What is GST Malaysia

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Goods and Services Tax (GST)
What is a GST?

• Introduction to
• GST Implementation
• In Malaysia
• Effective 1 April 2015

Organised by iTrainingExpert.com
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WHAT YOU NEED TO KNOWwhich as not told to you

• Malaysia's new 6 per cent GST commences from
  Wednesday 1 April 2015, replacing the current
  sales and services taxes (SST).  Registrations
  are due by Wednesday 31 December 2014.
• So register your BUSINESS with the Malaysia
  Customs by 30 December 2014

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Highlights of GST

• A broad-based consumption tax or value added tax
• Imposed on the supply of taxable goods and
  services
• Transaction based, multi stage tax imposed at
  each stage of business transaction (i.e. from
  production to distribution of products and
  services)
• Collection and payment is on self-assessment
  basis monthly, quarterly, half yearly GST
  returns
• Collected through a credit system where GST
  incurred on inputs is offset against GST charged
  on outputs
• Will replace the existing Sales Tax and Service
  Tax
• To cover all sectors of the economy with limited
  exemptions and zero rating
• GST rate 6
• Final Tax on Consumption not Investment

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You Want To Act now

• GST will only come in effect on 1 April 2015.
  However, your business cannot procrastinate and
  wait until last minute to act. Experience from
  other countries who has implemented GST shoes
  that the range of tax, legal, cash flow, pricing,
  systems and training issues that must be
  addressed in transitioning to a new GST regime
  are usually both considerable and often
  time-consuming.
• At such, your planning and early preparation is
  vital, as the introduction of a GST is a
  whole-of-business change, and bear in mind that
  most taxpayers will need to register by Wednesday
  31 December 2014.
• Today, the Malaysia government is expecting about
  300,000 taxpayers to register for the GST  and
  currently less than 80,00 have actually
  registered. Penalties are applicable to late
  registration also.
• Why risk your business and the directors to be
  penalised for late registration when you can act
  now and attend iTrainingExperts quality GST
  course to get ahead and start the GST
  implementation process?

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Who must register for GST?

• A person is required to be registered for GST if
  he makes taxable supplies where the annual
  taxable turnover exceeds RM500,000.Taxable
  turnover means the total value of taxable
  supplies excluding the amount of GST.Excluding
• capital assets disposed
• imported services
• disregarded supplies made in relation to the
  Warehousing Scheme
• disregarded supplies made within or between
  designated areas

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Is GST applicable to most goods and services?

• GST will be charged on
• Any taxable supply of goods and services, made in
  the course or furtherance of any business, by a
  taxable person in Malaysia
• The importation of goods into Malaysia, except
  goods prescribed as zero rated and exempt, and
• All imported services acquired for the purpose of
  business, except exempt supplies of services.

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What is a GST?

• A multi-stage tax collected at all stages of
  production.
• A tax ultimately borne by the consumer.
• Overcomes cascading along the supply chain.
• A tax that creates churn, because of its
  multi-staged nature.

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What should I do now?

• Time to register is running out, so you need to
  act now. Businesses need to be preparing for both
  registration and the commencement date.
• Some key issues to consider when preparing for
  the GST
• CEO, CFO and all Department Heads and staff
  training on GST with approved GST Tax consultant
• registration is now open via the Royal Malaysia
  Customs Department website.
• pricing
• contracts spanning the implementation of the GST
• accounting systems

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More information and for reading

• Royal Customs Malaysia
• General Guidelines on GST

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Click here for Course Details and Availability

• Nothing beats attending a customised small class
  GST workshop with iTrainingExperts approved GST
  Tax Consultant and ask as many questions as you
  want about the ins and outs of GST
  implementation get answers to problems that you
  may encounter
• Click here for Course Details and Availability
• Limited seats available
• http//www.itrainingexpert.com/course/51/GST--Good
  s-and-Services-Tax.html

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PUTTING IT ALL TOGETHER
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