Dear valued clients,
In this month’s newsletter, we would like to highlight the following news/updates to you:
- General concept of GST (with simplified graph demonstration);
- GST seminar conducted by M.S Wong & Co (English & Mandarin version) in coming April & May 2014;
- MASB issues the Malaysian Private Entities Reporting Standard and amendments to standards; and
- Approved accounting software vendor list has been finalized and announced on 12 March 2014.
M.S. Wong & Co.
General Concept of GST
w.e.f 1 April 2015
GST is a multi-stage tax collected at every stage of production and distribution chain. GST is charged on importation of goods and services into Malaysia. GST is also charged on all taxable supplies of goods and services, where:
- It is made in Malaysia;
- It is a taxable supply of goods and services;
- It is made by a taxable person; and
- It is made in the course or furtherance of any business carried on by that taxable person.
A taxable supply means a supply of goods or services which is either standard-rated (6%) or zero rated (0%). An exempt supply is not a taxable supply.
STANDARD-RATED SUPPLY (6%):
ZERO-RATED (0%):
Visit the Royal Malaysian Customs Department GST official website: http://gst.customs.gov.my/en/Pages/default.aspx
More updates on GST will be available in our coming newsletter.
GST Seminar (English & Mandarin)
April and May 2014
We will be holding 2 seminars, with English language (on 25/04/14) and Mandarin language (on 07/05/14) for you to have a clear understanding on the GST. The form to sign up will be available for download below for you to fill up and send back to us and if you have any queries please do not hesitate to contact Simon (simon@mswongco.com) or Angie (tax@mswongco.com). We look forward to see you at our seminar!
Registration form:
Download the form here.
MASB Issues the Malaysian Private Entities Reporting Standard and Amendments to Standards
w.e.f 1 January 2016
The Malaysian Accounting Standard Board (“MASB”) has, on 14 February 2014, issued the following a new financial reporting framework for private entities, namely the Malaysian Private Entities Reporting Standard (“MPERS”);
All private entities shall apply the MPERS for its financial statements with reporting periods beginning on or after 1 January 2016. Earlier application is permitted.
The MPERS is closely aligned with IFRS for SMEs issued by the International Accounting Standards Board (“IASB”) in July 2009. The MPERS can be downloaded from the MASB website at http://www.masb.org.my.
Approved Accounting Software Vendor List
12 March 2014
The list of GST accounting software vendors has been officially announced by Royal Malaysian Customs Department on 12 March 2014. SMEs purchasing accounting software from approved vendors will be entitled to Government rebate.
List of approved accounting vendors:
Download here.
More information about the Government rebate, para 110 (6):
Read it here.