Thursday, 26 March 2015

Input Tax Credit and Blocked Input Tax

What is "input tax"? “Input tax” means GST on any taxable supply of goods or services to a taxable person including GST paid or to be paid by a taxable person on any importation of goods. The goods or services are used or are to be used for the purposes of any business carried on or to be carried on by the taxable person.

Wednesday, 25 March 2015

Knowing the 23 GST Tax Codes

The Royal Malaysian Customs recommended 23 tax codes to be entered in your accounting software for all GST related transactions. Entering the wrong tax codes will affect the accuracy of your GST-03 return forms.

The Tax Codes can be downloaded here:

Director General’s Decision: 2/2015 (25 March 2015)

New DG's decision issued

Small Office Home Office (SOHO)

Sunday, 22 March 2015

Sales Tax Special Refund

With the introduction of Goods and Services Tax (GST) with effect from 1 April 2015, registered businesses are entitled to a special Sales Tax refund on goods held in stock on 1 April 2015, provided certain conditions are fulfilled. These goods must have been subject to Sales Tax and the Sales Tax must have been paid before 1 April 2015. The claim for this special refund must be submitted to the Royal Malaysian Customs (RMC) by 30 September 2015.

Persons eligible to claim this refund must be mandatorily registered for GST by 1st April, and any business which holds such stock of goods or materials, spares, etc is entitled. However, where Sales Tax for such goods cannot be evidenced in the supporting invoices, the RMC will only refund 20 per cent of the Sales Tax imputed in the goods held at 1st April 2015.

In order to claim the special refund in instances where the amount of the Sales Tax is RM10,000 or more, the claimant will require an external auditor to provide a Special Refund Certification. Baker Tilly will be able to assist claimants in this respect and undertake the necessary procedures to provide such certification.

Please contact your dedicated Baker Tilly's advisor for more information.
+604-2888 258

On Your Marks, Get Set ............ Hang On, Hang On!!

9 days to go! Have you read the transitional provisions before GST kicks off on 1 April 2015?

Download the guide here: