REFRESHING YOUR GST MECHANISM AND ACCOUNT FOR TAX CORRECTLY IN COMPLIANCE WITH GST LEGISLATIONS AND POLICY DECISIONS
Since implementation about two years ago, RMCD under its Customs Blue Ocean Strategy (CBOS) initiative and the Collection Intelligence Arrangement (CIA), is targeting to review GST compliance for all GST registered companies in year 2018. You could be one of them!
Hence it is always advisable to be vigilant in compliance with all GST legislations, policy decisions and tax codes, which are CONSTANT EVOLVING. Companies irrespective of its size, business and locations has already experience this CBOS initiative with some of them having very bad consequence.
The fact that offenders has already been taken to court and fine or compound and penalty imposed and appear in the press is a clear indication of the government seriousness in enforcing its compliance.
Hence this training seminar is designed to help all GST registered persons to ensure that their GST implementations are in line with the latest requirement of the GST Legislations and its policy decisions.
Understand all the updates to the legislations including Ministerial Orders and decision policies.
Knowing the various Customs Technical committee decisions on the GST implications to different kinds of business transactions.
Knowing some Tribunal Decisions.
Avoid the common errors and committing offence in their implementations.
Knowing how to apply the appropriate tax codes to your daily transactions.
File correct GST returns and rectifying the return.
Power point presentation, discussions and hands on exercise where necessary and time permits.
– GST Mechanism – Governing Legislations and decision policies – Obligations of GST registered and non-GST register person
Legislations, policy decisions and its Key Updates
Customs Technical Committee decisions on GST implications to different kinds of supplies and purchases for different kinds of industries.
Key Tribunal decisions on cases appeal to them
Facilitator / Trainer’s sharing of his experience that he encounter during his internal GST review and advisory work on a wide spectrum of transactions and its implementation pitfalls
GST Implications on daily business transactions
A. Ensure account the right output tax 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)
– Deemed Supplies and Gift Rules
– Place, Time, and Value of supply for goods, services, reimbursement and disbursements
– Consignment sale and/or awaiting for approval for sales
– Continuous supply of services and Retention monies
– Employees Benefits, and Samples treatments
B. Maximize your input taxes claims on your acquisitions
– Allowable input tax to claim: Attribute and Apportionment concept
– Input tax on your suppliers disbursement on your behalf
– Blocked input tax
– The Di Minimis Rule for Residual Input Tax Credit claims
– Input Tax for Incidental Exempt Supplies
– Refund and repayments
– Mixed Supplier input tax apportionment and adjustments
C. Taxes implications on industries and schemes
– LMW, Free Zone, Designated Areas and bonded warehouse
– Import and Export of goods and services
– Logistics and courier
– Approved Trader Schemes
– Approved Toll Manufacturing Schemes and drop shipment under this scheme
– Approved Jewellery Schemes
– 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
Sensitive tax codes that customs are likely to pay high attentions
Key enforcement areas of the GST Act
Preparation for Customs GST Audit to be ready 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 to Director General
– Appeal to Tribunals and decision effect from tribunal’s decision
– Appeal to courts
Questions and Answers all along the way
GST Risk Avoidance & Overcoming Pitfalls
Microsoft Excel Big Data Fundamentals
Overcoming GST Pitfalls Through Informed Updates
Practical Accounting Skills Including GST Tax Code Mapping and GST Treatment for Accounting Personnel
Accounting & Finance for Non-Accounting Managers
Customers Credit Worthiness Evaluation and Collection Strategies
Financial Accounting and Reporting
Financial Analysis, Modelling & Forecasting
Fraud and Forensic Auditing
GST Essential Accounting Records and Book Keeping Skills