here - MAICSA

Transcription

here - MAICSA
GOODS AND SERVICES TAX
FOR COMPANY SECRETARIES
2 MARCH 2015, MON ■ 09.00AM-05.00PM ■ BANGUNAN MAICSA, KUALA LUMPUR
INTRODUCTION
GST which is a broad based consumption tax
covering all sectors of the economy, is levied on
the supply of goods and services at each stage
of the supply chain from the supplier up to the
retail stage of the distribution. There is a
common misunderstanding that businesses will
suffer a higher cost of goods once GST is
implemented.
GST for Company Secretaries are for secretarial
practices who provide company secretarial and
related services and who are required to be a
“registered person” under the Goods & Services
Tax Act, 2014.
GST does not become part of the cost of
rendering the secretarial or related services
because GST- incurred inputs are claimable no
matter how many stages a particular service
goes through the supply chain. The input tax
incurred by a Company Secretarial practice is
deducted by the registered secretarial practice
when the practice renders the services to the
client. This is the same with imported services.
Disbursements and reimbursements under GST
have specific meanings and cannot be used
interchangeably due to the GST implications of
each.
•
COURSE OUTLINES:
Overview of GST in Malaysia
• An introduction to GST in Malaysia
•
Consumption tax, replacing Sales &
Service Tax, using VAT procedure basis
•
Mechanism – Output tax, Input tax
and Input Tax Credit (ITC)
•
Elements of the Scope of GST in
Malaysia
•
Supply of goods and services
•
Meaning of “supply”
•
Determination of goods and services
•
Importation of services and reverse
charge mechanism
•
What is “business”
•
The meaning of “business”
•
The “Business Test” and
Business” test
•
LEARNING OUTCOMES
At the end of the course, participants will be able
to :• Obtain a good overall understanding of the
Malaysian Goods & Services Tax and its
application to a company secretarial practice;
• Understand the registration issues –
mandatory and voluntary, and impact of late
registration;
• Understand the concept and the principal
elements of GST in relation to fees and other
charges, and the treatment of disbursements for
the supply of secretarial and related services;
• Obtain a good working knowledge of input
and output tax, taxable supply, completion and
submission of returns, payment of tax;
• Learn how time of supply of services, date of
invoice and payments received in advance affect
the timing and payment of output tax;
• Learn the transitional rules from the current
Service Tax to GST;
• Identify the elements of a full tax invoice, use
of debit and credit notes, record-keeping
and accounting;
Understand the GST penalty provisions
and implementation of GST in a company
secretarial practice.
•
“In-
Registration
•
Definition of annual taxable supplies
for threshold of RM500,000
•
Registration for GST – 3 months
before 1-4-2015, if threshold reached in
2014.
•
Registration of a taxable person
including partnerships in the name of the
partnership, and registration procedure;
•
Liability of registration and late
registration;
•
Single taxable person where a
company secretarial practice is split into
two or more practices;
•
Voluntary registration where turnover
is below RM500,000 and conditions;
•
Branch registration – for branches in
separate states and conditions;
•
Registration cancellation
•
Responsibilities of a taxable person
Taxable Person
•
The meaning of “persons”
•
Determination of “taxable persons”
•
8 CPD HOURS
Supply – the types of supply
•
Standard rated and zero-rated
supply
•
Exempt supply, out-of-scope
supply and other non-taxable supply
•
Deemed supply
•
Incidental Exempt supplies
•
Consideration and Value of
supply
•
Time of supply rules
•
Place of supply
• Charges and Fees
• Fees for secretarial and other related
services provided, and services provided
for free;
• Preparing
and
completing
agreements, filing or witnessing of
miscellaneous documents;
• Non-billed income – oath (swearing)
fees and treatment of GST;
• Cost of extra work, travelling and
accommodation expenses;
• Time spent by the Company
Secretary and his staff for attendances at
meetings;
• Photocopying, stationary charges etc;
• Disbursements
–
conditional
requirements and contentious items;
• Payment for reports of third parties –
a disbursement or part of secretarial
services rendered;
• Billing and invoicing – the 21 day
rule;
• Billings in advance, advance
payments received and deposits
received –identify transactions triggering
GST.
• Input Tax (for Acquisitions), Refunds
and Remission
• Input tax mechanism
• Entitlement to Input tax
• Allowable Input Tax
• Input tax on fixed assets acquired
• Blocked Input tax
• Incidental financial supplies
• Manner of claiming Input tax
• Bad debts relief
• Refund of Input tax
• Repayment of Input tax
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur
•
•
•
•
Transitional Rules
•
Repeal of Sales Tax and Service Tax
(SST)
•
Return for Last Taxable Period under
SST
•
Service Tax record keeping in GST
regime – the run-off period of 12 months;
•
Secretarial services spanning GST
implementation – the apportionment basis
•
Secretarial services done before and
after GST implementation – getting the
billings right
•
Impact of GST on Non-reviewable
Long Term Contract
Tax Invoice and Keeping GST Records
•
Tax Invoice
 What is tax invoice – sample of tax
invoice
 Full tax invoice, deemed tax
invoice – self billed invoices,
 Issuance of tax invoice
 Non Issuance of tax invoice –
instances where a tax invoice shall not
be issued
 Imported services, and reverse
charge mechanism
Credit Note and Debit Note, Dealing with Bad
Debts and Adjustments, Bad Debts relief
claim;
Record Keeping
•
Accounting for transactions in a company
secretarial practice
•
A detailed guide on transaction
mapping for a company secretarial practice;
•
Guidance on the accounting entries
and on how to incorporate the Customs
recommended tax codes in the accounting
•
Filing GST Returns Monthly or Quarterly
•
Requirements of GST Returns GST03
•
Understanding
GST
accounting
software for production of correct figures for
GST-03
•
The importance of getting tax codes
right when making accounting entries – a
major pitfall
•
The GAF file (GST Audit File) –
understanding its significance in GST audits
•
GST Compliance and Penalty Provisions
•
S.88 – Penalty for incorrect GST
Returns
•
S.89 – Evasion of tax, frauds
•
S.90 – Improperly obtaining refunds
•
S.91– Penalties on goods, invoices
and receipts
•
S.92 – Penalty for obstructing GST
officers
•
S.93 – Penalty for refusing to answer
questions or giving false info
•
•
•
S.94 – Penalty on authorised and
unauthorised persons
S.95 – Attempts to commit offence
under GST Act 2014 and abetments
S.96 – General penalty
•
GST Implementation for Company
Secretarial Practices
•
A step by step practical guidance to
implementing GST in a company
secretarial practice
WHO SHOULD ATTEND
•
Company Secretaries and their staff;
•
GST Consultants, Tax Consultants
and Tax Practitioners
•
Chartered Accountants, Advisors,
and Auditors
•
Business Consultants and other
related Professionals
•
Staff members involved in preparing
for the implementation of GST
•
Members of the public who wish to
learn about Malaysian GST for company
secretarial firms or secretarial services
rendered.
SPEAKER’S PROFILE
J Selvarajah – ACA(E&W); CA(NZ);
CPA(Aust);CA(M);ACTIM; FIPA(Aust);
B.Com(Acc)NZ.
J Selvarajah, is a senior partner of a
well-established professional practice in
Kuala Lumpur which is a member of an
international network of accounting and
consulting firms with more than 300
partners and professional staff.
J Selvarajah is currently involved in the
implementation of GST for clients in
collaboration with a major software
company listed on Bursa Malaysia, as
well as SME clients. He has also
undergone the 10 day training in Goods
& Services Tax conducted by senior
officers of the Royal Malaysian Customs
Department.
He has 43 years of work experience in
public practice particularly in the areas of
financial reporting for public and private
entities, internal audits, corporate
governance and risk assessments,
external audits, company secretarial
practice and fraud prevention. He has
assisted several Malaysian and
international companies and other
organisations operating in Malaysia and
Singapore in setting up the Internal Audit
and Risk Management processes and
Corporate Governance training. He is
also the internal auditor for several public
listed companies on Bursa Malaysia and
SMEs’. He has also performed several
investigative audits on accounting
malpractices, embezzlement and money
laundering.
J Selvarajah also delivers regular
public and in-house seminars and
training on Corporate Governance and
Risk Management, Malaysian and
International
Financial
Reporting
Standards
(MFRS/IFRS/MPERS),
Financial Instruments, Costing and Cost
Management
systems,
Malaysian
Corporate Tax Impact of MFRS,
Corporate Tax Planning and Corporate
Taxation, and as well as on Corporate
Fraud Detection, Prevention and Fraud
Risk Management.
J Selvarajah, is a member of the
Institute of Chartered Accountants in
England & Wales, the New Zealand
Institute of Chartered Accountants, CPA
Australia, the Malaysian Institute of
Accountants, and an a member of the
Chartered Tax Institute of Malaysia. He
is also a PSMB (HRDF) Certified Trainer.
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur
COURSE FEES
Normal fee
(RM)
MAICSA Member/graduates/students/Affiliates
Non Member
MAICSA member’s staff*
350
500
350
**Early Bird Fee (RM)
(register & pay before
16/2/2015)
320
470
Group Fee (RM)
(for 3 or more registration
from the same organisation)
320
470
(inclusive of course material, lunch and 2 tea breaks)
TERMS & CONDITIONS
* The staff of the sponsoring MAICSA member and he/she must report directly to the MAICSA member in the same organisation. The staff is
entitled to the member’s rate and is NOT entitled to group and early bird fee. The Sponsoring MAICSA member is required to indicate his/her
name, designation and membership number in the registration form.
** Normal rate will be applicable if we do not receive payment before 16/2/2015.
All registrations MUST be accompanied with full payment. Admittance will not be permitted unless payment is received. Payment for normal rate
shall be made within two (2) weeks from the date of the invoice or on the day of the event, whichever earlier.
CANCELLATION POLICY:
Upon registering, participant(s) are considered successfully registered for the event. The registration fee(s) is/are non-refundable nor allocated to
another programme if the participant(s) decides to cancel/ withdraw the registration less than five (5) working days prior to the event date or no show
on the day of the programme. Cancelled unpaid registrations will also be liable for full payment of the registration fee. (Note: Cancellation/withdrawal
must be in writing).
If you intend to send a replacement, please notify us in writing at least five (5) days before the event. The CPD hours will be allocated to the
designated attendees. If the replacement is not a Member, the appropriate fees will apply.
REMINDER: Please produce national registration identity card/passport upon registration for identity verification. Certificate of
DISCLAIMER
ENQUIRIES & CONTACT
Attendance will only be released to registered participants upon full attendance with full payment.
Please email/fax/post this form and submit payment to:-
MAICSA
Bangunan MAICSA
No. 57, The Boulevard, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur
Attention: Training Division
Tel: 03-2282 9276
Fax No: 03-2283 4492
Email: training@maicsa.org.my
For details of other training events, please visit the MAICSA website at http://www.maicsa.org.my
MAICSA reserves the rights to make amendments to the programme without prior notice to the participants and to cancel or postpone the session if
the minimum number of participants is not met. If your organisation requires an official invoice, please contact the MAICSA Training Division. Upon
signing the registration form, you are deemed to have read and accepted the terms and conditions
PAYMENT DETAILS –TX02031501
Payment by cheque
Bank & Cheque No.:
Amount RM:
Payment by Credit Card/Debit card
Visa
Master
Bank: _________________________________
Cardholder’s Name:
Card No.:
Expiry Date:
I authorise payment of RM:
Cardholder’s Signature:
Date:
Payment By Direct bank-in /Online/EFT Payment: Please remit the payment to the following account:
Bank: RHB Bank Berhad, Mid Valley
Account name: MAICSA
Account number: 2-64094-0000-4232
Please email the bank-in slip/ online transaction slip/ EFT payment advice to training@maicsa.org.my or fax to 03-2283 4492
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur
R E G I S T R A T I O N F O R M – Goods & Services Tax For Company Secretaries (TX02031501)
Please register me for the event.
Full Name as per IC (Dato’/Datin/Dr/Mr/Mrs/Ms)*: _______________________________________________________________________________
Vegetarian
Designation*: _________________________________________ MAICSA No.:____________________ Email* : ______________________________________________
ORGANISATION INFORMATION
Company*:_________________________________________________________________________________________________________________________________
Address*: _________________________________________________________________________________________________________________________________
Contact Person*:__________________________________________________ Email*:__________________________________________________________________
Tel*: ____________________________________________________________ Fax*: ___________________________________________________________________
Sponsoring member (If applicable)
Name*: _________________________________________________Designation*:________________________________ MAICSA membership: _____________________
*compulsory field to complete
We require
softcopy invoice
hardcopy invoice (please tick √)
PERSONAL DATA NOTICE - COMPULSORY TO COMPLETE
The Malaysian Institute of Chartered Secretaries and Administrators (“MAICSA”, “we” or “us” or “our”) is required to comply with the Personal Data Protection Act 2010 (the “Act”), which
regulates the processing of personal data in commercial transactions. For the purpose of this Personal Data Notice, the terms “personal data” and “processing” shall have the meaning as
prescribed in the Act.
This Personal Data Notice applies to any person whose personal data is processed by MAICSA or on behalf of MAICSA.
1. This Personal Data Notice serves to inform you how your personal data is being processed by MAICSA.
2. The personal data processed by us may include your name, designation, company’s name, contact details, email address and any other personal data required for the purposes set out in
paragraph 3 below.
3. MAICSA may use your personal data for the following purposes (collectively referred to as the “Purposes”):
(a) to process your registration form for training events (including conferences) organized by MAICSA and collaborative partner(s) and for administrative purposes such as attendance list,
issuance of invoice, official receipt and certificate of attendance;
(b) to communicate with you on the confirmation of the training events and matters in connection to the MAICSA training events/conference;
(c) to notify you of any changes to our training events which may affect you;
(d) to mail the official receipt and certificate of attendance;
(e) to respond to your enquiries or complaints; and
(f) such other administrative purposes which relate to the above.
4. Your personal data is collected from various sources, including information you have provided us, information from third parties and information in the public domain.
5. You may access and request for correction of your personal data. Please contact us as follows if you have any enquiries or complaints in respect of your personal data:
Designated Contact Person:
Manager, Training Division
Mailing address:
MAICSA, Bangunan MAICSA, No. 57, The Boulevard,
Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur
Tel No. :
03-2282 9276
Fax No. :
03-2283 4492
E-mail :
training@maicsa.org.my
In accordance with the Act:
a) We may charge a fee up to RM10 (for personal data) and RM30 (for sensitive personal data) for processing your request for access to your personal data; and
b) We may refuse to comply with your request for access to or correction of your personal data.
6. Your personal data may be disclosed:
i) to our vendor (in terms of email address) for the purpose of email blasts on behalf of MAICSA - applicable to MAICSA members, students and affiliates only;
ii) where such disclosure is required or authorised by law or by the order of a Court.
7. MAICSA shall retain your personal data from the date of collection for as long as it is necessary for the fulfillment of the Purposes or for compliance with the law or legal obligations by
MAICSA. MAICSA shall stop processing your personal data when you write to MAICSA using the contact details in paragraph 5 above to withdraw your consent.
8. Unless otherwise specified by us at the time the personal data is collected, it is obligatory that you supply us the personal data requested for by us. Failure to supply us with your personal
data may render us unable to carry out the Purposes.
9. You undertake and warrant to MAICSA that your personal data is accurate, complete, not misleading and up-to-date. The onus is on you to update MAICSA if your personal data has
changed.
10. MAICSA reserves the right to update and amend this Personal Data Notice from time to time. MAICSA will notify you of any changes via announcement on MAICSA’s website or through
other reasonable means of providing notice as MAICSA may deem appropriate. Any changes to this Personal Data Notice will be effective immediately upon notice to you.
We would like to send you information on future training events organised by MAICSA via email or fax. If you do not agree to being contacted in this way, please tick “X” in the box
applicable to MAICSA members, students and affiliates
Declaration Statement
Participant
Contact Person
I hereby consent to the processing of my personal data
for the purposes described in the Notice above.
Signature:
Name:
Date:
Signature:
Name:
Date:
- not
Issued by: MAICSA Training Division
MAICSA Training Division
Bangunan MAICSA, No. 57 The Boulevard, Mid Valley City
Lingkaran Syed Putra, 59200 Kuala Lumpur