INTRODUCTION FOR UNDERSTAND SALES TAX – PRINCIPLES, CONCEPTS AND COMPLIANCE
The importance of Sales Tax Legislations, concept of Sales Tax, accounting for Sales Tax, exemptions / facilities under Sales Tax Act & Regulations are vital.
At the same time, the understanding on Sales Tax Special Provisions, enforcement powers of Customs Department, offence and penalties under Sales Tax Act, process on exemptions, refund, drawback and remission, review and an appeal procedures under Sales Tax Act – SST 03, are also equally important for organization involve with sales, to explore.
COURSE OBJECTIVES
Sales Tax is a new tax system implemented in Malaysia replacing the Goods & Service Tax (GST). It is a single stage tax system encompassing various reliefs and exemptions unlike the previous GST system.
The objective of the course is to introduce participants to the principles and concepts related to Sales Tax and how businesses can benefit from the various reliefs and exemptions granted under the Sales Tax Legislation and not the least the issue of compliance with the legislation.
COURSE CONTENT
Day 1
9.00
Sales Tax Legislations
- Sales Tax Act 2018
- Sales Tax Regulations 2018
- Sales Tax (Amendment) Regulations 2018
- Sales Tax (Customs Ruling) Regulations 2018
- Sales Tax (Rules of Valuation) Regulations 2018
- Sales Tax (Compounding of Offences) Regulations 2018
- Sales Tax (Amount Of Sale Value Of Taxable Goods Manufactured) Order 2018
- Sales Tax (Goods Exempted From Sales Tax) Order 2018
- Sales Tax (Person Exempted From Payment of Tax) Order 2018
- Sales Tax (Exemption From Registration) Order 2018
- Sales Tax (Imposition of Tax In Respect Of Designated Areas) Order 2018
- Sales Tax (Imposition Of Tax In Respect Of Special Areas) Order 2018
Concept of Sales Tax
- Concept of Single Stage Taxation
- Definition of Manufacture under Sales Tax Act 2018
- Sales Tax Registration / Calculating of Threshold
- Taxable Person
- Sales Tax Exemption from Registration
- Imposition and Scope of Sales Tax
- Determination of Sales Value
3.45
Accounting for Sales Tax
- Issuance of Invoices/Record Keeping
- Accounting Basis
- Taxable Period
- Treatment of Credit / Notes
- Refund for Bad Debts
- Submission of Sales Tax Returns (SST-02)
- Power to Assess
Exemptions / Facilities Under Sales Tax Act & Regulations
- Sales Tax (Persons Exempted from Payment of Tax) Order 2018
– Jadual A – class of persons exempted from sales tax
– Jadual B – exemptions for manufacturers of non-taxable goods
– Jadual C – exemptions for registered manufacturers (replacing CJ5, CJ5A & CJ5B) - Schedule C – Exemptions
– Lampiran C1 – Exemptions for registered manufacturers
– Lampiran C2 – Exemptions to purchase on behalf of manufacturers
– Lampiran C3 – Exemption for subcontracting - Sales Tax (Goods Exempted from Sales Tax) Order 2018
- Sales Tax (Exemption from Registration) Order 2018
- Sales Tax Deduction – Application and Conditions
5.30
End of Course
Day 2
2.00
Sales Tax Special Provisions
- Treatment of Designated Area of Labuan, Langkawi and Tioman
- Treatment of Special Areas of Free Zones, Licensed Warehouse and LMW
Enforcement powers of Customs Department
Offences and Penalties under Sales Tax Act
3.45
Exemptions, Refund, Drawback and Remission
- Power of Minister to exempt and refund – Section 35
- Refund of sales tax short paid or erroneously paid – Section 39
- Drawback of sales tax paid on goods re-exported – Section 40
- Remission of sales tax – Section
Review and Appeal Procedures under Sales Tax Act – SST 03
5.30
End of Course
