GST Closure, GST Final Audit & Anti-Profiteering Regulation Compliance

08 Dec, 2018, Kuala Lumpur

FOCUSING ON
  • GST Repeal Act 2018 compliance
  • GST Transition Rules from 6% through to SST
  • GST Final Audit
  • Anti-Profiteering Regulations 2018
  • SST 2018 Framework
  • Accounting Administration
OVERVIEW

With the repeal of the GST Act 2014 and the introduction of the Sales Tax Act and the Service Tax Act 2018, to replace the GST with effect from 1/9/2018, all GST registered person are required to file their final return not later than 120 days from this date. Audit for closure of the GST Era will be carried out by the Customs with the help and/or by private auditors.

 

It was also reported in the press on 16/10/18 that other measures that could take to increase the federal government’s revenue include continuous audits and investigations by the Inland Revenue Board and the Royal Malaysian Customs Department to raise tax compliance, while reducing the tax gap.

 

Hence full compliance of your GST and SST tax payment couldn’t be more essential than now. This course is therefore to equip all GST and SST registrants on their compliance to reduce the tax gap as required under the legislations in comparison with your actual implementation.

OBJECTIVE
Reduced if not eliminate the GST and SST tax compliance gap between your implementation and the requirements of the legislations.

 

Taking benefits given in the SST Legislations.

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 course.
 
COURSE CONTENT
9:00 GST Repeal Act 2018 compliance
  • Taxable person status
  • Key provisions of the GSTA 2014, SST Act 1972 and 1975 retained.
  • Filing of returns.
  • GST Transition Rules from 6% through to SST
  • Input and Output tax treatment for:
    i. GST treatment for spanning supplies from 6% through to SST
    ii. Retention Monies
    iii. May 18’s Suppliers bill not paid at the expiry of 6 months.
    iv. Bad Debt Relief and Bad Debt recovered
    v. Deemed supplies under the Schedule I or the GST Act 2014 compliance.
    vi. Imported Services
    vii. CGA and Longer Period Adjustment for mixed suppliers
    viii. CN issued to customers on normal business transactions and change of rate transactions.
    ix. Suppliers’ bill. CN and DN received late.
    x. Time of supply rules and its correction of non-compliance.
10:45 GST Final Audit
  • Its Purpose and Scope of coverage.
  • Key areas to look at.
  • Process of the Audit.
  • Risk Areas to avoid.
12:00 Anti-Profiteering Regulations 2018
  • Scope of Coverage
  • Formula for calculation
1:00 Lunch

2:00 SST 2018 Framework
  • What is and its general Scope of SST:
    i. Registration and threshold determination and requirements for sales tax and service tax.
    ii. Responsibilities of taxable person.
  • Sales Tax
    i. Definition of Manufacturing under the Act.
    ii. Goods exempted and subject from sales tax
    iii. Disposals that attract and exempted from sales tax.
    iv. Different rate of sales tax and its determination
    v. HS Code of Goods
    vi. Different kind of exemption from paying and charging sales tax.
    vii. Separate sales treatment for business by and with Designated Areas and Special Area Companies.
    viii. Sales tax implication to Importers, Traders, Exporters and Manufacturers
    ix. Others:
    - Single Taxable Person Concept
    - Transfer of Going Concern
    - Sales Tax Drawback
  • Service Tax
    i. Scope of Service tax under the regulations
    ii. Taxable Person and its taxable services
    iii. Separate sales treatment for business by and with Designated Areas and Special Area Companies.
    iv. Contra System.
3:45 Accounting Administration
  • Invoice, DN and CN and its content requirements
  • Payment of SST taxes
  • Record Keeping requirements,
  • Taxable period and tax payment basis
  • Transaction / Tax codes application / supporting schedules for SST returns.
  • Penalty and offences
  • Other General Provisions and its appeal and review.
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 were spent in the Manufacturing Marketing & Distribution and Services organization, including Inchcape Timuran Berhad, Metroplex Berhad, and 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 H older 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 more than 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