Effective Sales & Service Tax Implementation and its Impact on Business & Financial Planning

28 Aug, 2018, Kuala Lumpur

FOCUSING ON
  • What Is SST, Its Scope Of Coverage And Registration / Licensing
  • Taxable Rates And Items
  • SST Accounting
  • Anti-profiteering Regulations Compliance
  • GST Transition From 6% To 0% Then To SST
  • Moving Forward Planning – Migration Strategies From GST To SST
  • Facebook & Instagram Contest
  • Facebook Groups
  • Measurement & Benchmarking
OVERVIEW

Sales and Service Tax (SST) is expected to be tabled in the forthcoming Parliament sitting w.e.f. 16/7/2018 and is expected to take effect from 1/9/2018 in replacement of GST.

 

Businesses are all curious and excited to know what are their concepts, rates and its overall implementation mechanism and how is it going to affect their business and financial planning. Will it be in the same concept of those implemented in the early and mid-70s and what extended scope will it cover to raise the SST collected of RM17b in 2014 to the current expectation of RM30b.

 

Time of learning and to get ready for the implementation is very tight and an uphill task. Hence this training course is designed to assist participants in their management of (1) the GST migration from 6% to 0% transition period, (2) effective SST implementation according to legislations, and (3) Product & Services Costings and Accounting Treatment for the SST on pricing in compliance with Anti-Profiteering regulations 2018 and your company’s profit objectives.


WHO SHOULD ATTEND
  • Business Owners and Company Directors
  • CFOs, Financial Controllers and Finance Managers,
  • Accountants, Accounts Executives, Accounts Assistants.
  • Business Advisors, Auditors and Internal Audit Staff
  • Freelance Accounting Professionals,
  • Procurement/Purchasing and Logistics Managers
  • Other functional staff engaged in GST and SST matters.
METHODOLOGY
Interactive Lectures, Discussions and Questions and Answers sessions. Questions and Answers along the way plus post course email support for 3 months from the date of the seminar.
AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB...
  1. Understanding how to manage the GST during this Change in Rate transition period.
  2. Understanding the SST concept,
    scope and its implementation mechanism.
  3. Understanding the various SST Exemptions / Benefits facilities availability
  4. Being aware of SST’s taxable period and preparation of returns.
  5. Understanding Migration Planning to achieve effective SST implementation and pitfall avoidance
  6. Understanding costing and pricing calculations in compliance with relevant regulations.
 
WHAT YOU WILL LEARN
9:00 WHAT IS SST, ITS SCOPE OF COVERAGE and REGISTRATION / LICENSING
  • What are they and what type of taxes
    i. Sales tax
    ii. Service Tax
  • Types of industries cover under each kind of tax:
    i. Import / Export – how are they affected.
    ii. Manufacturing – definition
    iii. Services – what services are subject to SST
    iv. Treatment of supplies in:
    - Langkawi, Labuan, Tioman,
    - Fee Zones,
    - MTJDA areas in the northern Peninsula Malaysia
    - Companies with LMW status.
  • Threshold of each supplier for registration or licensing under the SST for different kind of industries.
10:45 TAXABLE RATES AND ITEMS
  • Taxable supplies and its rate of SST
  • CHALLENGES in product classifications under the HS Code –Risk area to mitigate.
  • Exempt supplies – not subject to SST by legislations
  • Qualifying Exemption benefits or facilities under the SST Legislations:
    i. Qualifying parties
    ii. How and when to apply
    iii. Validity and condition of each approved application.
  SST ACCOUNTING
  • Invoicing, C/N and D/N Requirements
  • Sales classification recommendation for effective administration
  • Record Keeping.
  • Taxable period and payment of tax.
  • Penalties for late returns and late payments to be avoid
  • Cash Flow Management – KEY AREA CHALLENGES COMPARE TO GST.
  • Knowing which component of your supply chain is subject to SST and how do they affect your costings and profit.
  • Audit and Appeal
1:00 Lunch

2:00 ANTIPROFITEERING REGULATIONS COMPLIANCE
  • Understand its scope coverage requirements
  • Learning their margin calculation mechanism to:
    i. Avoid committing offences
    ii. Maximize your selling price and yet in compliance with the legislation
  • Knowing the various offences and penalties.
  GST TRANSITION FROM 6% TO 0% THEN TO SST
  • Supplies and ITC span over between 6% to 0% under the GST Legislation requirements.
  • Highlight of selected sensitive transactions to take care during the GST 0% regime.
  • Understanding which section of the GST ACT applies fully, which section cannot apply and which section is in contradiction with FAQ.
  • GST Returns compliance
  • Understand what GST audit entails and be ready at all time.
  • Understand the Appeal entitlement and procedures.
3:45 MOVING FORWARD PLANNING – Migration strategies from GST to SST
  • Transition change in rate compliance
  • Mitigation of any extra cost in the business in compliance with Anti- profiteering regulations.
  • Be ready at all time for any customs audit
  • Readiness for effective SST implementation including
    overcoming challenges that arise during the implementation.
5:00 End of Course


 

LEARN FROM THE BEST

Mr. Tan Kok Tee has over 40 years of experience in financial, strategic and general management. He has held a variety of leadership and senior management roles in various organizations, the last being Group Chief Executive Officer. More than half of this time are spent in the Manufacturing Marketing & Distribution and services organization, including those with the then Inchcape Timuran Berhad, Metroplex Berhad, Perdana Industries Berhad.

 

He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of Public Accountants, Aust.; Member of the Chartered Tax Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries, holds a MBA in Finance from Charles Sturt University, Australia and a Gold Mastery Holder in Reinventing Strategic Planning and Management from the Haines Centre for Strategic Management, sponsored by University of San Diego, USA.

 

He is also a Certified Trainer with PMSB’s Train The Trainer Certificate since 2009 and a life member with the Malaysian Institute of Directors.

 

Mr. Tan has been involved in training and facilitation since beginning 2009. To-date he had conducted about 300 training workshops, of which more about 200 are on GST including GST Accounting for both in-house as well as public, including for Government Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of Accountants, Chartered Institute of Management Accountants, Selangor state Human Resource Development Centre, Negeri Sembilan state Skills Development Centre, NGOs, political party as well as on behalf of various other training providers.

 

He also developed and delivered an Entrepreneurship program (training) especially for MBA students from GC University, Pakistan in collaboration with Sunway Education Group for period 2010 to 2014. He was also an assessor for the UTAR’s NGO strategic planning program and an invited speaker for the Asian Financial Controller’s Congress in 2009, 2010 and 2011.

 

VENUE DETAILS

Furama Hotel Kuala Lumpur
136, Jalan Changkat Thambi Dollah
55100 Kuala Lumpur

Phone :03-2788 8888

 

IPA TRAINING IS REGISTERED WITH

 

CONTACT US

Juliany, 
O - 03 2283 6109,
M - 019 3134436
juliany@ipa.com.my 

Michelle, 
O - 03 2283 6100, 
M - 019 363 7822
michelle@ipa.com.my 

For Customised In-House Training
Yvonne,
O - 03 2283 6101, 
M - 012 2011247,

F - 03 2283 6108
 
yvonne@ipa.com.my
 

ADDRESS 

A-28-5, 28th Floor, 
Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my