What is MSIC code & what is it for ?
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