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.
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 :-
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 :-
• Tax Year
• Longer Period
• Partial Exemption
• Annual Adjustment
• Capital Goods Adjustment
• Transfer of Land
• Taxable & Exempt Supplies
• Out of Scope Supplies
• Sale of Completed and Uncompleted Property
• Abandon Project
• Tie-in Gift
• Other issues
• Time of Supply (with & without work certificate)
• Retention Sum
• Other issues
• 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
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.
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
- CEO, CFO and COO
- Head of Department
- General Manager
- Assistant Manager
Phase 2: Detailed Assessment & Impact Study
- To obtain an overview of the business operation, structure and model.
- To understand the accounting system and applicable key process.
Phase 3: Implementation