malaysian goods and services tax (gst)

PROFESSIONAL TRAINING MADE EASY

Website: www.quorse.com

MALAYSIAN GOODS AND SERVICES TAX (GST) – BUSINESS GUIDE AND PREPARATION FOR RETAILING INDUSTRY DURATION: 2 DAYS; TIME SCHEDULE Time - 9:00am to 5:00pm Break - 10:15am to 10.30am and 3:15pm to 3:30pm Lunch - 1:00pm to 2:00pm INTRODUCTION In Budget 2014 tabled at the Parliament on 25 October 2013, the Prime Minister, who is also the Ministry of Finance, announced the introduction of GST at the rate of 6% with effect from 1 April 2015. GST Act 2014 has been gazetted on 19 June 2014 and the list of zero rated and exempt items have been finally gazetted on 13 October 2014 after the Budget 2015 announcement. Therefore, every company should be prepared for the increased workloads and tax risks. The participant will acquire the general concept and overview of the GST, accounting for GST, understanding of input and output tax and the impact of GST on retailing industry. BENEFITS Upon completion of this program, participants will be able to:  Prepare you and your organization when GST is implemented and to ensure GST readiness for retailing industry  Evaluate the impact of GST on the business preparation  Identity, plan and deal with major GST issues  Understanding of GST tax return and GAF requirements  Avoid heavy penalty for non-compliance of GST KEY CONTENT MODULE 1 - INTRODUCTION AND OVERVIEW OF GST  What Is GST?  Why GST? MODULE 2 - SCOPE OF GST IN MALAYSIA  Malaysian GST Model MODULE 3 - UNDERSTANDING THE TYPES OF SUPPLIES  Standard Rated Supply  Zero Rated Supply  Exempt Supply  Out Of Scope Supply MODULE 4 - CONCEPT OF SUPPLY  Place Of Supply  Time Of Supply  Value Of Supply

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PROFESSIONAL TRAINING MADE EASY

Website: www.quorse.com

MODULE 5 - INPUT TAX CREDIT MECHANISM AND ITS WORKINGS  Allowable Input  Blocked Input MODULE 6 - REGISTRATION OF BUSINESSES  Mandatory Registration  Voluntary Registration  Group Registration  Branch Registration  Single Taxable Person  Deregistration MODULE 7 - ACCOUNTING FOR GST  Taxable Period  Accounting Basis  Bad Debt Provision  Tax Invoice And Simplified Invoice  Debit And Credit Note  Reverse Charge Mechanism  Input Tax Apportionment  Partial Exemption And De Minimis Rule  Capital Goods Adjustment (CGA) MODULE 8 - GST TREATMENTS FOR RETAILING INDUSTRY  Pricing And Mark Up  Consignment Sales  Hire Purchase  Returned Goods  Recommended Retail Price  Rental Activities  Discounts  Promotions  Vouchers/Coupons/Stamp/Token  Loyalty Points  Special Return For Sales  Price Display MODULE 9 - SPECIAL CASES  Non Application To Government  Transfers Of Going Concern (TOGC)  Designated Areas MODULE 10 - TRANSITIONAL RULES AND SPECIAL TRANSACTIONS  Payment And Invoicing Before GST  Effect Of GST On Sales And Service Tax  Irreviewable Contract  Progressive And Periodic Supply

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PROFESSIONAL TRAINING MADE EASY

Website: www.quorse.com

MODULE 11 - FILING GST03 RETURN AND GAF REQUIREMENTS MODULE 12 - COMPLIANCE AND PENALTIES MODULE 13 - GST AND ITS IMPACT ON BUSINESSES  Sales And Marketing  Legal  Finance And Administration  Procurement  Human Resources  IT And System  Business Processes And Efficiency  Accountability MODULE 14 - GST PROJECT IMPLEMENTATION AUDIENCE This program is suitable for IT executive, Sales and operations staff, Accountant, Finance Manager, Head of Department, General Manager, Finance Director / Financial Controller / CFO, CEC/COO, Directors and Business owner METHODOLOGY The program will be interactive with numerous examples, exercise, GST case laws studies from Singapore, Australia and United Kingdom using powerpoint presentation and GST compliant accounting software.

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