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

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

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 Procedures

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

Questions and Answers all along the way