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.
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."
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."
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."
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
ü Types of Supply and tax code exercise
ü Commissions – Case Study
- Should you charge 6% GST on commission income?
ü Disposal of Business Assets
- Did you charge GST when you sell your business assets?
ü Reimbursements vs Disbursements
Concept on Reimbursement / Disbursement
ü Inter-Company Billings
you charge 6% GST on all your inter-company billings within Malaysia?
you allowed to issue Debit Notes for all your inter-company billings within
ü GST Treatment for:
- 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)
- Free Samples (样本)
ü Supplies Eligible to Claim Input Tax
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?
ü Documents required in Claiming Input Tax
ü How to handle:
－ Tax Invoice Addressed to Employee
－ Overdue Tax Invoices
ü Bad Debt Relief 坏账减免
Happens If Your Customer Does Not Pay You
allowed to claim back input tax incurred on your bad debts
happens if your customer pays you back after you have claimed Bad Debt Relief?
of Unpaid Input Tax
happens if you have not paid your supplier? How do you pay back the input tax?
－ Example & Tax Code Application for: Disallowed Input Tax Claims
－ Do You Need To Account For Output Tax On Employee Benefits Provided To Employees?
－ Are Three Exceptions Where You Do Not Need To Account For The Output Tax?
ü Application of 23 GST Tax Codes & its implication on GST Summary Sheet & GAF File
Used GST Tax Codes for Purchase & Supply
- 8 Commonly used GST tax codes for purchase: TX, NR, BL, IM, IS, ZP, EP, OP
- 4 Commonly used GST tax codes for supply: SR, ZRL, ZRE, ES
－ GST Adjustment: Credit Note & Debit Note
－ Special GST Tax Codes
- 5 Special GST tax codes: DS, OS, RS, AJP, AJS
- 2 Special GST tax codes for Group registration: GP, GS
－ 4 GST tax codes for Mixed supplier: ES43, TX-E43, TX-N43, TX-RE
ü Differences Between GST accounting and Income tax accounting
ü How to apply Time of Supply (21 days Rule) in journal entry
- 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
ü Refund of Input Tax: What are situations whereby
you can claim back a refund from Customs?
ü Default setting GST tax codes to chart of account
code search methods
ü Guidance on GST Return-03: how to
fill in, submit & make payment?
Date & Venue:
*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
or Contact us using the form below.
We look forward to welcoming you to the workshop.
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