Sales & Service Tax Mechanism for Effective Implementation & GST Change in Rate (6% to 0%) Rules Management

28 Aug, 2018, Kuala Lumpur

FOCUSING ON
  • Sales And Service Tax
  • Anti-Profiteering Regulations Compliance
  • Pricing Comparison Between SST and GST
  • Planning For SST Implementation From GST
  • GST Transition From 6% to 0% And Be Ready For Final Audit
OVERVIEW

Sales and Service Tax (SST) ACT will be tabled and passed in the forthcoming Parliament to take effect from 1/9/2018 in replacement of GST.

 

RMCD has also released various guidelines. 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. Time of learning and critical and an uphill task.

 

Hence this course is designed to assist participants in their management of (1) effective SST implementation according to legislations, (2) Product & Services Costings and Accounting Treatment for the SST on pricing in compliance with Anti-Profiteering regulations 2018 and your company’s profit objectives and (3) Managing the GST Change in Rate rules to file your final return in Dec. 18 and prepare for your final audit.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB...
  1. Understanding the SST concept, scope and its implementation mechanism.
  2. Understanding the various SST
    Exemptions / Benefits facilities availability.
  3. Being aware of SST’s taxable period and preparation of returns.
  4. Migration Planning to achieve effective SST implementation and pitfall avoidance
  5. Understanding costing and pricing calculations in compliance with relevant regulations.
  6. Understanding how to manage the GST during this Change in Rate transition period.
 
HERE IS WHAT YOU WILL LEARN
9:00 SALES AND SERVICE TAX

a) Introduction

b) Sales Tax

  1. Governing Legislations
  2. General Mechanism
  3. Definition of Manufacturing
  4. Definition of Designated Areas and Special Areas and its Sales Tax treatment
  5. Threshold for Registration and Registration Procedures
  6. Different class of exemptions
  7. Rate of Tax – 5%, 10%, Specific rate.
  8. Facilities & Benefits such as Drawbacks and/or Credit System
  9. Tax Calculation
  10. Accounting:
  • Invoice, Debit Note and Credit Note matters
  • Standard and Specific Taxable Period
  • Filing of Returns & Payment of Tax
  • Bad Debt Relief.
  • Record Keeping.
  1. Offences, Compound and Penalties
  2. Transition rules from GST 0% to Sales tax.

c) Service Tax

  1. Governing Legislations
  2. General Mechanism
  3. Scope of taxable service industries and its taxable services
  4. Definition of Designated Areas and Special Areas and its Service Tax treatment
  5. Threshold for Registration and Registration Procedures
  6. Exemptions
  7. Rate of Tax
  8. Facilities & Benefits such as Contra System
  9. Tax Calculation
  10. Accounting:
  • Invoice, Debit Note and Credit Note matters
  • Standard and Specific Taxable Period
  • Filing of Returns & Payment of Tax
  • Bad Debt Relief.
  • Record Keeping.
  1. Offences, Compound and Penalties
  2. Transition rules from GST 0% to Service tax
10:45 ANTI-PROFITEERING REGULATIONS COMPLIANCE
  • Understand its scope coverage requirements
  • Learning their margin calculation mechanism to:
  1. Avoid committing offences
  2. Maximize your selling price and yet in compliance with the legislation
  • Knowing the various offences and penalties.
12:00 PRICING COMPARISON BETWEEN SST AND GST
  • What is it
  • How to calculate unreasonable high profit
  • Offences under the Act
1:00 Lunch

2:00 PLANNING FOR SST IMPLEMENTATION FROM GST
  • Transition rules from GST 6% to 0%, then to SST 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 such as HS Code classification of
    products and scope of taxable services
3:45 GST TRANSITION FROM 6% TO 0% AND BE READY FOR FINAL AUDIT
  • Transition Pathway to follow.
  • Filing of final return in Dec. 18
  • Input tax claim issues
  • Preparation for your final GST exit audit.
5:00 End of Course
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.


 

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