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