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Questions and Answers from training
- Written by Stanley K Wong
- Category: Questions and Answers from training
Malaysian Institute of Accountants organized GST Conference 2016 together with Royal Malaysian Customs Department on Aug 29 and 30th, 2016 at Bangsar South. The following is the selected highlights from the conference. You may read the comments from GST System Changes by downloading the PDF attached with this article.
The wishlist during the GST Conference:
- Voluntarily Disclosure Provision: This provision is to encourage registrants to disclose their GST errors before GST Audit.
- Amendment in Penalty Clause: This is to amend the penalty clause so that the penalty is based on outstanding balance instead of the tax due and payable
- Alert on the revision of Guidelines: This is a request to alert the public any revision in the Guidelines in proper manner. Currently RMCD announced the amendment silently without informing the public.
- Risk Management - Learn from other countries with GST mechanism to achieve self compliance. Typical approach is ASK - Assisted Self-help Kit and ACAP - Assisted Compliance and Assurance Program by IRAS in Singapore
- Intensive review and analytics with GST Audit File (GAF) - It can determine the trend and pattern in GST pitfalls so that it alerts the registrant before GST Audit is triggered.