GST Bulletin 2016-01

GST Bulletin 2016-01
10 June, 2016

Dear Fast Track Customers,

As at 27th April 2016 Royal Malaysian Customs Department (RMCD) has revised the GST General Guide. Under section “Implication of GST on Imported Services”, item 98 page 31, RMCD added following guideline:

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In effect we should make necessary amendments to the Reverse Charging Adjustments that we have carried out since 1st January 2016. We reckon that the amendment may also cause changes to the respective financial reports. We strongly advise our customer to seek professional advices from GST Consultants as well as auditors before decide on the approach to carry the amendments.

Meanwhile, Fast Track team has updated GST Add-On according to the latest guideline. Even better, we have also included mechanism to propose amendments on Reverse Charging Adjustments generated since 1st January. We shall arrange with your good self to have your add-on updated soonest possible.

As part of Fast Track initiative to stay participating in GST development, we have co-sponsored National GST Conference 2016 on 31st May and 1st June 2016. Among the key topics are:

  • Progress on GST implementation & The Future Focus of RMCD
  • Discussion on GST Hot Topics (e.g. Disbursement/ Reimbursement, Property, Import / Export Service – Interaction between Customs and GST rules)
  • Round Up of International GST Decisions
  • International Segments: Sharing of Audit & Compliance Experience from Singapore & Australia
  • Preparing an Appeal to a Tax GST Tribunal
  • Round Table Discussion: Interaction between GST, Income Tax & Custom

We were also informed by RMCD officers that GAF file format will be revised in near future.

Thanks for a great year

Sincerely,

Admin
Fast Track SBOi Sdn Bhd