Goods and services tax (GST) rules and practices are constantly evolving. Implementing GST and submitting GST returns without knowing the up-to-date rules and practices may result in costly penalties. By focusing on the key developments and its practical implications, this course simplifies the mammoth task of updating knowledge with GST developments.
KEY TOPICS COVERED
• Overview of the statutory resources (Act, Regulations and Orders; and the amendments thereto) and the Custom’s Guides
• The supply rule (including disbursement vs. reimbursements)
• Deemed supply (including gift rule)
• Input tax credits (including restriction, holding company issues and documentation matters)
• Cross-border supply of goods (including ‘indirect exports’, ‘indirect imports’, designated areas, FCZs etc.)
• Cross-border supply of services
• FOREX rates
• Bad debts adjustment
• Joint venture property development
• Relief on services to Government departments & waiver of relief certificate (transitional)
• Concession’s in Director General’s decisions:
o Approval to display prices inclusive of tax
o Approval to issue simplified tax invoices
o Self-billed invoice – declaration vs. application
o Imported services – timing
• GST updates from the 2016 Budget
• Income tax and RPGT treatment of GST – 2016 Budget (illustrated with practical examples)
• Other recent developments
• Highlight the key recent developments arising from change of law, update of Customs guides and issuance of Director General’s decisions
• Discuss the practical implications of the developments
Mr Thenesh Kannaa
CA(M), FCCA, ACTIM, A.FIN, MCSI
Thenesh is a partner of Thenesh, Renga & Associates (a.k.a. TraTax Malaysia), a firm of chartered accountants dedicated to providing tax advisory services. The firm advises clients from diverse industries – including manufacturing, professional services, trading, F&B chains, construction, property development, healthcare, financial services, telecommunications, societies, Government-linked companies and statutory bodies.
Thenesh has presented on various aspects of taxation in more than 100 conferences and seminars and is the author of several books on Malaysian taxation, including CCH’s Master GST Guide (2nd Ed., 2015). He is also a member of the Chartered Tax Institute of Malaysia’s Editorial Committee and the Technical Committee for Indirect Taxes.
Having spent the early years of his career in a legal firm, Thenesh approaches tax from the legal and the accounting facets. Thenesh is a fellow member of the Association of Chartered Certified Accountants (FCCA, UK) and a member of the Malaysian Institute of Accountants (MIA), the Chartered Tax Institute of Malaysia (CTIM) and the International Fiscal Association (IFA, Netherlands). He is a licensed tax agent - both under the Income Tax Act and the GST Act.
GST tax agents, tax advisors, finance and accounts directors, finance and accounts managers