Registration Requirements need to be complied

– Two types: Mandatory and Voluntarily registration
– Threshold and Timing of Registrations
– Registration for :
(i) Sole proprietors, and Limited Liability Companies
(ii) Group, partnership, branches & divisions
– Registration Cancellation
– Responsibilities of a Registered Person

GST Implications on your day to day business transactions

A. Taxes on your Supplies (Sales)
– Type of supply and Rates of tax: (standard & zero rated supplies, exempt and out of scope supplies, disregarded supplies, supplies where GST is suspended,  supply under relief orders)
– Advance payment made and received
– Sales on consignment and Goods send for approval for sales and its returns
– Place, Time, (Basic and Actual Tax Point, the 21 days TOS  rule & the 30 days Invoicing Rules) and Value of supply (considerations and open market value application)
– Different GST treatment for back charge expenses such as “Disbursement” and “Reimbursement”
– Continuous supply of services and Retention monies for projects
– Deemed Supplies, Employees Benefits, Gift and treatments
– Samples and Stock write offs

B. Taxes implications on your acquisitions (Purchases)
– Allowable input tax to claim: Attribute and Apportionment concept
– Blocked input tax
– The Di Minimis Rule for Residual Input Tax Credit claims
– Input Tax for Incidental Exempt Supplies
– Repayments and Bad Debt relief compliance requirements
– Recording and claiming input tax on disbursement paid

GST Implications on your day to day business transactions

C. Taxes implications on selected common industries
– LMW
– Free Zone (FIZ and FCZ)
– Designated Areas (Langkawi, Labuan & Tioman)
– Import and Export of goods and services
– Logistics and courier service
– Services for handling goods for export
– ASB, KSB and JDA

D. Schemes
– Warehousing Scheme
– Approved Traders Scheme
– Approved Toll Manufacturing Schemes
– Approved Jewellery manufacturing scheme
– Margin Scheme
– Fate Rated Scheme

Accounting Administration

– Valid Tax Invoices type: full, simplified, reliefs, disregards, etc
– Content of a VALID TAX INVOICE
– Debit and credit notes issuance for local and export sales
– Record Keeping and Taxable period
– Reversed Charge Mechanism (Recipient Self-Accounting (RSA): imported services, toll manufacturer drop shipment to principal’s customers
– Tax codes application
– New Additional GST Tax code requirements
– Filing the GST returns correctly including the different items that needs to be declared as required and timing of Tax payment
– Foreign currencies conversion
– GST expenses management

Accounting / Book Keeping entries

– Train your GST Tax coding and double entries under different scenarios
– Monthly control accounts and its reconciliation to the GST return form
– Master your GST return form (GST-03 form)’s information requirement

GST Legislations, implementation policies

– Legislations (Acts, Regulations, Orders)
– Customs implementation policies
– Offence and penalties
– GST offences under different Acts
– Anti-Avoidance Rules

Master your compliance and be ready for audit at all time

A. Audit Framework
– Purpose of an audit / your risk profile with Customs
– Choosing registered person to be audited
– Level of Audit

B. Different types of audit
– Advisory audit
– Desk audit
– Refund audit
– Transaction audit
– Compliance audit
– Large Tax Payer Unit audit
– Special audit as may be determine by the DG (Joint audit with Inland Revenue Board)

C. Preparation Stages for and Process of audit
– Preparation for an audit
– Trial Internal audit by yourself
– Post audit action plans
– Auditing guides from other countries
– Team involvement for the audit

Appeal Procedures

– Appeal to  Director General
– Appeal to Tribunals and decision effect from tribunal’s decision
– Appeal to courts

Discussions, Questions and Answers all along the way