SST-Up-to-Date (Budget 2020) Updates, Common Implementation Issues & Health Check For Audit Preparation

27 Feb, 2020, Kuala Lumpur

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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 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 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

Renaissance Kuala Lumpur Hotel
Corner of Jalan Sultan Ismail and Jalan Ampang, 50450 Kuala Lumpur, - 50450
Phone : (603) 2162 2233

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Michelle,
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michelle@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Yvonne,
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ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
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FOCUSING ON
  • Updates and Insights of Up-To-2020 since Implementation as At Today.
  • Implementation Mechanism And Its Common Associated Issues To Avoid And Overcome
    A. Registration
    B. Sales Tax Implementation
    C. Service Tax Implementation
    D. Accounting Administration
  • Health Check For Audit Preparation
INTRODUCTION

Sales and Service Tax (SST) since implementation w.e.f. 1/9/2018, has undergone various updates in the 2019. SST Acts has also gone into major changes to be ready for implementation w.e.f. 2020 for a more holistic indirect tax system.

Requirements like Recipient Self Accounting for imported services for businesses calls for all businesses to be fully aware of, as it also affects non SST registered person.

 

Other things that happen in the Service Tax mechanism are like (1) exemptions for certain businesses to avoid double taxation effects, (2) Introduction of new services, (3) Clarification of Management Services, and (4) amendments including the SST return forms and invoice contents.

 

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) and the introduction of revised procedures in the application for sales tax exemption under Schedule C item 3.

COURSE OBJECTIVES
  1. Being up-to-date with all Legislation and RMCD policies changes to ensure compliance.
  2. Being aware of common pitfalls / issues to avoid from RMCD’s SST audit findings.
  3. Being able to do your SST implementation health check in preparation for Audit.
  4. Understanding and applying the various SST Exemptions / Benefits facilities available.
METHODOLOGY
Interactive Lectures, Discussions and Questions and Answers sessions.
WHO SHOULD ATTEND
  • Business Owners and Company Directors
  • CEO, COO, CFOs, Financial Controllers and Finance Managers,
  • Accountants, Accounts Executives, Accounts Assistants.
  • Business Advisors, Auditors and Internal Audit Staff
  • Freelance Accounting Professionals,
  • Procurement/Purchasing/Sales/Logistics and other functional Managers
  • Other functional staff engaged in SST implementation matters.
COURSE CONTENT
9:00

UPDATES AND INSIGHTS OF UP-TO-2020 SINCE IMPLEMENTATION AS AT TODAY.

10.45

IMPLEMENTATION MECHANISM AND ITS COMMON ASSOCIATED ISSUES TO AVOID AND OVERCOME

A. REGISTRATION

  • General Threshold and its determination – what is in and what is out?
  • Understand the Single Taxable person concept – what is it?
  • Registration Cancellation and its deemed sales under sales tax.
  • Transfer of Going Concerns under Sales Tax
  • Responsibilities of a Registered Person.

B. SALES TAX IMPLEMENTATION

  • Taxable areas and its valuation for tax purpose for 3rd party and inter-company transactions – A real life experience to be shared by the Trainer.
  • Definition of Manufacturing and resolving its dispute on its meaning.
  • HS Code / Customs Tariff Code and the Determining the Rate of Tax – a real life experience to share. A real life experience to be shared by the Trainer.
  • Types of exemptions under the exemption orders:
    a. Goods exempted from charging sales tax
    b. Persons exempted from paying sales tax – terms and conditions under:
    i. Schedule C –
    -- Registered Manufacturers purchase direct,
    -- Registered Manufacturers purchase through 3rd parties
    -- Registered Manufacturers as and/or using labor contractors
    ii. Schedule B – Non- Register Manufacturer on their production of 4 Category of specific sales tax exempted goods. Crucial for item 1 of the schedule.
    iii. Schedule A – Other categories of person and its conditions requirements.
    iv. MIDA support items under Schedule A procedures and conditions.
    c. Quarterly record keeping and periodical reporting requirements for goods under exemption, including breaching the conditions of exemption
    d. 20 business activities exempted from sales tax registration. Crucial of single and not joint activities like meal preparation and incorporating of materials into buildings.
  • Sales Tax Credit Systems.
  • Treatment for import and goods movement to and from:
    a. Designated Areas
    b. Special Areas (be fully aware of the Imposition of Sales Tax for goods sold to Special Area Order)
  • Definition of Export and its documentation criteria requirements, including goods sold to LMW.
  • Sales Tax drawback facilities.
1:00 Lunch
2:00

C. SERVICE TAX IMPLEMENTATION

  • Introduction of Digital Tax.
  • Service Provider and its 31 categories / 9 groups of Taxable services
  • Scope of taxable services in each category / group and when is Rental subject to service tax.
  • Key emphasis on Management Services including Project Management, Consultancy, Cleaning, etc.
  • Treatment of conditional and unconditional grants received
  • Service Tax treatment under Student exchange programs
  • Person exempted from paying service tax facilities criteria
  • Treatment of imported services requirement by all businesses including Non-SST register companies.
  • Inter-Company Professional Services and definition of group companies AND when are these services taxable also to Group Companies.
  • Treatment for services supplies within, to and from:
    -- Designated Areas
    -- Special Areas
  • Service Tax treatment of for exempted services provided by sub-contractor to main contractor, e.g., under preventive maintenance, residential properties, etc.

D. ACCOUNTING ADMINISTRATION

  • Invoice, Debit Note and Credit Note:
    -- Standard prescribed particulars requirement.
    -- Prescribed particulars requirements to person exempted from paying service tax.
  • Filing of Returns, Payment of Tax and Filing of Supplementary Returns.
  • Bad Debt Relief strict criterias’
  • Refund on SST over paid or paid in Error and understanding the impact of wordings “unjustly enriching the claimant” condition.
  • Service Tax contra system.
3:45

HEALTH CHECK FOR AUDIT PREPARATION

  • Key common areas to look out for errors for in the above Sales Tax and Service Tax implementation.
  • Audit coverage and awareness
  • Appeal procedures and judicial review
5:00 End of Course