BUDGET 2019: SST Implications Accounting For Businesses

22 Dec, 2018, Kuala Lumpur

FOCUSING ON
  • Fundamental And Scope Of SST
  • SST
  • Registration
  • Service Tax
  • Sales Tax
  • Accounting
  • Anti-Profiteering Regulations Compliance
OVERVIEW

The Government in its Budget for 2019 has announced changes to the Sales and Service Tax (SST) that will take effect w.e.f. 1/1/2019.

 

Requirements like Recipient Self Accounting for imported services for businesses calls for all businesses to be fully aware of what are all the taxable services as listed in the 1st Schedule of the Service Tax Regulations.

 

Other things that happen in the Service Tax mechanism are like (1) exemptions for certain businesses to avoid double taxation effects and (2) the introduction of Digital Tax on Online Services with effect from 1/1/2020.

 

On the Sales Tax front, there is also the bringing back of the Credit System (formally under CJ (P) 3 in the old Sales Tax Act). Licensed Manufacturers will also be able to reap certain benefits under this System.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB...
  1. Learning the know-how to do SST implementation according to Legislations and Budget Updates.
  2. Learning the Accounting Entries and its effect in its returns.
  3. Understanding the overall SST concept, scope and its implementation mechanism.
  4. Understanding the various SST Exemptions / Benefits facilities availability.
  5. Knowing the mechanism of Anti- Profiteering 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 SST matters.
METHODOLOGY
Interactive Lectures, Discussions, Q & A sessions and Assignments along the way. Q & A along the way plus post course email support for 3 months from the date of the course.
 
COURSE CONTENT
9:00 FUNDAMENTAL AND SCOPE OF SST
  • General Scope of Sales and Service Tax.
  SST REGISTRATION
  • General Threshold and its determination
  • Mandatory and Voluntarily registration
  • Group, Branch and Partnership registration.
  • Timing of Registrations and its effective date.
  • Single Taxable person concept
  • Transfer of Going Concerns under Sales Tax
  • Registration Cancellation
  • Responsibilities of a Registered Person.
10:45 SERVICE TAX
  • Service Provider and its categories of Taxable services
  • Potentially double taxation areas
  • Treatment of imported services requirement by all businesses
  • Inter-Company Professional Services and definition of group companies
  • Treatment for services supplies within, to and from:
    a. Designated Areas
    b. Special Areas
  • Transition rules from GST to Service Tax and final return disclosure
12:00 SALES TAX
  • Person affected by Sales Tax – Importers, Exporters and Manufacturers.
  • 3 types of taxable areas and its valuation for tax purpose for 3rd party and inter-company.
  • Definition of Manufacturing
  • Rate of Tax Order – Exempt, 5%, 10% and Specific rate.
  • Types of exemptions under the exemption orders:
    a. Goods exempted from charging sales tax
    b. Persons exempted from paying sales tax.
    i. Schedule C – Registered Manufacturers and person acting on behalf of manufacturers
    ii. Schedule B – Non- Register Manufacturer on their
    production of specific sales tax exempted goods.
    iii. Schedule A – Other categories of person,
    c. 20 activities exempted from sales tax registration.
  • Sales Tax Credit Systems.
  • Treatment for import and goods movement to and from:
    a. Designated Areas
    b. Special Areas
  • Sales Tax drawback facilities.
  • Transition Rules from GST to Sales Tax and final return disclosure
1:00 Lunch

2:00 ACCOUNTING
  • Invoice, Debit Note and Credit Note prescribed particulars requirement.
  • Standard and Specific Taxable Period
  • Filing of Returns & Payment of Tax
  • Transaction classification code in supporting of your returns.
  • Bad Debt Relief.
  • Accounting Entries and its Record Keeping.
  • Offences, Compound and Penalties
3:45 ANTI-PROFITEERING REGULATIONS COMPLIANCE
  • Understand its scope coverage requirements and its offences.
  • Learning their mark-up margin and unreasonable high profit calculation.
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.

 

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