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Is SST a good idea to replace GST?

Details: Category: GST System Changes Articles; Published: 02 August 2018; Hits: 211

I HOPE to share my views, as a tax specialist with a thorough understanding of GST, on the preference for GST instead of SST. GST/VAT has been perfected today by several generations of international tax experts since its implementation in France in 1954. SST has been abandoned by the world and there are no special benefits of its re-introduction. What are the benefits of implementing this tax regime? GST is in line with international systems of indirect tax and SST is going against the world trend.

If the Pakatan Harapan Government must implement the SST, please tell the people what are the benefits of this tax regime. Why are there no countries in the world which use SST?

Moreover, rushing for implementation without a clear understanding of national fiscal policy, implementation road map, advice from the country’s tax experts and impact analysis will not ensure that the cost of living can be reduced.

I want to see more economic facts and references to support SST than a pure concept. I want the Government to issue an exposure draft for the public to provide feedback.

We had the previous government which tabled, read and passed a bill within a few days in Parliament. I hope that this will not happen again.

You can find the article at The Star Online dated on August 1, 2018.

https://www.thestar.com.my/opinion/letters/2018/08/01/is-the-sst-a-good-idea-to-replace-the-gst/

Click > Is SST a good idea to replace GST?

Sales Tax Bill 2018 and Service Tax Bill 2018

Details: Category: GST System Changes Articles; Published: 02 August 2018; Hits: 411

Parliament has released the following draft for reading. You can download from the link below.

Goods and Services Tax (Repeal) Bill 2018. Click here.
Sales Tax Bill 2018. Click here.
Service Tax Bill 2018. Click here.
Customs (Amendment) Bill 2018. Click here.
Free Zone (Amendment) Bill 2018. Click here.

Or click the PDF documents below. Place your cursor to select the attachment. Some attachments are shaded with color.

Attachments:
Customs (Amendment) Bill 2018	[Bill]	622 kB
Sales Tax Bill 2018	[Bill]	503 kB
Service Tax Bill 2018	[Bill]	427 kB
GST (Repeal) Bill 2018	[Bill]	247 kB
Free Zone (Amendment) Bill 2018	[Bill]	128 kB

Sales Tax and Service Tax Framework

Details: Category: GST System Changes Articles; Published: 23 July 2018; Hits: 412

RMCD announced SST - Sales Tax and Service Tax Framework on July 19, 2018. The framework has been modified from the previous Acts in 1970s. This article shows the high level key areas in the SST - Sales Tax and Service Tax Framework.

You may subject to Sales Tax if:

You are a manufacturer who sells, disposes or uses goods
You are an importer of goods
You are currently a GST registrant and your MSIC shows that you are involved in manufacturing and assembling of goods

You may subject to Service Tax if:

You are a professional service and management service business
You are part of the prescribed industries
You are currently GST registrant that your MISC shows that you are involved in the prescribed industries listed in Service Tax Framework

SWPC Contact

Mr. Stanley Wong Kah Leong

Suite 11 Block E111 Phileo Damansara 1
No 9 Jalan 16/11 Off Jalan Damansara
46350 Petaling Jaya, Selangor, Malaysia, MYS

Tel: +6012-9819390; +6012-6981938

URL: https://www.swpc.com.my

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GST System Changes

About GST System Changes

Goods and Services Tax (GST) has implemented in Malaysia since April 1, 2015. Businesses and corporates are now adopting themselves for GST mechanism with better understanding and thorough knowledge. However, GST has too wide in its operation and its knowledge domain can classify as GST Registration, GST Operation, GST for Special Industries, GST Laws and many other specific topics.

SW Project Consulting Sdn Bhd created GST System Changes as a term to be used in GST knowledge domain. GST System Changes is a framework for GST compliance, GST Review and GST Audit. It changed how the businesses were doing from the point of tax mechanism and system mechanism. When most of the businesses are being asked to be GST compliance, it shall look into the mechanism compliance and software compliance.

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What is Mind Mapping?

When we talk about mind mapping, we have to salute the inventor of mind mapping. He is Tony Buzan. He is such a great mind to invent and introduce the concept of mind mapping and how our brain functions to the world that has benefitted more than millions of people worldwide since 1970s. It is the ultimate thinking tool that has transformed the life of many individuals from the pre-school children to the corporate giants.

“Mind Mapping is a creativity and productivity enhancing technique that can improve on learning and efficiency of individuals and organizations. It is a revolutionary system for capturing ideas and insights horizontally over the paper.”

- Anthony J. Mento and Raymond M. Jones, Loyola College, and Patrick Matinelli, Johns Hopkins University, on their executive MBA program

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What is Finance IT?

It is in the past that people who work for information technology on behalf of accounting department were called system accountants and finance project managers. These professionals are working on the part time basis in addition to their main job description. As the job scope is not clearly defined between Finance and IT division, it is always bringing out many disagreements between two divisions on the tasks to be delivered and what can they do and not. One typical example is finance professionals expecting that a button can solve all their issues while ignoring the problems that IT would face in order to bring out such amazing practice.

There is lack of a direction to give a unique name and definition for the piece of work done by the system accountants and finance project managers. I would like to bring out the definition of Finance IT. Finance IT is a new profession that shall recognize in every modern finance and information technology divisions. Finance IT shall refer to the profession for those finance professionals who are handling information technology systems or IT professionals who are handling finance application management.

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