GST System Changes Newsletter

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Thu Aug 13 @10:00 - 05:30PM
Webinar: Latest Sales Tax Mechanism and Exemption Facilities for Manufacturers and Traders Updates
Fri Aug 14 @09:00 - 05:00PM
Mastering Management Accounting and Management Accounting Reports
Fri Aug 14 @10:00 - 05:30PM
Webinar: Latest Sales Tax Mechanism and Exemption Facilities for Manufacturers and Traders Updates
Mon Aug 17 @09:00 - 05:00PM
Fri Aug 28 @09:30 - 05:30PM
Mastering Data Analysis Tools using Microsoft Excel

Questions and Answers from training

Questions and Answers from training on June 6, 2016 (PJ)

Thank you for your participation for the training held on June 6, 2016.

  1. Please take note that you can only raise disbursement if you met all conditions specified with DG Decision 5/2015 Item6 v2

The following is the question and answer summary for the training on June 6, 2016 (PJ).

  1. Local tax invoice in foreign currencies - Some accounting software has specific feature to record taxable amount and accounting value. Alternatively, you may need to use GST clearing accounts to record these transactions
  2. Software and License - Software is a service
  3. Billing to overseas entity for software - It shall qualify as reimbursement at zero rated as it is directly beneficial to a person outside Malaysia when the recovery service is performed
  4. Free of charge sample - If you send the sample out of Malaysia and subsequent return to Malaysia, it may subject to importation. You may apply for the relief with RMCD
  5. Ad-hoc services - It shall combine with primary MSIC
  6. Management Fee - If it is treated as single business source, then it shall use the primary MSIC
  7. Imported Services - Tax code to be used is Input Tax (TX) and Output Tax (DS)
  8. Registration for business which holds commercial properties - it follows the ordinary rule of registration based on taxable threshold. A business is different from individual as its initial intention is to carry a business.
  9. Incidental Exempt Financial Supplies - ES43 - Kindly assign for interest income and net gain for realized gain/loss in exchange. It shall not include any accruals and revaluation
  10. Selling books by organization which is not publisher - Selling books will qualify as zero rated supply despite you are not the publisher.

Please download the PDF document to read the Q&A in details.

Download this file (QA-June062016.pdf)Question and Answer - June 6 2016[Summary]215 kB

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GST System Changes