Are you REALLY
Ready for GST?

The Malaysian Government has already announced in the Budget 2014 of the introduction of 6% Goods & Services Tax (GST) in Malaysia which will be effective on April 1, 2015. An important question that you need to ask yourself now, is your business GST ready?

Yap Shin Siang, Managing Partner of YYC & Co. - Chartered Accountant Since 1974, was invited to speak on GST Malaysia that will be introduced in 1st April 2015. In this interview, she explains and shares with Bernama Today how GST will affect businesses in Malaysia.

Here are 5 challenges your business will face if you are not GST ready:

  1. Heavy penalties and fines for non-compliance - regardless of the size of your company, the law imposes the same compliance obligations on GST once the registration threshold of RM500,000 of annual turnover is reached.

  2. Inadequate resources - without adequate knowledge on GST Malaysia, your existing team may not be able to efficiently handle the initial work such as upgrading the accounting and recording system as well as additional work to account for the tax, tracking of the input taxes paid, undertaking reconciliations and filings of GST returns.

  3. Your cash flow would be affected - Businesses needs to be aware on the potential cash flow implications of GST and may need to restructure their cash flow so as to prevent having cash flow problem once GST is implemented.

  4. Procurement - Experiences in other countries such as Australia, Singapore and Thailand have shown that customers generally go on a shopping spree shortly before the introduction of the tax, followed by a period of relative inactivity after the tax is introduced. If your business directly deals with consumers, it may be necessary to do some stock planning to cater for a pre-GST rush.

  5. To register or not - For some business that fall below the registration threshold, on the surface it may appear a good thing that the business is not subject to the compliance burden of the tax.


Fear not!! We can help... Come join our workshop and learn how to deal with the Malaysian Goods and Services Tax (GST) effectively.

Practical GST Concepts and Application Workshop

On 25 October 2013, our Prime Minister announced the implementation of GST at 6% starting from 1 April 2015. Businesses may have a broad idea of how GST works but many have not assessed the effects and implication of GST on their businesses. In order to meet the 1 April 2015 deadline business must get ready for GST now!

This workshop is designed to equip participants with the knowledge of the proposed Malaysian GST legislation. It is designed for practical application and easy learning in order to be prepared for GST implementation.


TRUSTED BY THOUSANDS OF BUSINESSES JUST LIKE YOU

"The courses I attend to is very knowledgeable and useful for SMI and are able to assist our company to set our position when GST is in enforce."

此课程提供很多知识以及对中小型企业非常有帮助,并且能协助我们公司做好准备迎战消费税。

Leo Chieng Poon Soon, L&N Jaya Sdn Bhd


"I was very impressed by the presentation made by Mr. Jacky Chan. Personally I feel that Jacky did a good job by making the talk very simple and yet had the message put through even though there are still tons of problems which we may not understand that well until we see them in front of us."

陈顺达先生的演讲让我印象非常深刻。个人认为陈顺达先生成功地把演讲简化却又不失信息本意,仍能把信息带出来。但还有很多问题需等到真正体到我们才能明白。

Betty Then, Kuching


"This workshop answered many of my doubts, such as problems on costing. Also gave us the opportunity to prepare beforehand, furnished me with the concepts and I am better prepared for GST."

替我解开了很多的疑团, 例如costing上的问题。 让我们有预先准备的机会, 让我有概念和对GST有更充分的准备。

Ms Chong, Construction


 "Today’s talk gave me further understanding on GST. The speech delivered by the speaker was very clear and vivid."

今天听了让我有进一步的了解。主讲人让我听得很明白, 讲解得很生动。

Ms Thiam, (NS Chai Motor Trading, Seremban)


 "On behalf of all my colleagues,thank you very much for the excellent sharing on gst.Such a complicated subject,but you manage to simplify it.We enjoyed your way of teaching with lots of practical examples."

Jeff Kong, DF Pharmacy, Kajang


gst

Course Outline:

ü Types of Supply and tax code exercise
       
供应类型及消费税代码应用练习

ü Commissions – Case Study
       
佣金  案例研究

        - Should you charge 6% GST on commission income?
           
你该在佣金上征收6%消费税吗

ü Disposal of Business Assets
       
企业资产的脱售

        - Did you charge GST when you sell your business assets?
           
你在脱售企业资产时有征收消费税吗?

ü Reimbursements vs Disbursements
       报销 vs 支出

         - Relationship Concept on Reimbursement / Disbursement
            报销 / 支出的关系概念

ü Inter-Company Billings
       公司间的账务

        - Should you charge 6% GST on all your inter-company billings within Malaysia?
            您是否应向所有位于马来西亚的公司间账务索取6%消费税?

        - Are you allowed to issue Debit Notes for all your inter-company billings within Malaysia?
            您被允许发出收款票据给所有位于马来西亚的公司间账务?

ü GST Treatment for:
       如何应用消费税处理:

        Penalties & Interest (罚款与利息)

        Deposits (存款)

        - Down Payment (首付)

        - Discount (折扣)

        - Prompt Payment Discount (及时付款优惠)

        - Rebate (回扣)

        - Warranty(保修期)

        - Free Samples (样本)

ü Supplies Eligible to Claim Input Tax
       能够索回进项税的供应解说

ü Absorption of GST 承担消费税需知

        - How do you calculate the amount of input tax you can claim back and the actual                             purchase price?
          如何计算能索回进项税以及实际购价?

ü Documents required in Claiming Input Tax
       索回进项税所需的文件

ü How to handle:
       如何解决:

        - Tax Invoice Addressed to Employee
              消费税发票列上员工名字

         - Overdue Tax Invoices
               过期消费税发票

ü Bad Debt Relief 坏账减免

        - What Happens If Your Customer Does Not Pay You
              如果您的客户不付款?

        - Conditions allowed to claim back input tax incurred on your bad debts
              索回坏账减免进项税所须符合的条件

        - What happens if your customer pays you back after you have claimed Bad Debt Relief?
              如果您的客户在您索取坏账减免后支付您所欠下的账务,您该怎么办?

ü Repayment of Unpaid Input Tax
       未支付进项税的还款

       - What happens if you have not paid your supplier? How do you pay back the input tax?
             如果您还没偿还您欠供应商的账务, 您该如何偿还进项税?

ü Employee Benefits
       员工福利

       - Example & Tax Code Application for: Disallowed Input Tax Claims
            不能索回进项的例子和消费税代码应用

       - Do You Need To Account For Output Tax On Employee Benefits Provided To Employees?
             您需要从员工福征付消费税?

        - Are Three Exceptions Where You Do Not Need To Account For The Output Tax?
             是否有其他例外是无需征付消费税?

ü Application of 23 GST Tax Codes & its implication on GST Summary Sheet & GAF File
       
如何应用23GST税码以及此税码如何影响消费税总报表和GAF 文件档                

       - Commonly Used GST Tax Codes for Purchase & Supply
            采购与供应常用GST税码

            - 8 Commonly used GST tax codes for purchase: TX, NR, BL, IM, IS, ZP, EP, OP
               
八大常用采购GST税码

            -  4 Commonly used GST tax codes for supply: SR, ZRL, ZRE, ES
                
四大常用供应GST税码

       - GST Adjustment: Credit Note & Debit Note
             
GST调整:信用票据和收款票据

       - Special GST Tax Codes
            特别GST税码

            - 5 Special GST tax codes: DS, OS, RS, AJP, AJS
               
五大特用GST税码

            - 2 Special GST tax codes for Group registration: GP, GS
               
两大集团注册特用GST税码

        - 4 GST tax codes for Mixed supplier: ES43, TX-E43, TX-N43, TX-RE
             
四大混合供应商所用GST税码

ü Differences Between GST accounting and Income tax accounting
       GST账务和所得税的账务处理区别

ü How to apply Time of Supply (21 days Rule) in journal entry
       如何在记录账目中应用供应时间(21天规则)

      - Case of down payment (首付案例)

         - Contractor with Work Certificates (承包商工作证件)

         - Late Supplier Invoice (迟出供应商发票)

ü Offsetting Input Tax against Output Tax
      如何应用销项税抵消进项税?

ü Refund of Input Tax: What are situations whereby you can claim back a refund from Customs?
       进项税退还:在什么情况下让你可以向关税局索回退款?

ü Default setting GST tax codes to chart of account
       如何在账务总表设置GST税码

ü MSIC code search methods
       如何搜寻行业代码?

ü Guidance on GST Return-03: how to fill in, submit & make payment?
       GST-03 申报表:如何填写,提交,以及付款


Date & Venue:

YYC Kota Damansara Branch

GST Workshop in Mandarin

7 December 2017 (Thursday)


YYC Sri Petaling Branch

GST Workshop in English

21 December 2017 (Thursday)


YYC Johor Branch

GST Workshop in Mandarin

13 December 2017 (Wednesday)


Time: 9.00 am - 5.00 pm



Course Fee

  • RM 698 - per person (Price inclusive to 6% GST)

    Special offer for Early Bird Registration
    RM 498 per person (price inclusive to 6% GST)

Payment details
*Please make cheque payable to
“YYC GST Consultants Sdn Bhd”
Account Number PBB : 3186-91-8324

Program registration forms are enclosed. 
PLEASE REGISTER WITH US AS SOON AS POSSIBLE to secure a seat!
Please contact YYC Call Centre at :                                                          
Tel: 603 - 2142 6689 (Ext 728)
Fax: 603 - 9226 0504, 
H/P: 019-368 6868 
Email: contact@yycadvisors.com
or Contact us using the form below.

We look forward to welcoming you to the workshop.


Strategic Partner 


Malaysia GST Workshop Detailed Information & Registration form

You can download the detailed information & registration form for this by clicking on the link below or right click and choose save as:

Form - YYC 1 Day GST Accounting Workshop