Dear Valued Clients,
We would like to thank you for your support in 2014 and your continued support in 2015.
2015 is anticipated to be a challenging year for accountants and businesses alike with the introduction of GST.
Whilst the laws and regulations have already been gazetted along with the publication of many interpretation guides on the government website – gst.customs.gov.my – there is still a great deal of uncertainty faced by businesses during the implementation process. In addition, interpretation of the law also differs among consultants and customs officers, and even the official interpretation on published guides may change over time. Therefore it is imperative that businesses continue to keep up to date with the latest developments.
As we strive our best to keep you informed of the latest decisions, we would like to highlight to you the following in this issue of our newsletter:
- 3 panel decisions that have recently been published
- Key taxation decisions from Budget 2015
(Now that a number of Finance orders and acts have been published, please take some time to go through it as some of the changes may be important to your business.)
Our Upcoming Seminars
In this issue of our newsletter, we would also like to take this opportunity to thank all of you who has supported our GST seminars.
Throughout the year 2014, we have held more than 10 self-organized seminars attended by over 800 participants!
We have also been invited to speak at numerous seminars organized by property developers, business associations and companies for in-house seminars.
Due to continued strong demand in our seminars, we are continuing our series in January:
1. Construction Industry (22/01/2015, Thursday)
2. Accounting for GST (23/01/2015, Friday)
Our Accounting for GST seminar is a detailed hands-on workshop that is specifically tailored for accountants and the key topics are listed as follows:
- Basic software setup requirements
- GST accounting (double entry)
- Managing GST compliance, and
- A full case study on how to complete GST-03
Sign up soon if you are interested as seats are limited! Alternatively, you may contact our friendly GST consultants for more details at 07-332 8335. To download our brochures and registration form, please click here.
Once again, we wish everyone to have a blessed new year ahead! Please do not hesitate to contact us should you have any queries or comments on our posts. Keep on reading to find our updates!
Reminder: GST E-Vouchers
E-vouchers of SME Corp Malaysia worth RM 1000 is to be given for free upon successful GST registration after 10 November 2014. For further information, please click on the following link:
http://gst.customs.gov.my/en/hl/_layouts/customapplication/announcementDetails.aspx?ID=123
Update 1: GST Frequently-Asked Issues (or Panel Decisions)
The Royal Malaysian Customs Department (RMCD) has issued three Frequently Asked Issues (or Panel Decisions) to provide answers to the most frequently raised questions. You may find some of your questions answered in any one of these issues:
1. 01/2014 (issued on 28th October 2014)
http://gst.customs.gov.my/en/rg/SiteAssets/FAI/Panel%20Decision%20compilation%20portal%20upload.pdf
2.02/2014 (issued on 5th December 2014)
http://gst.customs.gov.my/en/rg/SiteAssets/FAI/PANEL%20DECISION%2002%202014.pdf
3. 03/2014 (issued on 29th December 2014)
http://gst.customs.gov.my/en/rg/SiteAssets/FAI/ISU%20DIBINCANGKAN%203.pdf
Update 2: Budget 2015 Newsletter
Budget 2015 contains many sweeteners from the government in view of the increased tax collections from GST that will be introduced from April 2015. This includes lowering of income taxes and increasing of BR1M to low income individuals and households. We have summarised the key relevant updates in the attached newsletter below: