On 24 January 2018, the Prime Minister Datuk Seri Najib Tun Razak officiated the launch of MyGCAP. MyGCAP is an initiative rolled out by Customs to "enhance risk management and compliance with GST legislation". Under MyGCAP, certified GST-registered businesses will be entitled to, amongst others, the following benefits:
(a) reduced likelihood of GST audits unless significant anomalies are detected in the GST returns;
(b) expedited GST input tax refunds;
(c) expedited processing of renewal applications for special schemes such as the Approved Trader Schemes and Approved Toll Manufacturers Scheme; and
(d) access to dedicated Customs desk officer to assist with GST-related queries and issues.
To participate in the MyGCAP process, a GST-registered business will be required to appoint an accredited reviewer to conduct and audit of its GST systems and processes. Upon completion of the audit process, the review will prepare and submit the audit findings to Customs. Customs will evaluate the report and approve the certification of the applicant as a MyGCAP company if and the certified company will be entitled to the MyGCAP privileges.
It is proposed that MyGCAP will be implemented in the second half of 2018, and will initially be available for public-listed companies and government-linked companies only. The programme is expected to be extended to other companies in stages.