WE ARE ORGANIZING GST SEMINARS! For more details, please refer to the following section.
Also in this latest issue of our newsletter, we have summarized a few key updates in relation to the following matters:
- Income tax – Transfer Pricing Documentation Declaration
- Income tax – Dormant Companies’ Tax Return Submission Requirement
- Latest GST updates – Zero-rated, Exempt and Relief Orders
OUR UPCOMING SEMINARS
With GST implementation commencing soon in LESS than six months, businesses are now expected to have prepared (or at least starting to do so before it is too late!) themselves to adapt to the new changes in the coming future. Bear in mind that it is critical for all businesses to comply with GST requirements to avoid hefty penalties, which can be achieved by both modifying your accounting software to embrace the new changes, and by adopting the right accounting practice for GST treatment!
Industry-Focused GST Awareness Seminars
Good news! To better accommodate our clients’ needs, we are now coming up with industry-specific GST awareness seminars for the following industries:
- Retail and trading, 12 November 2014 (Wed)
- Construction, 13 November 2014 (Thurs)
Please note that both seminars will be conducted in Mandarin.
These seminars are specifically tailored to make participants aware of not only the general aspects of GST but also issues pertaining to their very own industry.
Think this is too general for you? How about the practical issues? Fret not as we are also organizing GST accounting seminar to help you tackle the practical aspects of implementing GST.
GST Accounting Seminar
Our seminar content includes basic software setup requirements, GST accounting, as well as managing GST compliance, all of which are vital to your business nowadays in a sense that it may have such large implications when failing to comply. We will also provide a full case study on how to complete GST-03 returns.
Seminar date: 14 November 2014 (Fri).
Please also be informed that the seminar will be conducted in Mandarin. For more information on course details, or to download the registration form, please click here. You may email the completed form to gst@mswongco.com. Our friendly staff will follow up with you shortly upon receiving your email.
UPDATE 1: INCOME TAX – TRANSFER PRICING DOCUMENTATION DECLARATION
The annual corporate tax return (Form C) for the year of assessment 2014 has been modified by the IRB and requires companies to declare whether they have prepared transfer pricing documentation.
Companies that currently declare related party balances may be subject to scrutiny by the tax authorities if they declare that they do not prepare transfer pricing documentation. However, if they declare that transfer pricing documents are prepared but if selected for a tax audit and discovered otherwise, they will be subject to steeper penalties.
UPDATE 2: INCOME TAX – DORMANT COMPANIES' TAX RETURN SUBMISSION REQUIREMENT
(b) Upon receipt and review of the ITRF for YA 2014, for the dormant companies, the IRBM will determine whether prior year ITRFs need to be submitted on a case to case basis.
(c) Dormant companies are required to submit the Form CP204 with effect from YA 2016 if the provisions of Section 107C(4) and Section 107C(4A) of the Income Tax Act 1967 are applicable.
For more information, please click here.
UPDATE 3: LATEST GST UPDATES – ZERO-RATED, EXEMPT, AND RELIEF ORDERS
(i) all types of local and imported fruits
(ii) white bread and wholemeal bread
(iii) coffee powder, tea dust and cocoa powder
(iv) yellow mee, kuey teow, laksa and meehoon
(v) medicaments and medical gases under the National Essential Medicines List which covers approximately 2,900 medicine brands – these medicines are used to treat diseases such as heart failure, diabetes, hypertension, cancer and fertility treatment
(vi) reading material such as children’s colouring books, exercise and reference books, text books, dictionaries, religious books and newspaper, and
(vii) the supply of the first 300 units of electricity to domestic consumers.
The list of zero-rated, exempt and relief orders were subsequently gazetted and can be found on the following link:
http://gst.customs.gov.my/en/rg/Pages/re_odr.aspx
Please be careful when interpreting the detailed zero-rated listing in the appendices as the bold headers do not necessarily mean they are zero-rated. You have to look at the detailed HS sub-codes to see which ones have been selected as zero-rated.
The budget also announced the retail sale of RON95, diesel and Liquefied Petroleum Gas (LPG) to consumers will be given relief from GST but the mechanism has yet to be announced.
We will be sending a summary of the budget update as well as our commentary in our next newsletter.