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GST Insights: Recent Updates, Post Implementation Issues, Interpreting GST Tax Codes and Customs Audit Preparation

GST Insights: Recent Updates, Post Implementation Issues, Interpreting GST Tax Codes and Customs Audit Preparation

20th and 21st July 2016 – Petaling Jaya

 

It is essential for all departments in an organization to be aware about this tax system and to understand how it affects their functions. This workshop uniquely adopts a multi-disciplinary approach towards the implementation of GST.

Introduction

Since the implementation of GST in Malaysia from the 1st April 2015, there has been many changes and updates. One of the biggest implications of GST is the fact that it is a major offence to wrongly declare any of the GST transactions.

The need for organizations to constantly keep themselves updated on the GST treatments as required by the Royal Malaysian Customs and to take the necessary steps needed to correct their mistakes is more critical than ever.

The GST implementation in Malaysia is covered by several acts of parliaments primarily the GST Act 2014, GST Regulations 2014 and Finance Bill 2015. It is a major offence to submit incorrect GST submissions with wrong application of GST tax codes as these errors are subject to severe penalties.

The impact of non-compliance when discovered upon Customs audit can be serious with high compound and potentially fine and imprisonment. Authorities had already commenced prosecuting offenders in court and imposing high compounds for non-compliance.

The Royal Malaysian Customs is already conducting desk audit and transaction audit on the tax returns submitted by businesses for every taxable period. The GST audit team will also conduct field audit on records and accounts of businesses to ensure there is no tax manipulation by businesses. This is expected to begin soon. Besides that, the GST risk assessment system, a computerised checking system, will trigger alerts relating to high risk cases.

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Course Objectives

At the end of the workshop, participants will be able to:

  • Get the latest current updates on Customs requirements and DG’s Decisions on GST
  • Obtain a good detailed understanding of the latest updates on GST and learn the impact of the updates
  • Get a good understanding of how to avoid common errors and misconceptions in the interpretation of the GST legislation resulting in errors and omissions in GST-03 returns
  • Know the latest Income Tax provisions relating to GST input and output tax transactions and adjustments to input tax
  • Get an opportunity to discuss your GST queries during question and answer session

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Who should attend

Company directors, general managers and business owners, Managers in charge of procurement, product pricing, bookkeeping, accounting, marketing, finance, legal, information systems and, of course, taxation.

It is essential for all departments in an organization to be aware about the changes in the GST tax system and to understand how it affects their implications and prepare for the audit.

Program Duration

  • 2 Days
  • 9.00 am to 5.00 pm
  • Lunch & Coffee/Tea provided

Registration & Fees

  • Training Fees: RM 1,500.00 per pax
  • Early Bird Fees: RM 1,450.00 per pax
  • Group of 3 or more: RM 1,400.00 per pax

This program is SBL Claimable (include morning & afternoon tea break, lunch, notes, certificate of attendance and 6% GST) 

Trainer Profile

Mr.Santhanasamy holds an MBA majoring in Finance from University Putra Malaysia. He is a member of the Chartered Accountant of Malaysia,Chartered Management Accountant of UK,Chartered Global Management Accountant and an Associate Member of the Malaysian Institute of Management.

He is a Certified Trainer of HRDF and a MIA speaker. Santhanasamy has more than 30 years of experience in the field of financial and management accounting practices that encompasses of Banking, Manufacturing, Education, Insurance, Security, Plantation, Shipping and Freight Forwarding. He was also with the Ministry of Works involved in special projects funded by the World Bank. He is now the official GST Consultant for more than 100 over companies under MINE Association.

As a self starter with his vast experience in numerous industries he is today a trainer and a principal consultant of GST for number of companies. He is no novice to GST. He has worked closely with Price WaterHouse Coopers on matters pertaining to Indirect tax on behalf of iCIMB since 2005 and contributed valuable inputs during their discussion with Ministry of Finance on matters pertaining to the implementation of GST.

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Axsel Management International Sdn Bhd (879857-T)

No.19, 1st Floor, Jalan 1/21, 46000 Petaling Jaya, Selangor D.E, Malaysia.
Tel: +603 – 7783 3333 Fax : +603 – 7781 3333
Web: www.axsel.com.my Email: [email protected]

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