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The Implementation of Goods and Service Tax (GST) Malaysia
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Malaysia GST Implementation plan for Company

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Malaysia GST Implementation plan for Company

  1. 1. Ben Lai www.industries.my
  2. 2. GST is charged on:  Taxable Supply of Goods and Service  Made by Taxable Person  In the course or furtherance of business  In MALAYSIA  Imported Goods/Services
  3. 3. Type of supply Output Tax Input Tax Example Standard-Rated 6% Claimable Scaffolding, Roofing, Truss, Racking, Painting, Installation etc. Zero-Rated 0% Claimable Basic Food, Lives Stock, 300units of electricity, Exported Goods & Services Exempted No GST Not Claimable Public Transport, Tol, Education, Healthcare, Financial, Residential Properties, Land for general use.
  4. 4. Strategy Formulation Create awareness Compliance with Law   Improve Efficiency TOP Management -------------- Middle Management -------------- Technical / Operational
  5. 5. GST committee was formed with representative from the respective department to undertake the impact study on the area of :  Information System  Finance / Account  Sales & Marketing  Purchasing & Logistic  Human Resource
  6. 6. Before 1 April 2014  At least 1 month for SYSTEM test run  Create awareness among all After 1 April 2014  Monthly Submission on time  Not Changes Allowed after submit  Internal Control
  7. 7.  ERP system implementation ◦ Mapping of New Chart of Account ◦ Exchange rate in conformity with RMC requirements ◦ Documentation Setup in conformity with RMC requirements ◦ GST Return form 03 ◦ GST audit file  Accounting System Advisory Subsidiaries ◦ AutoCount ◦ SQL accounting ◦ SAGE 300 ERP
  8. 8.  To review on current documentations o Expenses Claims Form o Monthly Allowances  To formulate new set of HR Policies
  9. 9.  Review of all material contracts  Obtained appropriate registration  Cancel old sales / service tax license  Prepare for switch over date (trial run)  Apply for appropriate special scheme (ATS)  Identify Cash flow impact and optimization  Minimization of compliance cost  Maximize claim of input tax  Financial Application Impact (eg. BA, Term Loan)
  10. 10.  Pricing Strategy  Standard rated supplies (Products & Scrap)  Deemed supplies (Services & Labor)  Timing of supply (21 days rule)  Debts Management (6 months old debts)  Transfer pricing issues (Inter-Company Sales)
  11. 11.  Vendor validation & Selection o To request for vendor registration o To study all material cost impact o To study on indirect cost impact (eg. TPT cost) o To minimize input tax (bonded warehouse)
  12. 12.  Attend training run by professional body  Training of key staff (In house)  Engage external consultant to run the project across subsidiaries.
  13. 13.  To identify connected person and consider transfer pricing issue  To optimise business models impact by GST implementation  To optimise Corporate Structure for GST efficiency
  • WaiHoongHowYong

    Apr. 16, 2017

The owner of this Slide will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses or damages from the display or use of this information.

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