceutical law to various healthcare institutions and pharmaceutical companies by consulting them on corporate and specific regulatory issues regarding manufacturing, regulatory compliance, funding, patent and intellectual property, development and financing, delivery and packaging, as well as healthcare disputes and litigations.
Our range of services:
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Dear Valued Clients,
Following the national fiscal (Budget 2024) announcement, the proposed Service Tax (ST) rate will be increased from the current rate of 6% to 8% with effect from 1 March 2024, on selected taxable services including the legal services sector.
At this point, Azmi & Associates (“the Firm”) has outlined a tentative approach to the proposed increase in ST, pending further clarifications and implementation guidelines from the relevant Ministry and the Royal Malaysian Customs Department.
During this period, the Firm reserves the right to update or modify the information as deemed necessary.
1. Effective Date
The anticipated effective date for the implementation of the new tax rate (8%) is set for 1 March 2024.
2. Transitional rules for the proposed increase in Service Tax rate
a. Service Tax at 6% is applicable on taxable services provided before 1 March 2024; Service Tax at 8% is applicable on taxable services provided post 1 March 2024.
b. Taxable services spanning 1 March 2024:
• Service Tax at 6% for the portion of taxable services provided before 1 March 2024
• Service Tax at 8% for the portion of taxable services provided post 1 March 2024
Should you have any queries or require further clarification on this matter, please feel free to reach out to us. We highly value our client relationships and are dedicated to ensuring a seamless transition through these changes.
Corporate Communications, Azmi & Associates – 16 February 2024
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