GETTING TO GRIPS WITH GST

AT the heart of it, what is GST actually about? And how will GST impact business and all stakeholders involved? Aaron Charles Lavell, Partner, WMS Chartered Accountants, during the recent MIA GST Conference 2014, shared some lessons and important advice derived from his experiences with GST.

THE ESSENCE OF MIXED SUPPLY, PARTIAL EXEMPTION AND CAPITAL GOODS ADJUSTMENTS

WHAT IS MIXED SUPPLY?

A person who makes both taxable and exempt supplies is known as a mixed supplier. A GST-registered business is partially exempt if it makes both taxable

and exempt supplies i.e. residual input tax claim applies, because the general input tax recovery rule is that input tax is claimable only if it is attributable to the making of taxable supplies. Input tax attributable to exempt supplies or out of scope supplies are not claimable.

GOODS AND SERVICES TAX

As we approach 1 April 2015, the date on which Goods and Services Tax (GST) is expected to be operational in Malaysia, it is important for every accountant to understand this tax system. However, the level of understanding may vary based on the interest and association of GST to the job function. While tax advisers are inevitably required to possess a thorough understanding, financial accountants, management accountants, statutory auditors, internal auditors and others in accountancy roles are required to have a certain degree of understanding of this tax system, as it affects their job function, too. This first article in the series of six on GST outlines the fundamental aspects of the tax.

COUNTDOWN TO GST

With a rollout date set for 2015, the Malaysian Goods and Services Tax has been a hot political potato for a number of years, but how many companies are prepared for it?

This article was first published in the February 2013 Malaysia edition of Accounting and Business magazine.

Weeks after its confirmation in October that it will be rolled out in April 2015, many business owners and executives in Malaysia are just warming up to the idea of the Goods and Service Tax (GST). Many are still clueless as to what it means to their business. GST may have been hotly discussed in political circles for the last couple of years, but many businesses are only now just trying to grasp its widespread impact.

GST GUIDE FOR PROPERTY OWNERS AND PROPERTY HOLDING COMPANIES

This article provides some insights on the application of GST for property transactions following the issuance of the Guide on Property Developer

(the Guide1).

REAL estate for this purpose refers to land and everything attached to it, whether on or below the surface. Land includes buildings, trees, vegetation and other structures and objects in, under or over it. Real property is the right to use real estate and includes activities concerned with ownership, use and

transfers of immovable property.