Input Tax 6% To Make Taxable Supplies (standard rated) Input Tax 6% To Make Taxable Supplies (zero rated)

Transcription

1 Tax Code Listing S/P UD Tax Code RMCD Tax Code Tax Rate Description / GL Acc Note P TX-S TX 6% 6% To Make Taxable Supplies (standard rated) Goods and services purchased from GST registered suppliers and directly attributable to taxable supplies (standard rated). GST incurred at 6%. P TX-Z TX 6% 6% To Make Taxable Supplies (zero rated) Goods and services purchased from GST registered suppliers and directly attributable to taxable supplies (zero rated). GST incurred at 6%. P TX-I TX 6% 6% Imported Services. Imported services attributable to taxable supplies. P TX-ER TX-ER 6% 6% - to perform regulatory and enforcement functions by local authority or statutory body Goods and services purchased from GST registered suppliers to perform regulatory and enforcement functions. The local authority or statutory body is entitled to claim input tax if goods or services acquired is used to perform its regulatory and enforcement functions. 1

2 P TX-CG TX-CG 6% 6% Capital Goods Acquired To Make Taxable Supplies P TX-FRS TX-FRS 2% 2% - Purchase under Flat Rate Scheme P TX-ES TX-ES 6% P TX-ES- CG TX-ES 6% 6% - To make Non-Incidental Exempt Supplies 6% - Capital Goods Acquired To make Non-Incidental Exempt Supplies P TX-IES TX-IES 6% 6% - To make Incidental Exempt Supplies Not Claimable Not Claimable Capital goods purchased from GST registered suppliers and directly attributable to taxable supplies. GST incurred at 6%. Purchase from a person who qualifies for Flat Rate Schemes where Flat Rate Addition is charged at 2% Only applicable to GST registered trader that makes both taxable and exempt supplies (or commonly known as partially exempt trader). TX-ES should be used for transactions involving the payment of input tax that is directly attributable to the making of Non-Incidental Exempt Supplies. Non-Incidental Exempt Supplies include sale and rental of residential properties. (formerly known as TX-N43) Capital goods purchased from GST registered suppliers and directly attributable to nonincidental exempt supplies. GST incurred at 6%. TX-IES should be used for transactions involving the payment of input tax that is directly attributable to the making of Incidental Exempt Supplies. Example: hiring of security firm to transfer/deposit money into financial institutions (bank), sells lots of shares through a remisier and GST 2

3 P TX-IES- CG TX-IES 6% 6% - Capital Goods Acquired To make Incidental Exempt Supplies P TX-RE TX-RE 6% 6% - Residual P TX-RE- CG TX-RE 6% 6% - Residual of Capital Goods Residual Input tax Residual Input tax charged on the commission, and incurred GST on the legal agreements and other expenses related to a financial loans. (formerly known as TX-E43) Capital goods purchased from GST registered suppliers and directly attributable to incidental exempt supplies. GST incurred at 6%. Only applicable to GST registered trader that makes both taxable and exempt supplies (or commonly known as partially exempt trader). It refers to GST incurred that is not directly attributable to the making of taxable or exempt supplies (or commonly known as residual input tax). Example: operation overhead for a development of mixed property (residential & commercial). Capital goods purchased from GST registered suppliers and not directly attributable to taxable or exempt supplies. GST incurred at 6%. 3

4 P IM IM 6% 6% Import of Goods Refers to all goods imported into Malaysia which are subject to GST that is directly attributable to the making of taxable supplies. GST is calculated on CIF (Cost, Insurance and Freight) + Customs Duty payable. P IM-CG IM-CG 6% 6% Import of Capital Goods Import of Capital Goods with GST incurred and directly attributable to taxable supplies. P IM-RE IM-RE 6% 6% Import of Goods to make both taxable and exempt supplies Residual Input tax Only applicable to GST registered trader that makes both taxable and exempt supplies (or commonly known as partially exempt trader/mixed supplier). It refers to import of capital goods with GST incurred that is not directly attributable to the making of taxable or exempt supplies. 4

5 P IS-ATS IS 0% 0% - Imports Under Special Scheme (ATS) Nil This refers to goods imported under Approved Trader Scheme (ATS), where GST is suspended when the trader imports nondutiable goods into Malaysia. The scheme is meant to ease the cash flow of related traders who has significant imports. P BL BL 6% 6% - Not Claimable Non Claimable GST incurred but input tax claimed is disallowed. Examples are: Import/Hiring of passenger car; club subscription fees; medical expenses or medical/personal accident insurance premiums for the staff P TX-NC TX-NC 6% 6% - GST incurred and choose not to claim the input tax Not Claim (ND) GST incurred and the company choose not to claim the input tax. It will turn as a nondeductible tax expense of the company. 5

6 P NR NR 0% 0% - Non-GST supplier Nil Goods and services purchased from a non-gst registered supplier/trader who is not allowed to charge and collect GST. P ZP ZP 0% 0% - Zero Rated Nil P EP EP 0% 0% - Exempted Nil P OP OP 0% 0% - Out of Scope Nil P RP RP 0% 0% - Relief Nil P GP GP 0% 0% - Disregarded Nil Goods and services purchased from a GST registered supplier where GST is charged at 0%. The list of zero-rated purchase as prescribed in GST (Zero-Rated Supply) Order Purchase in relation to exempt supply such as residential properties or certain financial services where GST is exempted. The list of exempt supply are prescribed in GST (Exempt Supply) Order Purchase of goods that are outside the scope of GST legislation. Purchase of goods which given relief from charging and payment of GST. Example: Purchase of RON95 petrol, diesel and other relief supply as prescribed under GST (Relief) Order Purchases that are disregarded under GST legislation. Example: purchases within GST group registration, purchases made within a Warehouse Scheme etc. 6

7 P NP NP 0% 0% - Purchase treated as Non-supply Nil P P AJP- ARBD AJP- APBD AJP 6% 6% - Adjustment: AR Bad Debt Relief AJP 6% 6% - Adjustment: AP Bad Debt Recovery P AJP-O AJP 6% 6% - Adjustment: Others P AJP-CG AJP 6% 6% - Adjustment: Capital Goods P AJP-A AJP 6% 6% - Adjustment: Annual S SR-S SR 6% 6% - Standard Rated Supplies S SR-CG SR 6% 6% - Disposal of business assets S SR-MS SR-MS 6% S SR-JS SR-JS 6% 6% - Standard Rated Supplies under Margin Scheme 6% - Standard Rated Supplies under Jeweller Scheme Purchases that are treated as neither a purchase of goods nor a purchase of services and no GST incurred. The examples are prescribed in Second Schedule of GST Act Adjustment on input tax as a result of AR Bad Debt Relief. Adjustment on input tax as a result of AP Bad Debt Recovery. Adjustment on input tax as a result of other events. Adjustment on input tax related to capital goods. Adjustment on input tax as a result of annual adjustments. Supply of goods and services made in Malaysia that accounted for standard rated GST. Disposal of capital goods which accounted for standard rated GST. Supplies made by an approved person under Margin Scheme. An approved person is allowed to charge GST on margin i.e. the difference between selling price and purchase price. Supplies made by any taxable person to approved jeweller. Any taxable person who makes any prescribed supply of goods to the approved jeweller shall charge tax and is not liable to account for tax on the prescribed supply. 7

8 S ZRL ZRL 0% 0% - Zero Rated Supplies Nil S ZDA ZDA 0% S ZDA-CG ZDA 0% 0% - Zero Rated Supplies to Designated Area 0% - Zero Rated Supplies of Capital goods to Designated Area S ZRE ZRE 0% 0% - Zero Rated Supplies (Exports) Nil 0% - Zero Rated Supplies Of Capital S ZRE-CG ZRE 0% Goods (Exports) S DS DS 6% 6% - Deemed Supplies Nil Nil Nil S DS-I DS 6% 6% - Imported Services S DS- DS 6% 0% - Disregarded Supplies under ATMS ATMS Local supply of goods and services that qualify for zerorating. Examples of zero-rated supply as prescribed based on tariff code in GST (Zero-rated Supply) Order 2014 Supply of goods from Malaysia to Designated Area. Designated area includes Pulau Langkawi, Labuan and Pulau Tioman. Supply of capital goods from Malaysia to Designated Area. Designated area includes Pulau Langkawi, Labuan and Pulau Tioman. Export of goods and services fall within the description of international services. Example includes sale of air-tickets and international freight charges. Disposal of capital goods out of Malaysia. A supply is deemed has taken place even though no goods/services are provided or no consideration is paid. Example: free gifts (more than RM 500), disposal of business assets without consideration. Imported services account for standard rate GST.. Supplies received by local receipient in accordance with the Approved Toll Manufacturer Scheme which need to account for output tax. 8

9 S OS OS 0% 0% - Out Of Scope Supplies Nil Supplies that are outside the scope of the proposed GST model and GST is therefore not chargeable. S OS-ER OS-ER 0% 0% - Out of Scope Supplies for Enforcement and Regulatory functions S OS-OV OS-OV 0% 0% - Out of Scope Supplies between overseas country with other overseas country S OS-OVT OS 0% 0% - Out Of Scope Supplies Of Oversea which are taxable in Malaysia S OS-CG OS 0% 0% - Out Of Scope Supplies Of Capital Goods Nil Enforcement and regulatory functions performed by statutory bodies and local authorities. Nil Supply of goods made/transfer from country outside Malaysia to other country outside Malaysia Nil Supplies made in oversea which would be taxable if made in Malaysia. Nil Disposal of capital goods that are outside the scope of the proposed GST model which include disposal of capital assets made/transfer from country outside Malaysia to other country outside Malaysia and disposal of capital asset made outside Malaysia which would be taxable if made in Malaysia. S ES ES 0% 0% - Exempt Supplies Nil Supplies that are exempted under GST. The lists of exempt supplies are prescribed in GST (Exempt Supply) Order S ES-CG ES 0% 0% - Exempt Supplies Of Capital Goods Nil Disposal of capital goods that are exempted under GST. S ES-GU ES 0% 0% - Exempt Supplies Of Land For General Use Nil Supplies of land for general use that are exempted under GST. Example: Land used for burial, playground or religious building S IES IES 0% 0% - Incidental Exempt Supplies Nil Supply of financial services made by a registered person who is not in the business of making the 9

10 financial services. Incidental Exempt Supplies include interest income from deposits placed with a financial institution in Malaysia, interest received from loans provided to employees also include factoring receivables, and realized foreign exchange gains. (formerly known as ES43) S RS RS 0% 0% - Relief Supplies Nil Supplies that are given relief from GST. The lists of relief supplies are prescribed in GST (Relief) Order 2014 S RS-CG RS 0% 0% - Relief Supplies Of Capital Goods Nil Disposal of capital goods that are given relief from GST. S GS GS 0% 0% - Disregarded Supplies Nil Supplies that are disregarded under GST legislation. Example: supply within GST group registration, sales made within a Warehouse Scheme etc. S GS-CG GS 0% 0% - Disregarded Supplies Of Capital Goods Nil Disposal of capital goods that are disregarded under GST legislation. S NS NS 0% 0% - Non-supply Nil Supplies treated as neither a supply of goods nor a supply of services and no GST chargeable. The examples are prescribed in Second Schedule of GST Act S AJS- ARBD AJS 6% 6% - Adjustment: AR Bad Debt Recovery Adjustment on output tax as a result of AR Bad Debt Recovery. S AJS- AJS Adjustment on output tax as a 6% 6% - Adjustment: AP Bad Debt Relief APBD result of AP Bad Debt Relief. S AJS-O AJS 6% 6% - Adjustment: Others Adjustment on output tax as a result of other events. 10

11 S AJS-CG AJS 6% 6% - Adjustment: Capital Goods S AJS-A AJS 6% 6% - Adjustment: Annual Adjustment on output tax related to capital goods Adjustment on output tax as a result of annual adjustment. 11