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Essential Excel Skills for Accountants
Questions and Answers from training
- Written by Stanley K Wong
- Category: Questions and Answers from training
Thank you for your participation for the training held on March 17~18, 2016.
The following is the question and answer summary for the training on March 17~18, 2016 (Batu Caves).
- Imported Services - Finance Act 2015 amended the time of supply for imported services at the earlier of invoice or payment. Input tax credit is claimable upon payment to overseas.
- Exempt Supplies - If staff is chargeable for hostel rental to staff, then it is exempt supplies, input tax credit cannot be claimed. Hostel is residential in nature.
- Group Registration - Members of group registration must be wholly taxable suppliers, it cannot have any exempt supplies in the member company
- GST Audit File - The following requires your IT attention:
- Redundant header to be removed
- Company structure does not include file creation date
- Calculation of footer is not correct. Debit and Credit are not balanced.
- All value and GST value fields must be in currency format for decimal place. It is recorded as text field now
- No tax code for all Supply transactions
- Currency between MYR and foreign currency are not matched
- Local value uses XXX instead of MYR
- Scrap in Malaysia - Initially I mentioned zero rated for billing to Singapore. As the place of supply is in Malaysia and not consumed and beneficial to Singapore's customer, I would suggest that it is standard rated tax invoice to bill Singapore.
- Printing Development Fee is zero-rated supply because it is beneficial to your overseas customer and it is exportation of services.
- Invoice more than 6 months adjustment - It is based on tax invoice date. Tax invoice date is the date of supply. You may claim input tax credit later but 6 months will count from tax invoice date, not the claim period
- Issue invoice for interest charged in inter-company - As it is incidental exempt financial supplies, whether it is invoice or not, it is not important in GST.
- Advance payment shall set as non stock item in your tax invoice and it will use to apply after your deliveries.
Mr. Stanley Wong Kah Leong
Suite 11 Block E111 Phileo Damansara 1
No 9 Jalan 16/11 Off Jalan Damansara
46350 Petaling Jaya, Selangor, Malaysia, MYS
Tel: +6012-9819390; +6012-6981938
Email: admin at swpc.com.my