SST ROADSHOWS BY YEOH CHENG GUAN DATE : 25 AUGUST 2018 VENUE : SENG PENG HALL OF WISMA CHINESE CHAMBER, KUALA LUMPUR

Size: px
Start display at page:

Download "SST ROADSHOWS BY YEOH CHENG GUAN DATE : 25 AUGUST 2018 VENUE : SENG PENG HALL OF WISMA CHINESE CHAMBER, KUALA LUMPUR"

Transcription

1 SST ROADSHOWS BY YEOH CHENG GUAN DATE : 25 AUGUST 2018 VENUE : SENG PENG HALL OF WISMA CHINESE CHAMBER, KUALA LUMPUR

2 SALES AND SERVICE TAX (SST 2.0)

3 Sales tax and Service tax (SST) 31 st July &8 th August th August th August st Sept 2018 Tabling to Dewan Rakyat Sales Tax and Service Tax Bill passed in Dewan Rakyat Tabling to Dewan Negara Royal Assent and Gazette 28 th August 2018 Gazette on Subsidiary Legislation (Regulations + Orders) Implementation of SST 2

4 Sales tax and Service tax (SST) SST 1.0 SST 2.0 GST A single stage consumption tax - RM17bill A single stage consumption tax - RM21bill - 100,405 registrants (Sales tax- 41,046) (Service tax- 59,359) - 6,400 goods Multi stage consumption tax - RM44bill - 472,000 registrants - 11,197 goods 3

5 Sales tax and Service tax (SST) SST 1.0 SST 2.0 GST - On selected goods at manufacturing level and on importation and prescribed services - Inter-group Services (exempted from service tax) 38% of goods and services in the CPI - Domestic flights - Hawkers - Food catering - Gaming - IT services - Electricity - Others 60% of goods and services in the CPI - Wholesalers - Distributors - Retailers - Rental income from commercial property - Sale of fixed assets - Sale of scraps Group registration 4

6 SALES TAX 1 st SEPTEMBER 2018

7 Sales tax Scope of tax: Sales tax will be charged and levied on:- a) taxable goods manufactured in Malaysia by taxable person (registered manufacturer) sold, disposed or used by him; b) goods imported into Malaysia by local purchaser 6

8 Sales tax Sales tax collected at manufacturer s level No sales tax No sales tax Single Stage Tax Manufacturer Wholesaler Retailer Sales tax embedded in the price paid by consumer Single stage tax Consumer 7 7

9 Imported Goods Supplier - Overseas Imported GOODS Value of goods Purchased - CIF) = RM2,000 Excise duty = RM100 (say 5%) Import duty = RM 200 (say 10%) RM2,300 ST@10% on RM2,300 = RM230 (paid to Customs by Local Purchaser) Local Purchaser 8 8

10 Sales tax Taxable person: A taxable person is required/liable to be registered when his sales value exceeds RM500,000 [ Prescribed Threshold ] for a period of 12 months Manufacturer sales value of taxable goods > RM500,000 Sub-contractor manufacturer of taxable goods value of work performed (i.e. sale value of taxable goods approved by Customs) for: Registered manufacturer Non-registered manufacturer > RM500,000 9

11 Sales tax Registration Mandatory registration is required to be made before 1 st September 2018 using MySST system if the total value of taxable goods exceeds the Prescribed Threshold, determined based on the historical method or future method. Voluntary registration (to be eligible to purchase raw materials, components free from sales tax) Manufacturer of taxable goods below threshold Sub-contractor manufacturer below threshold 10

12 Sales tax Registration Manufacturers who are Goods and Services Tax [ GST ] registrants which have been identified and fulfilled the pre-requisite criteria will be registered automatically as Registered Manufacturer Registration effective 1 st September 2018 GST registrants who fulfil the pre-requisite criteria but are not registered automatically by 1 st September 2018 are required to apply for registration latest by 30 th September 2018 Registration effective 1 st September

13 Sales tax Sales Tax (Rate of Tax) Order 2018 Category of Taxable Goods Rate of Tax - Taxable goods other - First Schedule (5%) than petroleum - Second Schedule (10%) - Petroleum Third Schedule (specific rate) 12

14 Sales tax Accounting Basis Sales tax will be accounted for based on: accrual basis at the time when the goods are sold, disposed of or first used 13

15 Sales tax Furnishing of Sales Tax Returns Registered manufacturers are required to furnish Sales Tax Return [ SST-02 ] for a taxable period (which consists of two calendar months) not later than the last day of the following month after the end of the taxable period to which the return relates: Electronically By post to SST Processing Centre (manual submission over the counter will not be accepted) Sales tax return has to be submitted regardless of whether there is any tax to be paid or not Furnishing of SST-02 in line with the company s financial year end (specific taxable period) must apply in writing to DG 14

16 Sales tax Payment of Sales Tax Payment of sales tax has to be made not later than the last day on which the registered manufacturer is required to furnish the SST-02 return notwithstanding that the customer may not have paid for the goods as sales tax is accounted for based on accrual basis. Payment of sales tax can be made via the following channels:- Electronically; or Cheque or bank draft posted to SST Processing Centre (payment over the counter will not be accepted) 15

17 Sales tax Penalty for Late Payment of Sales Tax Period of Default from Payment Due Date 30 days Rate of Penalty 10% on unpaid sales tax > 30 days but 60 days Additional 15% on unpaid sales tax > 60 days Additional 15% on unpaid sales tax 16

18 Sales tax Bad Debt Relief Registered manufacturers (including persons who have ceased to be registered manufacturers) may claim bad debts relief within six years from the date the taxable goods are sold. The bad debts relief to be claimed will be ascertained based on a prescribed formula and it is subject to conditions prescribed by the Director General of Royal Malaysian Customs [ DG ]. 17

19 Sales tax Special Exemption Exemptions from sales tax are available in respect of the following goods and persons:- Persons - The following persons are exempted from sales tax based on the proposed Sales Tax (Person Exempted from Sales Tax) Order 2018:- Sch A: Ruler of States, Federal or State Government Department, Local Authority, Inland Clearance Depot and Duty Free Shop. [71 categories] Sch B: Manufacturer of specific non-taxable goods exemption of tax on the acquisition of raw materials, components and packaging materials to be used in the manufacturing activities. [4 categories] 18

20 Sales tax Special Exemption Exemptions from sales tax are available in respect of the following goods and persons:- Persons (cont d) - The following persons are exempted from sales tax based on the proposed Sales Tax (Person Exempted from Sales Tax) Order 2018:- Sch C: Registered Manufacturer exemption of tax on the acquisition of raw materials, components and packaging materials to be used in the manufacturing of taxable goods (to replace CJ5, CJ5A, CJ5B) [5 categories] 19

21 Sales tax Designated Area (DA) Designated Area Manufacturing activities in DA Importation to DA (world to DA) Labuan, Langkawi and Tioman Sales Tax Act does not apply to DA except for petroleum Exemption from Sales Tax except: - Langkawi: Importation of marble, petroleum and anchovies - Tioman: Importation of petroleum and motor vehicles - Labuan: Importation of petroleum Removal of goods - From PCA to DA: deemed export, no sales tax - From DA to PCA: deemed import, subject to sales tax - To/from DA to DA: no sales tax - To/from DA to SA: no sales tax 20

22 Sales tax Special Area (SA) Special Area Manufacturing activities in SA Importation to SA (world to SA) Free Zone, Licensed Warehouse, Licensed Manufacturing Warehouse (LMW) and Joint Development Area (JDA) Sales Tax Act does not apply to SA Generally not subject to Sales Tax except for goods in Free Zone which may be subjected to Sales Tax provided in the Sales Tax (Imposition of Tax in respect of Special Areas) Order 2018 Removal of goods - From PCA to SA: deemed export, no sales tax - From SA to PCA: deemed import, subject to sales tax - To/from SA to SA: no sales tax - To/from SA to DA: no sales tax 21

23 SERVICE TAX 1 st SEPTEMBER 2018

24 Service tax Scope of Charge: Service tax will be charged and levied on:- - any taxable services; - made in the course or furtherance of any business; - by a taxable person; and - in Malaysia. Service tax is not chargeable on imported and exported services. 23

25 Service tax Service tax collected Service provider Tax rate 6% Single stage tax Consumer Single Stage Tax Consumer is aware he is paying service tax Business 24 24

26 Service tax Rates of Tax The proposed rates are as follows:- Category of Taxable Services Taxable services other than provision of credit card or charge card services Provision of credit card or charge card services Rate of Tax 6% RM25 25

27 Service tax 27 Taxable Services Accommodation (including lodging house, service apartment, homestay, Inn, rest house and boarding house) Insurance and takaful (all B2B insurance, all B2C general insurance or takaful excluding medical insurance or medical takaful is subject to service tax) Service of food and beverage preparation (including restaurant, cafe, catering, take-away, food truck, retail outlet, hawkers) to be increased to RM1,000,000 Club (including night club, private club, golf club and golf driving range) Gaming (including casino, game of chance, sweepstakes, gaming machines, lottery and betting) 26

28 Service tax 27 Taxable Services - Telecommunication - Pay-TV - Forwarding agents - Legal - Accounting - Surveying - Architectural - Valuer - Engineering - Consultancy - Employment agency - Security - Management services - Parking - Motor vehicle service or repair - Courier - Hire and drive car - Advertising - Domestic flight (except for Rural Air Services - RAS) - Credit or charge card - IT services - Electricity (consumption by domestic consumer) will only be subject to service tax for consumption exceeding 600kWh) 27

29 Service tax RAS: Aviation services conducted for travels within the interiors of Sabah and Sarawak by government appointed air service provider under Rural Air Service Agreement. 28

30 Service tax Taxable Person (Registered Person) A taxable person is a person who provides taxable services. Service Tax Registration Threshold A taxable person is required/liable to be registered when the value of taxable services exceeds Prescribed Thresholds (e.g. Nil, RM500,000, RM1,000,000) for a period of 12 months 29

31 Service tax Registration Mandatory registration is required to be made before 1st September 2018 using MySST system if the total value of taxable services exceeds the Prescribed Threshold, determined based on the historical method or future method. Voluntary registration may be applied by a person who provides taxable services but the value of the taxable services is below the Prescribed Threshold, determined based on the historical method or future method. 30

32 Service tax Registration Taxable persons who are GST registrants and fulfilled the pre-requisite criteria will be registered automatically as registered persons Registration effective 1 st September 2018 GST registrants who fulfill the pre-requisite criteria but are not registered automatically by 1st September 2018 are required to apply for registration latest by 30th September Registration effective 1 st September

33 Service tax Furnishing of Service Tax Returns Taxable persons are required to furnish Service Tax Return for a taxable period (which consists of two calendar months) not later than the last day of the following month after the end of the taxable period to which the return relates - Electronically - By post to SST Processing Centre (manual submission over the counter will not be accepted) - Service tax return has to be submitted regardless of whether there is any tax to be paid or not Furnishing of Service Tax Return in line with the company s financial year end (specific taxable period) must apply in writing to DG 32

34 Service tax Accounting Basis Service tax is accounted for based on payment basis 33

35 Service tax Payment of Service Tax Notwithstanding the above, where payment (whether wholly or partly) for the service tax is not received by the registered person within a period of twelve (12) months from the date of issue of the invoice for the services provided, then the service tax shall be due in the taxable period immediately following that period of twelve (12) months Payment of service tax can be made via the following channels:- - Electronically; or - Cheque or bank draft posted to SST Processing Centre (payment over the counter will not be accepted) 34

36 Service tax Penalty for Late Payment of Service Tax Period of Default from Payment Due Date 30 days Rate of Penalty 10% on unpaid service tax > 30 days but 60 days Additional 15% on unpaid service tax > 60 days Additional 15% on unpaid service tax 35

37 Service tax Bad Debts Relief Registered persons (including persons who have ceased to be registered) may claim bad debts relief within six years from the date the service tax is paid. The bad debts relief to be claimed will be ascertained based on a prescribed formula and it is subject to conditions prescribed by the DG. 36

38 Service charge subject to service tax Restaurant Invoice RM Steak Pepsi Sub-total Service 6.00 Sub-total Total

39 Tourism tax/heritage tax not subject to service tax Hotel Invoice RM Room charges Room service Sub-total Tourism tax Total

40 Service tax Designated Area (DA) Designated Area Services provided between and within DA Provision of services Labuan, Langkawi and Tioman Not subject to service tax except prescribed by Minister - From PCA to DA: subject to service tax - From DA to PCA: subject to service tax - To/from DA to SA: no service tax 39

41 Service tax Special Area (SA) Special Area Services provided between and within SA Provision of services Free Zone, Licensed Warehouse, Licensed Manufacturing Warehouse (LMW) and Joint Development Area (JDA) Not subject to service tax except prescribed by Minister - From PCA to SA: subject to service tax - From SA to PCA: subject to service tax - To/from SA to DA: no service tax 40

42 IMPACT ON PRICE OF GOODS AND SERVICES

43 Sales tax and Service tax Issues: Cascading effect (tax on tax) Compounding effect Sales tax embedded in price of goods 42

44 Sales tax and Service tax Beer Cascading effect (tax on tax) Sales tax: 10% x RM10.00 = RM1.00 Factory price:rm10.00 Beer Service tax:6% x RM20.00=RM1.20 Purchase price:rm11.00 Restaurant selling price:rm20.00 Restaurant will not be able to claim sales tax embedded: RM1.00 Beer sold by restaurant will be taxed again: Service tax on Sales tax: 6% x RM1.00 = RM0.06 Cascading effect (tax on tax) = RM Beer Consumer paid RM21.20 Total service tax paid RM1.20

45 Sales tax and Service tax Compounding effect Fridge manufacturer Sales at RM1,000 + sales tax RM100 Selling price = RM1,100 Wholesaler Problem in distinguishing between cost of goods sold and tax element in the price often benefits the traders at the expense of government revenue Profit margin of 30% is applied on RM1,100 Selling price = RM1,430 Hidden sales tax = (RM100 x 1.3) - RM100 = RM30 Profit margin of 40% is applied on RM1,430 Selling price = RM2,002 Hidden sales tax = (RM130 x 1.4) - RM100 = RM82 Retailer Consumer paid RM2,002 Total tax hidden in the price RM182 Tax paid to Government RM100 Tax revenue loss 82% Consumer 44

46 Compounding effect avoided under GST Assuming GST rate = 10% Manufacturer Sells at RM1,000 GST (10%) = RM100 Selling price = RM1,100 Wholesaler No change in final price but government collects full amount of tax Revenue to government = RM182 Profit margin of 30% is applied on RM1,000 = RM1,300 GST (10%) = RM130 GST payable = RM130 (OT) - RM100 (IT) = RM30 Selling price = RM1,430 Profit margin of 40% is applied on RM1,300 = RM1,820, GST (10%) RM182 GST payable = RM182 RM130 = RM52 Selling price = RM2,002 Retailer - Consumer paid RM2,002 - GST paid 2,002 1,820 = RM182 [ ] - No hidden tax 45 Consumer

47 GST CLOSURE AUDIT (GCA)

48 Brief Background of GCA GST will be replaced with SST effective 1 st Sep 2018 MoF to outsource GCA to major accounting firms for a start Qualifying conditions to conduct GCA by Big 8: The firm should have at least 2 MyGCAP reviewers The firm should be totally independent with respect to the clients assigned by RMCD, i.e. totally no client relation - not acting as statutory auditor in Malaysia (in overseas is ok) - not acting as tax agent - not engaged in GST assignments (GST implementation, advisory, training, etc) [Self-declaration of independence is required] 47

49 Roles of GCA Auditors GCA auditors are given the power under Section 5(3) of the GST Act 2014 to act as RMCD officers on behalf of RMCD Section 5(3) [Appointment of officer] Any person other than an officer of customs may be appointed by or employed with the concurrence of the Director General for any duty or service relating to goods and services tax and the person shall be deemed to be an officer of goods and services tax. 48

50 THE END

Sales Tax and Service Tax ( SST ) Framework Deloitte Analysis and Views

Sales Tax and Service Tax ( SST ) Framework Deloitte Analysis and Views Sales Tax and Service Tax ( SST ) Framework Deloitte Analysis and Views Overview The proposed taxes are conceptually a re-introduction of the Sales Tax and Service Tax that existed prior to the introduction

More information

TRANSITIONAL GUIDE TRANSITIONAL RULES. Published by: Royal Malaysia Customs Department Sales & Service Tax Division Putrajaya

TRANSITIONAL GUIDE TRANSITIONAL RULES. Published by: Royal Malaysia Customs Department Sales & Service Tax Division Putrajaya TRANSITIONAL GUIDE TRANSITIONAL RULES Published by: Royal Malaysia Customs Department Sales & Service Tax Division Putrajaya 5 September 2018 Publication Date: 5 September 2018. The Guide on Transitional

More information

Client Alert 23 July 2018

Client Alert 23 July 2018 Tax, Trade and Wealth Management Kuala Lumpur Client Alert 23 July 2018 Proposed Sales and Service Tax ("SST") Implementation Framework On 16 July 2018, the Minister of Finance announced that SST will

More information

The Sales Tax Act 2018 and Service Tax Act 2018 received Royal Assent on 24 August 2018 and were gazetted on 28 August 2018.

The Sales Tax Act 2018 and Service Tax Act 2018 received Royal Assent on 24 August 2018 and were gazetted on 28 August 2018. REINTRODUCTION OF SERVICE TAX The Sales Tax Act 2018 and Service Tax Act 2018 received Royal Assent on 24 August 2018 and were gazetted on 28 August 2018. The Sales Tax and Service Tax Acts provide for

More information

Malaysia Sales and Service Tax (SST) update seminar Balancing today s demands with tomorrow s opportunities 24 August 2018

Malaysia Sales and Service Tax (SST) update seminar Balancing today s demands with tomorrow s opportunities 24 August 2018 Malaysia Sales and Service Tax (SST) update seminar Balancing today s demands with tomorrow s opportunities 24 August 2018 Agenda SST What we know today Sales Tax Service Tax SST transition strategy Repeal

More information

Scope of SST and SST Cases S. Saravana Kumar

Scope of SST and SST Cases S. Saravana Kumar Scope of SST and SST Cases S. Saravana Kumar 25.8.2018 Sales Tax and Service Tax- (1) Sales Tax Bill 2018 (2) Service Tax Bill 2018 (3) Proposed model by Customs on 19.7.2018 Scope of the Proposed Sales

More information

Malaysia The Resurrection of Sales and Services Tax

Malaysia The Resurrection of Sales and Services Tax Mayer Brown Consulting Trade Alert 7 August 2018 Malaysia The Resurrection of Sales and Services Tax Introduction The political scene in Malaysia has taken a very dynamic turn and it serves as a timely

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON DESIGNATED AREA

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON DESIGNATED AREA ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON DESIGNATED AREA Publication Date Published: 12 January 2016. The Guide on Designated Area as at 5 January 2016 is withdrawn and replaced by the Guide

More information

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing)

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) Introduction Indirect taxes include sales tax, service tax, custom and excise duties. The Government of Malaysia

More information

GUIDE ON: COURIER SERVICES

GUIDE ON: COURIER SERVICES SERVICE TAX 2018 GUIDE ON: COURIER SERVICES Published by : Royal Malaysian Customs Department Internal Tax Division Putrajaya Publication Date:. Copyright Notice Copyright 2018 Royal Malaysian Customs

More information

GST TREATMENT ON MANUFACTURING AND RETAIL SECTOR

GST TREATMENT ON MANUFACTURING AND RETAIL SECTOR GST TREATMENT ON MANUFACTURING AND RETAIL SECTOR Venue : KLSFEA Shah Alam Date : 26 February 2014 Organised by: KLSFEA Presenter: Sabariah Md Yusof ROYAL MALAYSIAN CUSTOMS FIZ & LMW Concept Current treatments

More information

GUIDE ON: HIRE PASSENGER VEHICLES SERVICES

GUIDE ON: HIRE PASSENGER VEHICLES SERVICES SERVICE TAX 2018 GUIDE ON: HIRE PASSENGER VEHICLES SERVICES Published by : Royal Malaysian Customs Department Internal Tax Division Putrajaya 21 August 2018 Publication Date: 21 August 2018. Copyright

More information

FREQUENTLY ASKED QUESTIONS (FAQ) TRANSITIONAL 6% - 0%

FREQUENTLY ASKED QUESTIONS (FAQ) TRANSITIONAL 6% - 0% Without prejudice. FREQUENTLY ASKED QUESTIONS (FAQ) TRANSITIONAL 6% - 0% Note: The FAQ dated 17 May 2018 is cancelled. 1. STATUS OF GST 1.1. S : What does the MOF statement mean / What happens to GST?

More information

Salient Features of GST

Salient Features of GST GST SEMINAR MALAYSIA AUTOMOTIVE INSTITUTE (MAI) Salient Features of GST Date: 27 May 2014 Venue: Grand Margherita, Kuching Presenter : Sabariah Md Yusof ROYAL MALAYSIAN CUSTOMS WHY GST? Direct Tax Indirect

More information

Deloitte TaxMax- the 42 nd series

Deloitte TaxMax- the 42 nd series - the 42 nd series Brave decisions, Brave actions. Tan Eng Yew 8 November 2016 Goods and Services Tax GST Order Amendments Finance Bill 2016 Polling Question 1 Have you been subject to a Customs GST field

More information

Good & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd

Good & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Good & Service Tax Salient Features of GST Presented by Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Agenda: Why GST? What is GST? GST Models Basic Elements of GST Registration Why

More information

GST SEMINAR FOR FOMFEIA

GST SEMINAR FOR FOMFEIA GST SEMINAR FOR FOMFEIA Accounting For Tax 1 April 2014 1.00am -2.30pm New York Hotel, Johor Bahru Norlela Hj Ismail Unit GST, Putrajaya PEJABAT PELAKSANAAN GST KEMENTERIAN KEWANGAN Briefing Agenda 1.

More information

GUIDE ON: MOTOR VEHICLE SERVICES OR REPAIR CENTRE

GUIDE ON: MOTOR VEHICLE SERVICES OR REPAIR CENTRE SERVICE TAX 2018 GUIDE ON: MOTOR VEHICLE SERVICES OR REPAIR CENTRE Published by: Royal Malaysian Customs Department Internal Tax Division Putrajaya 24 August 2018 Publication Date: 24 August 2018. Copyright

More information

GUIDE ON: ACCOMMODATION

GUIDE ON: ACCOMMODATION SERVICE TX 2018 GUIDE ON: CCOMMODTION Published by : Royal Malaysian Customs Department Internal Tax Division Putrajaya 7 September 2018 Publication Date: 7 September 2018. The Guide on ccommodation at

More information

Good & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd

Good & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Good & Service Tax Salient Features of GST Presented by Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Agenda: Why GST? What is GST? GST Models Basic Elements of GST Registration Why

More information

BUDGET 2016 PROSPERING THE RAKYAT

BUDGET 2016 PROSPERING THE RAKYAT BUDGET 2016 PROSPERING THE RAKYAT Selected Summary of Malaysia s Tax Budget 2016 CHANGES AFFECTING INDIVIDUAL Review Tax Rate for Individual Resident individual taxpayer: Income tax rate be increased between

More information

CONSOLIDATED TO 1 DECEMBER 2014 LAWS OF SEYCHELLES

CONSOLIDATED TO 1 DECEMBER 2014 LAWS OF SEYCHELLES CONSOLIDATED TO 1 DECEMBER 2014 LAWS OF SEYCHELLES VALUE ADDED TAX ACT [1st January, 2013] Act 35of 2010 Act 3 of 2012 Act 13 of 2012 S.I. 62 of 2012 S.I. 65 of 2012 S.I. 33 of 2013 S.I. 34 of 2013 S.I.

More information

GUIDE ON : INSURANCE AND TAKAFUL

GUIDE ON : INSURANCE AND TAKAFUL SERVICE TAX 2018 GUIDE ON : INSURANCE AND TAKAFUL Published by : Royal Malaysia Customs Department Sales & Service Tax Division Putrajaya 23 August 2018 Publication Date Published: 23 August 2018. Copyright

More information

Goods and Services Tax (GST) Frequently Asked Questions (FAQ) For Retail Customers

Goods and Services Tax (GST) Frequently Asked Questions (FAQ) For Retail Customers Goods and Services Tax (GST) Frequently Asked Questions (FAQ) For Retail Customers GENERAL/UNRESTRICTED 2015, Maybank. All Rights Reserved. Page 1 of 9 No. Title Table of Contents Page Number 1.0 Regulatory

More information

Malaysian GST: Turning Promises into Hard Realities by April March 2014 Host: Robert Tsang Presenter: Kah Seong Fan

Malaysian GST: Turning Promises into Hard Realities by April March 2014 Host: Robert Tsang Presenter: Kah Seong Fan Q&A Report Malaysian GST: Turning Promises into Hard Realities by April 2015 27 March 2014 Host: Robert Tsang Presenter: Kah Seong Fan 1. Does the Goods and Services Tax (GST) identification number of

More information

Chart of Accounts Analysis for GST Supply

Chart of Accounts Analysis for GST Supply Chart of Accounts Analysis for GST Supply GST Output Tax Code Adjustment Description SR ZRL ZRE DS ES ES43 RS OS GS Note AJP AJS Assets Accounts Receivable Debtors Current Account Employee Advance Funds

More information

Finance. Bill Tax Alert Issue 4. July 18, KPMG.com/mu

Finance. Bill Tax Alert Issue 4. July 18, KPMG.com/mu Finance Bill 2018 Tax Alert Issue 4 July 18, 2018 KPMG.com/mu Contents Foreword Corporate Tax Global Business Personal Tax Indirect Taxes Tax administration The information contained herein is of a general

More information

Goods and Service Tax in India. CA Ashutosh Thaker

Goods and Service Tax in India. CA Ashutosh Thaker Goods and Service Tax in India CA Ashutosh Thaker Ashutosh.thaker@verita.co.in Contents 01 Why &Salient features of Indian GST 02 Key Concept of GST 03 What should be of concern Central Govt. & State Govt.

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON CONSTRUCTION INDUSTRY

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON CONSTRUCTION INDUSTRY ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON CONSTRUCTION INDUSTRY TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATION OF THE INDUSTRY... 1 FREQUENTLY

More information

Director General s Decision: ( )

Director General s Decision: ( ) DECISION BY DIRECTOR GENERAL OF ROYAL MALAYSIAN CUSTOMS 1. Small Office Home Office (SOHO) The classification of residential property will be based on the design features and essential characteristics

More information

MH CHEONG & ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS

MH CHEONG & ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS Vol. 1 ISSUE 1 October 98 1999 MALAYSIAN BUDGET COMMENTARY The Malaysian Prime Minister and First Finance Minister, Dato Seri Dr Mahathir Bin Mohamad delivered his 1999 budget Statement to Parliament on

More information

Frequently Asked Questions (FAQ)

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) A. General 1. What is GST? Goods and Services Tax (GST) is a multi-stage broad-based consumption tax based on the value-added concept. 2. When will GST be implemented?

More information

OVERVIEW. Import Duty Export Duty Excise Duty. Corporate Tax Individual Income Tax Real Property Gains Tax Stamp Duty. Indirect Tax.

OVERVIEW. Import Duty Export Duty Excise Duty. Corporate Tax Individual Income Tax Real Property Gains Tax Stamp Duty. Indirect Tax. OVERVIEW MOHD ROZLAN MOHAMED ALI Pengarah Unit Teknikal GST Persatuan Akauntan Percukaian Malaysia (M.A.T.A.) UMS 20 MARCH 2015 CURRENT TAX SYSTEM IN MALAYSIA Direct Tax Corporate Tax Individual Income

More information

GST SEMINAR: IMPLEMENTATION OF GST AND BUSINESS PREPARATION

GST SEMINAR: IMPLEMENTATION OF GST AND BUSINESS PREPARATION GST SEMINAR: IMPLEMENTATION OF GST AND BUSINESS PREPARATION 1 Briefing Agenda 1. Supplies Spanning GST 2. Non Reviewable Contract 3. Special Refund 4. Registration 5. Business Preparation for GST 2 1 3

More information

QNE SOFTWARE SDN. BHD. ( V)

QNE SOFTWARE SDN. BHD. ( V) New Tax Code Update Once you upgrade QNE Optimum from old version to new version, the follow tax code will be updated Or click on GST Tax Codes Search Click Tax Codes Update Wizard, the tax code update

More information

GOODS & SERVICES TAX (GST) Malaysia

GOODS & SERVICES TAX (GST) Malaysia 1 GOODS & SERVICES TAX (GST) Malaysia 9. Tips on Compliance CONTENTS 2 1. Latest GST Developments in Malaysia 2. Introduction to GST 3. GST Mechanism Supplies 4. GST Registration & Liability to Register

More information

TAXABLE PERSON GUIDE FOR VALUE ADDED TAX. Issue 1/March 2018

TAXABLE PERSON GUIDE FOR VALUE ADDED TAX. Issue 1/March 2018 TAXABLE PERSON GUIDE FOR VALUE ADDED TAX Issue 1/March 2018 Contents 1. Introduction... 5 1.1. Purpose of this guide... 5 1.2. Changes to the previous version of the guide... 5 1.3. Who should read this

More information

Malaysia News: Malaysia s Budget Tax Highlights. January Corporate Services. Luther.

Malaysia News: Malaysia s Budget Tax Highlights. January Corporate Services. Luther. Malaysia News: Malaysia s Budget 2016 - Tax Highlights January 2016 Corporate Services. Luther. Malaysia Luther News, January 2016 Malaysia s Budget 2016 - Tax Highlights The Prime Minister and Minister

More information

Getting prepared for GST 5 June 2014

Getting prepared for GST 5 June 2014 www.pwc.com Getting prepared for GST Agenda GST in a nutshell Impact of GST on businesses Challenges of GST Implementation Steps to be GST compliant 2 GST in a nutshell 3 GST headlines Standard rate: 6%

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PAYMENT BASIS

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PAYMENT BASIS ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PAYMENT BASIS Publication Date Published: 10 December 2015. The Guide on Payment Basis as at 30 January 2014 is withdrawn and replaced by the Guide

More information

VALUE ADDED TAX ACT NO. 35 OF 2013 LAWS OF KENYA

VALUE ADDED TAX ACT NO. 35 OF 2013 LAWS OF KENYA LAWS OF KENYA VALUE ADDED TAX ACT NO. 35 OF 2013 Revised Edition 2016 [2014] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. 2016]

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INSURANCE AND TAKAFUL

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INSURANCE AND TAKAFUL ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INSURANCE AND TAKAFUL Publication Date Published: 2 November 2017. The Guide on Insurance and Takaful revised as at 19 August 2017 is withdrawn and

More information

ROYAL CUSTOMS DEPARTMENT

ROYAL CUSTOMS DEPARTMENT ROYAL CUSTOMS DEPARTMENT GOODS AND SERVICES TAX GUIDE ON DEVELOPMENT FINANCIAL INSTITUTION TABLE OF CONTENTS INTRODUCTION... 1 GENERAL OPERATION OF GOODS AND SERVICES TAX (GST)... 1 OVERVIEW GENERAL OPERATIONS

More information

Chapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers

Chapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers DIVISION VII. VALUE-ADDED TAX Chapter 23. General Provisions Article 169. Concept of value added tax The value added tax, hereinafter VAT, is a form of collection to the budget of a portion of the value

More information

Indirect Tax Chat Keeping you up to date on the latest news in the Indirect Tax world

Indirect Tax Chat Keeping you up to date on the latest news in the Indirect Tax world Indirect Tax Chat Keeping you up to date on the latest news in the Indirect Tax world September 2018 1 Issue 9.2018 Quick links: Contact us - Our Indirect Tax team Key takeaways: 1. Amendments to the SST

More information

Paper P6 (SGP) Advanced Taxation (Singapore) Friday 6 December Professional Level Options Module

Paper P6 (SGP) Advanced Taxation (Singapore) Friday 6 December Professional Level Options Module Professional Level Options Module Advanced Taxation (Singapore) Friday 6 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INSURANCE AND TAKAFUL CONTENTS INTRODUCTION... 1 Overview Of Goods And Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY... 1 GST

More information

QNE SOFTWARE SDN. BHD. ( V)

QNE SOFTWARE SDN. BHD. ( V) New Tax Code Update With upgrading to version 730 onward 1) GST GST Code Click on Update GST Tax Code Wizard Click Next to Update new Tax Code. 1 2) Click Update for Tax Code AJP, AJS, GS, IM, TX-RE &

More information

Recommended GST Tax Code Listings for Purchase and Supply

Recommended GST Tax Code Listings for Purchase and Supply APPENDIX 3 Introduction Recommended GST Tax Code Listings for Purchase and Supply This section provides a list of GST tax codes for Purchase and Supply. These tax code listings are recommendation to allow

More information

IRAS e-tax Guide. GST: General Guide for Businesses (Sixth edition)

IRAS e-tax Guide. GST: General Guide for Businesses (Sixth edition) IRAS e-tax Guide GST: General Guide for Businesses (Sixth edition) Published by Inland Revenue Authority of Singapore Published on 5 Jul 2017 First Edition on 8 Oct 2014 Second Edition on 1 Apr 2015 Third

More information

CHARTERED TAX INSTITUTE OF MALAYSIA ( T) (Institut Percukaian Malaysia) PROFESSIONAL EXAMINATIONS ADVANCE TAXATION 2. Date

CHARTERED TAX INSTITUTE OF MALAYSIA ( T) (Institut Percukaian Malaysia) PROFESSIONAL EXAMINATIONS ADVANCE TAXATION 2. Date CHARTERED TAX INSTITUTE OF MALAYSIA (225750 T) (Institut Percukaian Malaysia) PROFESSIONAL EXAMINATIONS FINAL LEVEL ADVANCE TAXATION 2 JUNE 2017 Student Registration No. Desk No. Date Examination Centre

More information

Paper F6 (MYS) Taxation (Malaysia) Tuesday 12 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (MYS) Taxation (Malaysia) Tuesday 12 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Malaysia) Tuesday 12 June 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Tourism tax. EY Tax Alert. I. Date of coming into operation II. Tourism Tax Regulations 2017

Tourism tax. EY Tax Alert. I. Date of coming into operation II. Tourism Tax Regulations 2017 Special Edition August 2017 - Issue 05 EY Tax Alert Tourism tax I. Date of coming into operation II. Tourism Tax Regulations 2017 Gazette Order regarding the effective date of coming into operation of

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EXPORT

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EXPORT ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EXPORT Publication Date Published: 12 August 2016. The Guide on Export revised as at 21 December 2015 is withdrawn and replaced by the Guide on Export

More information

RESOLUTIONS TO BE MOVED BY THE CHANCELLOR OF THE EXCHEQUER 29 OCTOBER 2018

RESOLUTIONS TO BE MOVED BY THE CHANCELLOR OF THE EXCHEQUER 29 OCTOBER 2018 RESOLUTIONS TO BE MOVED BY THE CHANCELLOR OF THE EXCHEQUER 29 OCTOBER 2018 ( 2 ) The Chancellor of the Exchequer PROVISIONAL COLLECTION OF TAXES: That, pursuant to section 5 of the Provisional Collection

More information

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

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

More information

VALUE ADDED TAX ACT. Act No. 546 of 1998

VALUE ADDED TAX ACT. Act No. 546 of 1998 VALUE ADDED TAX ACT Act No. 546 of 1998 Section 1-Imposition of Tax. (1) A tax to be known as value added tax is hereby imposed and shall in accordance with this Act be charged on (a) every supply of goods

More information

THE VALUE ADDED TAX ACT, No. 35 of Date of Assent: 14th August, Date of Commencement: By Notice ARRANGEMENT OF SECTIONS

THE VALUE ADDED TAX ACT, No. 35 of Date of Assent: 14th August, Date of Commencement: By Notice ARRANGEMENT OF SECTIONS THE VALUE ADDED TAX ACT, 2013 No. 35 of 2013 Date of Assent: 14th August, 2013 Date of Commencement: By Notice ARRANGEMENT OF SECTIONS Section PART I PRELIMINARY 1 Short title and commencement. 2 Interpretation.

More information

Paper F6 (CHN) Taxation (China) Monday 3 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (CHN) Taxation (China) Monday 3 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (China) Monday 3 December 2007 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. s of tax

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INSURANCE AND TAKAFUL TABLE OF CONTENTS INTRODUCTION... 1 Overview Of Goods And Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY...

More information

Fundamentals Level Skills Module, Paper F6 (HKG)

Fundamentals Level Skills Module, Paper F6 (HKG) Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) June 200 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,

More information

Country Tax Guide.

Country Tax Guide. Country Tax Guide www.bakertillyinternational.com Facts and figures as presented are correct as at 15 August 2014. Corporate Income Taxes Singapore has a territorial tax system. Resident companies, defined

More information

The Finance Act Grant Thornton Mauritius keeping you informed. 7 August 2018

The Finance Act Grant Thornton Mauritius keeping you informed. 7 August 2018 The Finance Act 2018 Grant Thornton Mauritius keeping you informed 7 August 2018 Contents Introduction Corporate Tax Personal Tax Value Added Tax Other tax measures Contact us The Finance (Miscellaneous

More information

5 IBTX. Business Taxation. Intermediate Level. 25 May 2004 Tuesday afternoon INSTRUCTIONS TO CANDIDATES

5 IBTX. Business Taxation. Intermediate Level. 25 May 2004 Tuesday afternoon INSTRUCTIONS TO CANDIDATES Intermediate Level Business Taxation 5 IBTX INSTRUCTIONS TO CANDIDATES 25 Tuesday afternoon Read this page before you look at the questions You are allowed three hours to answer this question paper. Answer

More information

CHAPTER 2. GST Acts : CGST ACT, SGST ACT (KARNATAKA STATE) IGST ACT

CHAPTER 2. GST Acts : CGST ACT, SGST ACT (KARNATAKA STATE) IGST ACT CHAPTER 2 GST Acts : CGST ACT, SGST ACT (KARNATAKA STATE) IGST ACT SALIENT FEATURES OF CGST ACT, 2017 1. A state-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil

More information

Malaysia News: August Corporate Services

Malaysia News: August Corporate Services Malaysia News: Malaysian Sales and Services Tax ("SST") Update: Royal Customs publishes details on proposed SST implementation starting 1st September 2018 August 2018 Corporate Services www.luther-services.com

More information

Time allowed : 3 hours Maximum marks : 100. Total number of question : 6 Total number of printed pages : 8

Time allowed : 3 hours Maximum marks : 100. Total number of question : 6 Total number of printed pages : 8 Roll No... : 1 : 337 Time allowed : 3 hours Maximum marks : 100 Total number of question : 6 Total number of printed pages : 8 NOTE : 1. Answer ALL Questions. 2. All the references to sections mentioned

More information

Published on Taxation and customs union (https://ec.europa.eu/taxation_customs/business/vat/telecommunications-broadcasting-electronic-services)

Published on Taxation and customs union (https://ec.europa.eu/taxation_customs/business/vat/telecommunications-broadcasting-electronic-services) Published on Taxation and customs union (https://ec.europa.eu/taxation_customs/business/vat/telecommunications-broadcasting-electronic-services) Slovenia-2018-03-28 Groups audience: Slovenia [1] Validity

More information

Paper P6 (MYS) Advanced Taxation (Malaysia) Friday 7 December Professional Level Options Module

Paper P6 (MYS) Advanced Taxation (Malaysia) Friday 7 December Professional Level Options Module Professional Level Options Module Advanced Taxation (Malaysia) Friday 7 December 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A BOTH

More information

GOODS & SERVICES TAX ( GST ) FREQUENTLY ASKED QUESTIONS ( FAQ ) (v1) V.1 ( )

GOODS & SERVICES TAX ( GST ) FREQUENTLY ASKED QUESTIONS ( FAQ ) (v1) V.1 ( ) GOODS & SERVICES TAX ( GST ) FREQUENTLY ASKED QUESTIONS ( FAQ ) (v1) 1 Q1 Q2 Q3 Q4 What is GST? Goods & Services Tax ( GST ) is a multi stage broad based consumption tax based on the value added concept.

More information

2014 Budget Highlights

2014 Budget Highlights October 2013 (Special Edition No. 2) Hyperlinks Advent Consulting Group Inland Revenue Board 2014 Budget Highlights Further to our Tax Flash October 2013 (Special Edition) and with the issuance of Finance

More information

ISSUES AND CUSTOMS FEEDBACK

ISSUES AND CUSTOMS FEEDBACK LAMPIRAN A ISSUES AND CUSTOMS FEEDBACK No. ISSUE ORGANIZATION/ 1. Licensed Manufacturing Warehouse (LMW) FREPENCA (1) (Additional Issues) Whether Licensed Manufacturing Warehouse to be treated as an approved

More information

Indirect tax issues in the Hotel and Tourism Industry. 10 December 2011

Indirect tax issues in the Hotel and Tourism Industry. 10 December 2011 Indirect tax issues in the Hotel and Tourism Industry Parind Mehta 10 December 2011 Contents 1 2 Background Issues for consideration under Service tax laws 3 4 Issues for consideration under VAT laws Likely

More information

Introduction. Choose the language your prefer.

Introduction. Choose the language your prefer. The United Arab Emirates Federal Decree-Law No. (8) of 2017 on the Value Added Tax Law August 2017 Introduction This document is an English version of The United Arab Emirates Federal Decree-Law No. (8)

More information

Indirect Tax Alert Transition from GST to SST: Latest updates

Indirect Tax Alert Transition from GST to SST: Latest updates Malaysia Indirect Tax 4 June 2018 Indirect Tax Alert Transition from GST to SST: Latest updates The Malaysian Prime Minister Tun Dr Mahathir Mohamad announced on the 30 th of May that the Sales Tax and

More information

CHAPTER 1 VAT GENERAL PRINCIPLES

CHAPTER 1 VAT GENERAL PRINCIPLES CHAPTER 1 VAT GENERAL PRINCIPLES 1.1 VAT legislation and interpretation Value added tax (VAT) was introduced in the UK on 1 April 1973 by the Finance Act 1972. Successive Finance Acts have made amendments

More information

75% of aggregate costs 345,000 ½

75% of aggregate costs 345,000 ½ Answers Fundamentals Level Skills Module, Paper F6 (MYS) Taxation (Malaysia) Section B September/December 07 Sample Answers and Marking Scheme (a) Delia Spa Sdn Bhd Capital allowances () Doors are part

More information

ROYAL MALAYSIAN CUSTOMS DEPARTMENT GENERAL GUIDE ON TOURISM TAX

ROYAL MALAYSIAN CUSTOMS DEPARTMENT GENERAL GUIDE ON TOURISM TAX ROYAL MALAYSIAN CUSTOMS DEPARTMENT GENERAL GUIDE ON TOURISM TAX Publication Date Revised: 31 August 2017. The General Guide on Tourism Tax revised as at 29 August 2017 is withdrawn and replaced by the

More information

This is an unofficial translation

This is an unofficial translation Federal Decree-Law No. (8) of 2017 on Value Added Tax We, Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, Having reviewed the Constitution, Federal Law No. (1) of 1972 on the Competencies

More information

Budget 2019 SST 2.0, Digital Tax and Excise

Budget 2019 SST 2.0, Digital Tax and Excise Budget 2019 SST 2.0, Digital Tax and Excise KPMG in Malaysia 2 November 2018 Budget 2019 SST2.0, Digital Tax and Excise 2 Overview and Commentary Budget 2019 SST 2.0, Digital Tax and Excise Imported Services

More information

GST SEMINAR: FOMFEIA. Accounting For Tax. ate : 4 Mac 2014 lace: Hotel Hatten Melaka

GST SEMINAR: FOMFEIA. Accounting For Tax. ate : 4 Mac 2014 lace: Hotel Hatten Melaka GST SEMINAR: FOMFEIA Accounting For Tax ate : 4 Mac 2014 lace: Hotel Hatten Melaka Briefing Agenda 1. Charging Output Tax 2. Entitlement of Input Tax 3. Apportionment Rules 4. GST Adjustments 5. Taxable

More information

An Act to make provision for the law relating to Value Added Tax. CHAPTER I PRELIMINARY

An Act to make provision for the law relating to Value Added Tax. CHAPTER I PRELIMINARY An Act to make provision for the law relating to Value Added Tax. Enacted by the Parliament of Lesotho Short Title CHAPTER I PRELIMINARY 1. This Act may be cited as the Value Added Tax Act, 2001. Commencement

More information

N. Balu (Director of Economics & Industry Development Division) Malaysian Palm Oil Board (MPOB) Pullman Kuala Lumpur City Centre (17 January 2016)

N. Balu (Director of Economics & Industry Development Division) Malaysian Palm Oil Board (MPOB) Pullman Kuala Lumpur City Centre (17 January 2016) N. Balu (Director of Economics & Industry Development Division) Malaysian Palm Oil Board (MPOB) Pullman Kuala Lumpur City Centre (17 January 2016) 1 OUTLINE OF PRESENTATION 1. 2. 3. 4. 5. 6. Introduction

More information

VAT Tax and Duty Manual Index

VAT Tax and Duty Manual Index VAT Tax and Duty Manual Index This document was created June 2017 to reflect that the VAT Tax and Duty Manual (TDM) has been restructured. The lists the subjects covered in the manual and indicates the

More information

Colombia VAT. Types of indirect taxes (VAT/GST and other indirect taxes) General

Colombia VAT. Types of indirect taxes (VAT/GST and other indirect taxes) General 40 Americas indirect tax country guide Colombia General Types of indirect taxes ( and other indirect taxes) Are there other indirect taxes? What are the standard or other rates (i.e. reduced rate) for

More information

Value Added Tax ( VAT ) in the UAE Issue dated 14 th September 2017 Subject to executive regulation

Value Added Tax ( VAT ) in the UAE Issue dated 14 th September 2017 Subject to executive regulation Value Added Tax ( VAT ) in the UAE Issue dated 14 th September 2017 Subject to executive regulation 2307, LIWA HEIGHTS, JUMEIRAH LAKES TOWERS, P.O. BOX: 43711, DUBAI, U.A.E. 2705, API TOWER, AL BARSHA,

More information

Cabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax

Cabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax Cabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax The Cabinet, Having reviewed the Constitution; Federal Law No. (1) of 1972 on the Competencies

More information

1. In this Act "the Principal Act" means the Value-Added Tax Act, Section 1 of the Principal Act is hereby amended by

1. In this Act the Principal Act means the Value-Added Tax Act, Section 1 of the Principal Act is hereby amended by VALUE-ADDED TAX (AMENDMENT) ACT 1978 VALUE-ADDED TAX (AMENDMENT) ACT 1978 - LONG TITLE AN ACT TO AMEND THE VALUE-ADDED TAX ACT, 1972, AND THE ACTS AMENDING THAT ACT AND TO PROVIDE FOR RELATED MATTERS.

More information

Value Added Tax ( VAT ) in the UAE

Value Added Tax ( VAT ) in the UAE Value Added Tax ( VAT ) in the UAE 2307, LIWA HEIGHTS, JUMEIRAH LAKES TOWERS, P.O. BOX: 43711, DUBAI, U.A.E. 2705, API TOWER, AL BARSHA, P.O. BOX: 43711, DUBAI, U.A.E. M&M AL MENHALI AUDITING IS A MEMBER

More information

GST Updates, Model GST Law and Way Forward

GST Updates, Model GST Law and Way Forward GST Updates, Model GST Law and Way Forward September 2016 14-09-2016 1 Agenda 1. Update on GST Developments 2. Overview of Model GST Law 3. Way Forward 14-09-2016 2 Update on GST Developments Implementation

More information

HRDF Claimable. Price per participant

HRDF Claimable. Price per participant WIP6.2.pdn SALES TAX AND SERVICE TAX 2018: PRACTICAL EXECUTION & COMPLIANCE The fact is here, while SST lives and GST passed. It is the new way Malaysian has opted for in the past 4 months, thus, welcome

More information

ALBANIA TAX CARD 2017

ALBANIA TAX CARD 2017 ALBANIA TAX CARD 2017 TAX CARD 2017 ALBANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses 1.2 Social Security

More information

Goods and Services Tax (GST) is a multi-stage broad-based consumption tax based on the value-added concept.

Goods and Services Tax (GST) is a multi-stage broad-based consumption tax based on the value-added concept. GST FREQUENTLY ASKED QUESTIONS (FAQ) A. General 1. What is GST? Goods and Services Tax (GST) is a multi-stage broad-based consumption tax based on the value-added concept. 2. When will GST be implemented?

More information

SOVEREIGN CORPORATE SERVICES UAE VAT GUIDE

SOVEREIGN CORPORATE SERVICES UAE VAT GUIDE SOVEREIGN CORPORATE SERVICES UAE VAT GUIDE UAEVAT/3/27102017 UAE VAT GUIDE Value Added Tax VAT is an indirect tax applied upon the consumption of most goods and services. As the name suggests, it is charged

More information

UPDATE ON AMENDMENTS TO CGST ACT, 2017

UPDATE ON AMENDMENTS TO CGST ACT, 2017 UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-

More information

Virtual Certificate Course on GST Organised by: IDT Committee of ICAI

Virtual Certificate Course on GST Organised by: IDT Committee of ICAI 1 Virtual Certificate Course on GST Organised by: IDT Committee of ICAI Sector Specific Studies on Construction Information Technology Tourism Service Trader Manufacturer 23 of June 2017 2 HIGHLIGHTS OF

More information

Paper F6 (PKN) Taxation (Pakistan) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (PKN) Taxation (Pakistan) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Pakistan) Thursday 10 December 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A

More information

All About GST and Model GST Law

All About GST and Model GST Law All About GST and Model GST Law 1 Contents GST Basics Supply Meaning & Scope Supply - Time & Place Valuation Rules Input Tax Credit Administration & Procedures Transitional Provisions 2 Basics of GST 3

More information

Goods and Services Tax INPUT TAX CREDIT September 22, P V SRINIVASAN Corporate Advisor Mobile:

Goods and Services Tax INPUT TAX CREDIT September 22, P V SRINIVASAN Corporate Advisor   Mobile: Goods and Services Tax INPUT TAX CREDIT September 22, 2016 P V SRINIVASAN Corporate Advisor Email: pvs@pvsadvisors.com Mobile: +919845057597 1 Input Tax Credit Key definitions 1. Input : S 2(54): means

More information

FOREWORD KINGSLEY CHANDA COMMISSIONER GENERAL. Zambia Revenue Authority VAT guide

FOREWORD KINGSLEY CHANDA COMMISSIONER GENERAL. Zambia Revenue Authority VAT guide 1705/1 FOREWORD Every country in the world needs revenue to provide health, education, social services, roads, and a wide range of other facilities for all its citizens. One of the ways Government mobilises

More information