educo101129c understanding gst

8/13/2019 EDUCO101129C Understanding GST

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T A X A T I O N S E R I E S

Understanding Goods &Services Tax (GST) in MalaysiaAre You Ready?

GST is a fiscal policy featured in over 140 countries worldwide. It is a broad basedconsumption tax, replacing the current sales and service tax in Malaysia. It is thereforeimportant for businesses to have a better understanding of GST system and be GST ready.


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Objectives

Participants will learn: Key elements of GST and its mechanism. Implications of GST on businesses. To identify and review business

activities in line with GST. To effectively overcome implementation,

compliance and enforcement issues. Treatment of transitional issues

upon implementation of GST.

Methodology

Lectures, supported with PowerPoint,discussions and a Q&A session.

Who Should Attend

Finance Managers, Accountants and Auditors General Managers Management Corporations Manufacturers & Traders Purchasing / Procurement Managers Operations Managers IT Personnel Management / Business Consultants Tax Advisors

Making Sense of GSTUnderstanding Goods & Services Tax (GST) in Malaysia Are You Ready?

Facilitator

P. NADARAJAP. Nadaraja was formerly with the RoyalMalaysian Customs as a Senior CustomsOfcer. He served in various units andspecialised in customs administration,import and export procedures, classication,valuation, licensing and compliance matters.He possesses indepth knowledge in variouscustoms legislations including Customs Act,Sales Tax Act, Service Tax Act, Excise Actand other subsidiary legislations. His vastexperience in the eld of Customs has made

him a popular guest lecturer at the RoyalMalaysia Customs Academy in Malacca.

He left the Customs Department in 1997 onoptional retirement for a private practice asan Advocate and Solicitor.

He is now involved in legal practice andat the same a time is actively conductingseminars and workshops on Customsrelated topics. He has also conductedin-house training for various companiesincluding statutory bodies and hasadvised and consulted companies on theissues of customs and sales tax valuation,classication, service tax matters, drawback,refunds, exemptions and others. Hewas ofcially appointed by the CustomsDepartment to conduct Basic Customs Coursefor forwarding agents for a duration of 2years in 2005.

Nadaraja is an Associate of the MalaysiaInstitute of Chartered Secretaries andAdministrators.

The International Monetary Fund(IMF) has long recommendedthe introduction of GST as a wayof raising the efciency of theMalaysian tax system. Malaysiaplans to introduce a four percent goods and services tax in2011, replacing current sales andservices tax (SST) in a bid todiversify national revenues.

The aim of the seminar is tointroduce the participants tothis new tax system which isproposed to be introduced in2011 so that companies can beprepared for its introductionwithout any delay and tomaximise costs.



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Course Outline

1 Introduction2 Comparing SST vs. GST3 Objective4 Rationale for Implementing GST5 Scope and Charge to tax6 Types of Supply

Standard Rated Supply Zero Rated Supply Exempt Supply Out of Scope Supply7 Tests for GST What is a supply

Taxable Supply Taxable Person Concept of Business

8 Input & Output Tax, and CreditMechanism

9 Concept of Supply Place of Supply Time of Supply Value of Supply

10 Reliefs, Exemption, Refund &Remission

11 Computation of Taxable Turnover12 Registration

Liability to Register Voluntary Registration Group Registration

Branch Registration Exemption from Registration Partnership Deregistration

13 Accounting for GST Taxable Period

Accounting Basis Bad Debt Provision Tax Invoice & Simplied Tax Invoice

GST Returns Input Tax Credit (ITC)

Input Tax Apportionment Deminis Principle Input Tax Adjustments

14 Special Cases Non application to

Government Treatment of Agents

Supplies spanningchanges in rate ordescription

Transfers as GoingConcern (TOGC)

Joint Ventures Warehousing Scheme Approved Trader Scheme Toll Manufacturer Scheme

Approved Jeweller Scheme Flat Rate Scheme Designated Areas

15 Review and Appeals16 Goods & Service Tax Rulings17 Transitional Issues

Payments & Invoicingbefore GST

Effect on GST Irreviewable Contracts Progressive & Periodic

Supply Rights granted for life Refund of sales tax on

goods held on hand

Special Refunds Construction Agreements Retention Payments

18 Of fences & Penalties19 Questions and Answer

Making Sense of GSTUnderstanding Goods & Services Tax (GST) in Malaysia Are You Ready?


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PAYMENT BY CREDIT CARD

VISA MASTER (tick whichever applicable) CARD EXPIRY DATE:

CARDHOLDER NAME:

CARD NO.:

I AUTHORISE PAYMENT OF RM:

DATE: SIGNATURE:

PAYMENT DETAILS

PAYMENT BY CHEQUE

BANK & CHEQUE NO.: AMOUNT (RM):

PARTICIPANTS DETAILS1. FULL NAME AS PER I/C (Dato / Datin / Dr / Mr / Mrs / Ms): VEGETARIAN MEAL

DESIGNATION: MEMBERSHIP NO.1 :

2. FULL NAME AS PER I/C (Dato / Datin / Dr / Mr / Mrs / Ms): VEGETARIAN MEAL


3. FULL NAME AS PER I/C (Dato / Datin / Dr / Mr / Mrs / Ms): VEGETARIAN MEAL


ORGANISATIONS DETAILS

ORGANISATION:

INDUSTRY: CONTACT PERSON:

ADDRESS:

E-MAIL:

TEL: FAX:

SIGNATURE & COMPANY STAMP

REGISTRATION FORM | MPDC PROGRAMMEOnline Registration: www.mia.org.my

PROGRAMME REGISTERED FOR:

UNDERSTANDING GOODS & SERVICES TAX (GST)IN MALAYSIAARE YOU READY?

22 & 23 September 2010, Wednesday & ThursdayMelia, Kuala Lumpur

29 & 30 November 2010, Monday & TuesdayMutiara, Johor Bahru

FEE

Member | RM 900Member Firms Staff or Sponsored Staff1 | RM 1,000Non-member | RM 1,100

REGISTRATION / ENQUIRY

KLANG VALLEYCALL : VeraTEL : 03.2279 9358 FAX : 03.2273 5167EMAIL: [email protected] : Malaysian Institute of Accountants Dewan Akauntan, No. 2, Jalan Tun Sambanthan 3

Brickelds, 50470 Kuala Lumpur

JOHOR BAHRUCALL : Faizura / HanemTEL : 07.227 0369 FAX : 07.222 0391EMAIL: [email protected] : Malaysian Institute of Accountants 5.03A, 5th Floor Menara TJB No. 9. Jalan Syed Mohd Mufti, 80000 Johor Bahru

TERMS & CONDITIONS

COURSE FEEFee is payable to:1. MIA-MPDC for programmes in the Klang Valley and other locations

(other than item 2);2. MALAYSIAN INSTITUTE OF ACCOUNTANTS for programmes in

Perlis, Penang, Perak, Kedah, Johor, Sabah and Sarawak.Fee includes course materials, lunch and 2 tea breaks per day.Admittance will only be permitted upon receipt of full payment.Registration made by fax must be followed immediately by payment.

CANCELLATION / TRANSFERUpon registering, participant(s) are considered successfully enrolledin the event. Should participant(s) decide to cancel/transfer theirenrollment; a cancellation/transfer fee will be levied. Writtencancellations/transfer notice received: Within (5) working days before the event, a refund (less an

administrative charge of 20%) will be made. For no-show on the day of the event, no refund will be entertained.You can substitute an alternate participant(s) if you wish to avoidcancellation/transfer charges. Any difference in fee charges will becharged accordingly. Cancelled/transferred unpaid registrations willalso be liable for full payment of the registration fee.

SPONSORED STAFF1 Sponsoring member is required to indicate his/her name, designation

and membership number in the registration form. The sponsored staffmust report directly to him/her in his/her rm or company, but forthe latter, not in a subsidiary or related company. In the absenceof written information on sponsoring, no refunds will be applicableafter conrmation of acceptance of registration. Terms and conditionsapply.

CPE HOURSAll participants will be presented with a Certicate of Attendanceupon successful completion of the programme. For MIA members, theCPE hours will be credited into the Membership System within 2 weeksof the programme.

DISCLAIMERMalaysian Institute of Accountants (MIA) reserves the right to

change the speaker(s), date(s) and to cancel the programme shouldcircumstances beyond its control arises. MIA also reserves the rightto make alternative arrangements without prior notice should itbe necessary to do so. Upon signing the registration form, you aredeemed to have read and accepted the terms and conditions.

educo101129c understanding gst

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