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WORKSHOP I on
GST Basics: An Overview of GST for Everyone
13 JANUARY 2015, TUE ■
09.00AM-05.00PM ■ BANGUNAN MAICSA, KUALA LUMPUR
INTRODUCTION
Malaysia will soon see the Goods & Services Tax
being implemented as from 1 April, 2015. There
are many misconceptions which arise mainly from a
misunderstanding of the way GST operates. The
Malaysian Royal Customs Department has
highlighted areas of the Malaysian GST that are
different from the GST in UK, Australia and
Singapore.
The
differences
arise
from
improvements made over the other models primarily
to assist Malaysian businesses in achieving a more
effective cash flow management.
This workshop 1 aims to bring to you a good
overview of Malaysian GST in a simple and concise
manner, including a good understanding of the key
elements of GST.
LEARNING OUTCOMES
At the end of the course, participants will be able
to:• Obtain a good overview of the Malaysian Goods
& Services Tax in simplified language;
• Understand the concept and the principal
elements of GST in relation to supply of goods
and services;
• Understand the registration issues – mandatory,
voluntary, group and late registration impact;
• Learn the GST documentation required, the
accounting records and GST Returns – GST-03
• Get an insight into treatment of GST on capital
goods (capital assets), and
• Get an understanding of the impact of GST on
businesses and how to manage the impact.
COURSE OUTLINE
Introduction to GST
• An overview of GST
• GST vs Income Tax – understanding their
respective impacts
• What happens to Sales and Service Tax – the
transitioning effects on businesses
Scope of GST
• The mechanism by through which GST is
imposed – input tax, output tax, input tax
credits;
• Supply of goods and services – meaning of
supply, how to determine goods and services
and dealing with imports;
• Understanding the critical “business test”;
Taxable Persons, Taxable Supplies and
Exempt Supplies
• Taxable person and taxable supply
• Standard rated supply, zero-rated supply,
exempt supply and mixed supply;
•
Time of supply (the tax point) and place of
supply, consideration and value;
Registration
• Threshold for registration
• Types of registration – mandatory and
voluntary,
• Registration of Company, Partnerships and
Limited Liability Partnerships, Sole proprietor,
Clubs, Associations and Management
Corporations, and Non-profit Organisations
• Calculation of taxable supply for GST
registration
• GST 01 Return for Registration – Understand
what is required
• Group registration – conditions and pros and
cons for businesses;
• Effect of late registrations;
• Wholly zero-rated supplies – conditions for
exemption from registration, advantages and
disadvantages;
Types of Documentation – an overview
• Records relating to sales and income (output
tax) eg Tax Invoices, cash register rolls, etc
• Records relating to purchases and expenses
(input tax) eg Suppliers invoices, bad debts
claims, etc
• Appropriate accounting records including
inventory listings, debit and credit notes etc
• Bank statements, GST returns submitted to
Customs, GST workings summary etc.
GST Returns
• Submission of GST returns – the criteria for
quarterly or monthly submissions;
• Input tax credit, mechanisms to claim input
tax, blocked input tax and input tax refund
mechanism;
• Formula to claim bad debts relief on partial
collection of debts;
• Gifts and own use of goods and assets rules;
• Overview of special schemes - “Approved
Traders Scheme”, Approved Toll
Manufacturers Scheme”, “Warehousing
Scheme”, “Flat Rate Scheme”, Relief on
Second Hand Goods (margin scheme);
• Review of partial exemption and annual
adjustments for mixed supply;
• GST-03 – Goods and Services Tax Return –
Learn what is required for completion of GST03;
Capital Goods – Assets used in the
Business
• A preview of Capital goods adjustment;
Penalties for Offences
• A description of the various penalties for
offences under the GST Act, 2014
8 CPD HOURS
GST Impact on businesses
• The changing landscape in the way
business is carried out
• Impact of GST on businesses and
Government revenue
• Cash flow fund required to pay output tax
on credit sales;
• Challenges on GST implementation and
methods of overcoming them;
• Software requirements.
WHO SHOULD ATTEND
• CFO’s, Financial Controllers, COO’s, CEOs
and Managing Directors
• Tax Managers and Tax Consultants
• Chartered Accountants, Advisors, and
Auditors
• Company
Secretaries and
Business
Consultants
• Professionals and Staff involved in preparing
for the implementation of GST
• Members of the public who which to learn
about Malaysian GST
SPEAKER’S PROFILE
J Selvarajah - ACA; CA(NZ); CA(M); ACTIM;
FIPA(Aust); B.Com(Acc)NZ.
J Selvarajah, is a senior partner of a well-established
professional practice in Kuala Lumpur which is a
member of an international network of accounting and
consulting firms with more than 300 partners and
professional staff. He is currently actively involved in
the preparatory work for the implementation of GST for
clients in collaboration with a major software company
listed on Bursa Malaysia, as well as SME clients. He
has also undergone the 10 day training in Goods &
Services Tax conducted by senior officers of the Royal
Malaysian Customs Department. He has 43 years of
work experience in public practice particularly in the
areas of financial reporting for public and private
entities, internal audits, corporate governance and risk
assessments, external audits, company secretarial
practice and fraud prevention. He has assisted several
Malaysian and international companies and other
organisations operating in Malaysia and Singapore in
setting up the Internal Audit and Risk Management
processes and Corporate Governance training. He is
also the internal auditor for several public listed
companies on Bursa Malaysia and SMEs’. He has also
performed several investigative audits on accounting
malpractices, embezzlement and money laundering. J
Selvarajah also delivers regular public and in-house
seminars and training on Corporate Governance and
Risk Management, Malaysian and International
Financial Reporting Standards (MFRS/IFRS), Financial
Instruments, Costing and Cost Management systems,
Malaysian Corporate Tax Impact of MFRS, Corporate
Tax Planning and Corporate Taxation including the
soon to be introduced GST, and as well as on
Corporate Fraud Detection, Prevention and Fraud Risk
Management. J Selvarajah, is a member of the
Institute of Chartered Accountants in England & Wales,
the New Zealand Institute of Chartered Accountants,
the Malaysian Institute of Accountants, and an a
member of the Chartered Tax Institute of Malaysia. He
is also a PSMB (HRDF) Certified Trainer.
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur
COURSE FEES
Normal fee
(RM)
MAICSA Member/graduates/students/Affiliates
Non Member
MAICSA member’s staff*
350
500
350
**Early Bird Discount (RM)
(register & pay before
31/12/2014)
320
470
Group Discount (RM)
(for 3 or more registration
from the same organisation)
320
470
(inclusive of course material, lunch and 2 tea breaks)
TERMS & CONDITIONS
* The staff of the sponsoring MAICSA member who must report directly to the member in the same organisation. The staff is entitled to the
member’s rate and NOT entitled to group fee and the early bird fee. The Sponsoring MAICSA member is required to indicate his/her name,
designation and membership number in this registration form.
** Normal rate will be applicable if we do not receive payment before 31/12/2014.
All registrations MUST be accompanied with full payment. Admittance will not be permitted unless payment. Payment for normal rate shall be made
within two (2) weeks from the date of the invoice or on the day of the event, whichever earlier.
CANCELLATION POLICY:
Upon registering, participant(s) are considered successfully registered for the event. The registration fee(s) is/are non-refundable nor allocated to
another programme if the participant(s) decides to cancel/ withdraw the registration less than five (5) working days prior to the event date or no show
on the day of the programme. Cancelled unpaid registrations will also be liable for full payment of the registration fee. (Note: Cancellation/withdrawal
must be in writing).
If you intend to send a replacement, please notify us in writing at least five (5) days before the event. The CPD hours will be allocated to the
designated attendees. If the replacement is not a Member, the appropriate fees will apply.
REMINDER: Please produce national registration identity card/passport upon registration for identity verification. Certificate of
ADMINISTRATION
Attendance will only be released to registered participants upon full attendance with full payment.
Please email/fax/post this form and submit payment to:-
MAICSA
Bangunan MAICSA
No. 57, The Boulevard, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur
Attention: Training Division
Tel: 03-2282 9276
Fax No: 03-2283 4492
Email: [email protected]
DISCLAIMER
For details of other training events, please visit the MAICSA website at http://www.maicsa.org.my
MAICSA reserves the rights to make amendments to the programme without prior notice to the participants and to cancel or postpone the session if
the minimum number of participants is not met. If your organisation requires an official invoice, please contact the MAICSA Training Division. Upon
signing the registration form, you are deemed to have read and accepted the terms and conditions.
PAYMENT DETAILS –TX13011501
Payment by cheque
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Amount RM:
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Bank: RHB Bank Berhad, Mid Valley
Account name: MAICSA
Account number: 2-64094-0000-4232
Attached/ Email the bank-in slip/ online transaction slip/ EFT payment advice to [email protected] or fax to 03-2283 4492
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur
R E G I S T R A T I O N F O R M – WORKSHOP I on GST Basics: An Overview of GST for Everyone (TX13011501)
Please register me for the event.
Full Name as per IC (Dato’/Datin/Dr/Mr/Mrs/Ms)*: _______________________________________________________________________________
Vegetarian
Designation*: _________________________________________ MAICSA No.:____________________ Email* : ______________________________________________
ORGANISATION INFORMATION
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Designated Contact Person:
Manager, Training Division
Mailing address:
MAICSA, Bangunan MAICSA, No. 57, The Boulevard,
Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur
Tel No. :
03-2282 9276
Fax No. :
03-2283 4492
E-mail :
[email protected]
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MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur