Friday, 11 March 2016

Questions and Answers on Malaysian GST

"I have been working for a second-hand motor vehicle dealer, as an employee, for several
years. I think I know the business now, and I am making plans to acquire a licence and
commence business on my own account. I am aware of the GST margin scheme, but can you tell me how the scheme works?"

"Because my business allows such long credit terms to customers, I myself have to be
slow to pay my own debts. I usually settle within a few months, but sometimes poor
cash inflows necessitate my delaying payment to six months or more. How and when do I give back the GST that I have claimed on my trade purchases if I settle them late?"

"Recently, my company has entered into an arrangement to purchase goods from a company
which is a toll manufacturer. Together with that company, we have made an application to
the RMC for approval to receive the goods, and that request has been approved.
I understand that the vendor will not issue to my company a tax invoice for the
purchases, and my accountant has told me that I must account for the GST as if I were
the vendor. That seems rather odd to me. Is my accountant’s advice correct?"

These questions and more are answered in the latest book by Wolters Kluwer, Malaysian GST: 100 Questions and Answers! Launched on 10 March 2016 at the GST in Practice: A Year and Beyond event at Pullman Hotel, Kuala Lumpur, this book is chock-full of questions and scenarios to help tax accountants figure out their own GST issues.

Written by the brilliant GST team from Grant Thornton, it's a book that every tax accountant should have!

Contact your regular Account Manager now! If you're new to us, feel free to visit our online store. Don't wait!

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