Malaysian GST Mechanism And Its Impact On Business And Financial Planning Seminar on 7th-8th May 201
MALAYSIAN GST MECHANISM
AND ITS IMPACT ON BUSINESS AND FINANCIAL PLANNING
7 & 8 May 2014, (Wed & Thurs), 9.00 am to 5.00pm, Best Western Premium Dua Sentral, Kuala Lumpur
&
26 & 27 May 2014, (Mon & Tues), 9.00 am to 5.00pm, Best Western Premium Dua Sentral, Kuala Lumpur
SBL / HRDF Claimable
Certificate of attendance awarded for those who complete the course
Introduction
GST – a multi stage consumption tax to be levied on goods and services at all levels of business transactions. It will replace the current Sales Tax and Government Service Tax schedule to take place with effect from April 2015, with the bill schedule to go to Parliament in the next sitting to become law.
The impact can be extensive to businesses and the solution is that we must be better prepare for its implementation and requirements. Taxable person is expected to start to file in their registration by the middle of this year.
Learning Objectives
1. Help to understand the basic mechanisms of GST
2. Better prepared for the implementation to minimized the risk
3. Appreciate the concept on how GST will be implemented
4. Understand the various schemes available for GST
Learning Benefits
ENHANCING your skill and readiness for the implementation with effect from April 2015
INCREASE your understanding in the concept of and the mechanism of implementation of GST
MASTER and APPRECIATE the transition period management from now till implementation date.
STRENGTHEN your knowledge on the positive and negative effect on the market prices after GST’s implementation.
TIPPING POINT and SYMBIOSIS APPROACH of working with all stakeholders in the management of the GST implementation
LEARN the End In Mind First philosophy to improve and integrate the Thinking into Management and Actions.
Who Should Attend?
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Directors, CEO, COO, General Managers, Managers and Executives
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CFO, Treasurers, Financial Controllers, Accountants
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AND those aspire to be aware of GST mechanism and its effect on the prices after implementation.
a. Fundamental and Scope of GST
i. Imposition of GST.
ii. Elimination of Sales and Service Tax.
iii. Input and Output Tax and Input Tax
iv. Business and the 5 Test Rules
v. Supply, Deem Supply and Gift Limitations
vi. Place, Time, Value and Consideration of supply
vii. Basic Tax and Actual Tax Point
viii. Standard and Zero Rated supply
ix. Exempt and Out of Scope Supplies
x. Taxable person and Threshold
b. Registration
i. Threshold Determination and timeline for registration
ii. Mandatory and Voluntarily registration
iii. Transfer of Going Concerns
iv. Registration for:
· Individuals, Sole proprietors and Limited Liability Companies
· Group, partnership, branches & divisions
· Joint Ventures,
· Societies or similar organizations
· Personal Representatives
v. Single Taxable person registration for two business entities
vi. Pre-operating period and new project start up registration
vii. Registration Exemption and Cancellation
c. Invoice and Record Keeping
i. Tax and normal invoices
ii. Content of tax invoices
iii. Full and simplified tax invoices
iv. Debit and credit notes
v. Record Keeping, Accounting Basisand Taxable period
vi. Invoicing for import services
vii. GST returns – monthly, quarterly
viii. Filing and Due dates for payment of excess of output over input tax.
ix. Input Tax claim limits on un-name recipient receipts
x. Foreign currencies conversion
d. Transition rules
i. Effect of Sales Tax and Service Tax after repeal.
ii. Effect of long term contract – Reviewable and Non-Reviewable
iii. Registration before implementation date
iv. Supplies span before and after GST implementation
v. Other supplies – hire purchase, coin/tokens (such as parking machines)
vi. Special Refund
vii. Special Rules on Construction
e. Input Tax Credit
i. Mechanism and criteria to claim
ii. Allowable input tax and criteria to claim
iii. Blocked input tax
iv. Incidental exempt supply
v. Input tax refund and repayments
vi. Claims in pre, post, late and de-registration and pre-incorporation stages
vii. Input tax on special transactions
viii. Refund of excess of input over output tax
f. Special Schemes
i. Approved Traders
ii. Approved Toll Manufacturers – Drop Shipments
iii. Approved Jewelers
iv. Warehousing
v. Second Hand goods
vi. Flat Rate
vii. Tourist Refund, etc.
g. Others:
i. Declaration and payment of tax by non-GST register person for:
· Bad debt relief and recovery
· Imported Services
· Local Receiver in approved toll manufacturing scheme
· Agent acted as auctioneer.
ii. Goods on consignments,
iii. Goods returns
iv. Warranties
h. Enforcements
i. Offence and penalties
ii. Power to assess
iii. Audit
iv. Anti Avoidance Rule
Methodology
Participant will attend two days of lectures and interaction with the facilitator.
Trainer's Profile
Tan Kok Tee, was a Fellow member of the Association of International Accountants (FAIA), UK) and has a MBA-Finance from Charles Sturt University, Australia and a Gold Mastery Holder in Reinventing Strategic Planning and Management – The System Thinking Approach from Haines Centre from Strategic Management, USA sponsor by University of San Diego, USA. He is also a Certified Trainer with PMSB’s Train The Trainer Certificate, a life member with Malaysian Institute of Directors.
Tan Kok Tee has got about 40 years of working experience at Financial, Strategic and General Management level. He has worked and been involved in numerous industries, including manufacturing, marketing and distribution, casino and services including Parking Operations. He has held a variety of leadership and senior management roles in various organizations, the last being Group Chief Executive Officer,
Other positions in the past included Chief Financial Officer, Group Assets Management Manager, Business Process Management Consultant, General Manager and Senior General Manager in numerous companies along the way of his career in multinationals, local public listed companies as well as entrepreneur managed organizations.
Tan Kok Tee has facilitated and conducted various training workshops since 2009 for both in house as well as public including from Malaysian Institute of Accountants and Chinese Chamber of Commerce.
Mr. Tan has also developed an Entrepreneurship program specially for MBA students from GC University, Pakistan (one of the oldest University in Pakistan) in collaboration with Sunway Education Group and is now running into its 5th year. He was also an assessor for the UTAR’s NGO strategic planning program and an inviting speaker for the Asian Financial Controller’s congress in 2009, 2010 & 2011.
Mr. Tan has also completed a 10 days program conducted by the Royal Custom of Malaysia for GST Consultants.
COURSE FEES & REGISTRATION
You can register by completing the enclosed form and faxing it to 03-7806 5913
RM 1,250.00 per person - SBL Claimable (include morning & afternoon tea break, lunch, notes and certificate of attendance)
CONTACT
Malaysian Export Academy Sdn Bhd
Suite 306, 2nd Floor, Block C, Glomac Business Centre
Jalan SS6/1, Kelana Jaya, 47301 Petaling Jaya
Selangor
Thaufique - Tel: 03-7806 5913 | Fax: 03-7806 5913
Email : thaufique2804@gmail.com
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