YYC - GST Advisory | KL | Malaysia

The scope and requirement of Malaysia GST is the most complex compared to other countries around us. Fortunately, our YYC GST Consultants with our motto “KEEP GST SIMPLE AND SHORT” have an enviable reputation for their ability to break things down into simple language. No matter how complex the problem, our experienced GST advisory and planning team can help.

Our GST Experts were trained by the Royal Malaysian Customs Department (RMCD) and passed the examination for the GST Consultants organised by RMCD and Malaysian Institute of Accountant (M.I.A.).

They have a complete understanding not only of the Malaysia GST but of RMCD's policies and procedures. We also work closely with our Singapore Associates which have more than 20 years of experience in Singapore GST and has gone through the transitional period of implementing GST in Singapore.


Our services

GST TRAINING & WORKSHOP

1. GST Implementation Workshop (1 Day)

2. GST Implementation Workshop For Special Industry - Property Developers and Construction Industries (1 Days)

3. Customized In-house GST Implementation Workshop

4. GST Implementation Advisory & Planning

5. GST Support and Consultation


GST TRAINING & WORKSHOP

1. GST Implementation Workshop (1 Day)

On 25 October 2013, our Prime Minister announced the implementation of GST at 6% starting from 1st  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 1st April 2015 deadline businesses 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.

Course outline :-

  • Basic Concept of GST
  • Element And Scope Of Charge
  • Registration
  • Input Tax Credit
  • Accounting For GST
  • Bad Debts Relief
  • GST Summary Sheet
  • GST Forms
  • Transitional Issues On Implementation of GST
  • How To Claim Special Refund On Inventory
  • Preparation For GST
  • Strategies To Overcome Negative Impact of GST

2. GST Implementation Workshop For Special Industry - Property Developers and Construction Industries (1 Days)

The GST will be implemented on 1st April 2015 at a starting rate of 6% to replace the existing Sales and Service Tax. Businesses may have a broad idea of how GST works but many have not assessed the effects and implication of GST on their businesses especially those in property developments and construction industries.

Malaysia GST is very complicated for property developers and construction industries because their business involves progress billings over long construction period while issuing tax invoice is not their existing practise.

Besides that, they may not be able to claim full GST input tax due to the nature of mixed development projects. The special GST treatment for these industries such as partial exemption, annual adjustment and capital goods adjustment will be used to calculate the claimable input tax credit.

Managing transitional issues will be very critical as the ongoing projects may be completed only during the GST regime. The objective of this seminar is to discuss and explain the latest development in GST and familiarise yourself with the GST treatment for property developers and construction industries. 

Course outline :-

  • Basic Concept of GST
  • Element And Scope Of Charge
  • Registration
  • Input Tax Credit
  • Accounting For GST
  • Bad Debts Relief
  • GST Summary Sheet
  • GST Forms
  • Transitional Issues On Implementation of GST
  • How To Claim Special Refund On Inventory
  • Preparation For GST
  • Strategies To Overcome Negative Impact of GST
  • Adjustment Rules

                   Tax Year

                   Longer Period

                   Interval

                   Partial Exemption     

                   Annual Adjustment

                   Capital Goods Adjustment


  • GST Treatment on Property Developers

           •       Transfer of Land

           •       Taxable & Exempt Supplies

           •       Out of Scope Supplies

           •       Sale of Completed and Uncompleted Property

           •       Abandon Project

           •       Tie-in Gift

           •       Other issues


  • GST Treatment on Construction Industries

           •       Time of Supply (with & without work certificate)

           •       Retention Sum

           •       Damages

           •       Other issues


  • GST Treatment on Property Management Services

           •       Property Management

           •       Joint Management Bodies (JMBs) and Management Corporations (MCs)

3. Customized In-house GST Implementation Workshop

Our Customized in-house GST implementation workshop will explain the specific GST treatments that affect your company and it is more effective to help your company on the GST implementation process. The following are procedures for the in-house training:-




Stage 1: Interview Key Management




Stage 2: Review Group/Company Structure/Operation




Stage 3: Conduct Customized In-house GST Training



4. GST Implementation Advisory & Planning

In view of the complexity and scope of GST requirements, our GST Advisory & Planning Team will apply the Principal of “Keep it Simple & Short” to avoid any unnecessary complexities of GST that affects your company.

We will prepare your staffs and your organization to be GST ready so that they understand the tax mechanism and its application to the business which includes amongst others; proper record-keeping requirements, appropriate treatment to the company’s products and services, likely impact to cash flows, pricing strategies, business contracts and day-to-day accounting for sales and purchases.

Our GST Advisory & Planning service for SMEs:-

Step 1: Review business structure and operation to identify negative impact on GST

Step 2: Conduct GST Training and provide Solutions for negative impact on GST

Step 3: Liaise with your system consultant for GST implementation

Step 4: Perform trial run on your accounting system

Step 5: Assist your company in GST registration

Step 6: Review the first GST return after GST Implementation

 

Our GST Advisory & Planning service for Non SMEs:-

Phase 1: Initial Review & Awareness

  • To perform an initial review on your Group’s business structure and operation.
  • To conduct an initial meeting and training with key personnel to develop awareness of GST and to discuss the identified specific GST issues in respect of the initial review.
  • To establish GST team/coordinator, discuss schedule of meetings, project timetable, list of persons in charge, responsibilities, processes, possible issues and expectations with key personnel.
  • Key personnel include :-

           -      Directors

           -      CEO, CFO and COO

           -      Head of Department

           -      General Manager

           -      Manager

           -      Assistant Manager 

  • To provide GST training to educate the relevant staffs from the various department.


Phase 2: Detailed Assessment & Impact Study

  • To discuss with the relevant key personnel for the following purposes:-

           -      To obtain an overview of the business operation, structure and model.

           -      To understand the accounting system and applicable key process.

  • To review the organizational chart and group structure for identifying business unit / core business process.
  • To assess the complexity of your group’s business transaction and advise on the GST implication.
  • To assess key operational issues to be addressed including strategic impact of GST on financial reporting, profitability pricing and cash flow of the group.
  • To review all existing contracts entered into by the company with the objective of determining the appropriate GST treatment.
  • To analyze the current business arrangement of the company and identify issues that are subject to transitional rules and the relevant issues  that have arisen.

 

Phase 3: Implementation

  • To develop action plan for the GST implementation.
  • To make recommendation and assist in the implementation according to action plan.
  • To assist in your group to liaise with the software consultant for system customization process.
  • To assist in trail run to test the effectiveness and adequacy of the operation systems and process in order to ensure that they are GST compliant.
  • To prepare a GST manual for guidance of your group’s staff.


5. GST Support & Consultation

  • Assist in GST Registration
  • Review and prepare GST Return
  • Provide GST advice on post GST implementation