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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 May 23~24, 2016.
The following is the question and answer summary for the training on May 23~24, 2016 (Subang).
- Guide on Supply  was released on Wednesday. Kindly take note that supply of staff within the same group of companies will subject to GST
- Guide on Transfer Of Going Concerns  - It is a re-write of the guideline. If it is related to your GST operation, kindly read the document.
- For a sole proprietor business, the tax invoice shall address to the registered name to claim input tax credit. For example, XYX Electrical and Engineering. The tax invoice shall address to XYX Electrical and Engineering rather than owner or sole proprietor personal name
- For sole proprietor assets, it can capitalize as the sole proprietor will engage accounting firm or freelance to prepare accounts. However, for passenger car, it is block from input tax credit. You may consider to capitalize input tax credit. I wish to highlight that the tax invoice must address to business name if you plan to claim car insurance [personal or owner name is disallowed to claim input tax credit]
- Freight Transportation - As long as the last delivery destination is within Malaysia territory, it is a standard rated supply of service. It is stated in Example 8&10, Guide on Freight Transportation
- Freight Transportation from KL to Labuan and vice-versa are standard rated supply of services. Paragraph 21 of Guide on Freight Transportation
- Disposal - If you are GST registrant, you shall issue tax invoice for disposal of business assets rather than stating trade-in from the buyer. Disposal of business assets with consideration is standard rated supply.
- GST Block is tax deductible and GST Expenses are non tax deductible.