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Questions and Answers from training
- Written by Stanley K Wong
- Category: Questions and Answers from training
Thank you for your participation for the training held on March 17~18, 2016.
The following is the question and answer summary for the training on March 17~18, 2016 (Batu Caves).
- Imported Services - Finance Act 2015 amended the time of supply for imported services at the earlier of invoice or payment. Input tax credit is claimable upon payment to overseas.
- Exempt Supplies - If staff is chargeable for hostel rental to staff, then it is exempt supplies, input tax credit cannot be claimed. Hostel is residential in nature.
- Group Registration - Members of group registration must be wholly taxable suppliers, it cannot have any exempt supplies in the member company
- GST Audit File - The following requires your IT attention:
- Redundant header to be removed
- Company structure does not include file creation date
- Calculation of footer is not correct. Debit and Credit are not balanced.
- All value and GST value fields must be in currency format for decimal place. It is recorded as text field now
- No tax code for all Supply transactions
- Currency between MYR and foreign currency are not matched
- Local value uses XXX instead of MYR
- Scrap in Malaysia - Initially I mentioned zero rated for billing to Singapore. As the place of supply is in Malaysia and not consumed and beneficial to Singapore's customer, I would suggest that it is standard rated tax invoice to bill Singapore.
- Printing Development Fee is zero-rated supply because it is beneficial to your overseas customer and it is exportation of services.
- Invoice more than 6 months adjustment - It is based on tax invoice date. Tax invoice date is the date of supply. You may claim input tax credit later but 6 months will count from tax invoice date, not the claim period
- Issue invoice for interest charged in inter-company - As it is incidental exempt financial supplies, whether it is invoice or not, it is not important in GST.
- Advance payment shall set as non stock item in your tax invoice and it will use to apply after your deliveries.