What is MSIC code & what is it for ?

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MSIC stands for Malaysia Standard Industrial Classification.

  • A set of codes representing all the industries & economic activities in a modern society
  • Made so that different groups of people can collect statistics and communicate using the same “code”/reference.
  • Used by government departments like SSM, Royal Malaysian Customs, EPF and SOCSO
  • Made by Department of Statistic, Malaysia according to International Standard Industrial Classification of All Economic Activities (ISIC) Revision 4 from the United Nations Statistics Division
  • Latest version is MSIC 2008
  • 5 digits number that start from 01111 all the way to 99000

On GST tax filing,

  •  Businesses are required to report their output tax according to the kind of businesses they run in Form GST-03 or TAP (Taxpayer Access Point)
  • Should the MSIC code is not defined, it GST amount will be shown in the box of “Other”.
  • Assign MSIC Code to G/L accounts that affect the value of supplies and Output Tax (which involved tax group of “S”)
  • Example of accounts that need to assign MSIC Code are Sales Account, Cash Sales Account, Return Inwards and etc.

See where you can get the MSIC code for your industry/business.

Answered on July 24, 2015. 2015-07-24 15:07:10
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