Archives for Offences and Penalties

Do You Know GST Risk Based Audit

Welcome to series of GST educational posts --> Do You Know GST Risk Based Audit. As usual, this 5 minutes educational posts explain WHAT, WHY,  and HOW. Do You Know GST Risk Based Audit? Risk based audit approach leveraging on technology and matematical formula to identify audit target. This audit approach targeted on :- Companies traded with entity with significant ''audit exception" ; Companies with regular trading losses; Companies identified with errornous record (during audit); Conpanies with frequent Return Amendment Do
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Do You Know GST Duty To Keep Records

Welcome to series of GST educational posts -->Do You Know GST Duty to Keep Records. As usual, this 5 minutes posts explain WHAT, WHY,  and HOW.以下的普通話版 GST regulation Section 36(2)(a) require --> All electronic & manual records (in BM / English) related to GST must be kept in location in Malaysia; and --> for 7 years, from the latest date to which the records relates EXAMPLE In financial year 2015, latest date records in Dec 2015 --> Year 0 Keep records
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Do You Know GST Reimbursement & Disbursement

Welcome to series of GST educational posts --> Do You Know  GST Reimbursement & Disbursement. As always, this is a 5 minutes education posts to explain WHAT, WHY,  and HOW.  Do You Know GST Reimbursement & Disbursement In REIMBURSEMENT  scenario When agent / service provider purchased goods / services, on behalf of clients, in the course of furtherance of business. Such expenditure is regarding as Reimbursement, if it has the following characteristics:- (1) Agent / Service Provider purchased goods / service; and is responsible
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Do You Know About GST Return Amendment

Welcome to series of GST educational posts --> Do You Know About GST Return Amendment. As usual, this 5 minutes education posts explain WHAT, WHY,  and HOW.  Do You Know About GST Return Amendment - What If amendment increased net payable amount to Custom i.e. --> Increased output tax; and / or --> Decreased input tax claimed Permitted unlimited amendment;  and No prior approval from Custom is required.   If amendment increased net receivablle / claimed  amount from Custom i.e. --> Decreased output tax; and
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GST Common Problem-Over Claim Input Tax

Welcome to series of GST educational posts --> GST common problem-Over Claim Input Tax. As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. To claim Input Tax incurred on any purchases and capital expenditure on goods and services:- Criteria to claim Input Tax :- (1) Claimant is a GST registered Taxaple Person (TP) with GST approved number (2) Input Tax has been incurred (supported by valid tax invoice billed to TP) for its taxable supply; and (3) Input Tax is allowed
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GST Common Problem – Deemed Supply

Welcome to another series of GST educational posts --> GST common problem - Deemed Supply. This problem occurred when Taxable Person Overlook to Account for Output Tax on Deemed Supply. As usual, this 5 minutes explain WHAT, WHY,  and HOW. What Is Deemed Supply (DS) (1) Free gift values > RM500, given to employee and / or any individual per year. (NOTE) (2) Disposal of business assets and (3) Imported services. (NOTE -  a best practice is to documented list of
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GST Annual Certification Checklist – A best practice

Welcome to our GST educational posts -  GST annual certification checklist, A recommended practice, and SOP  for your GST processes. Just download from link below GST Annual Certification Check List   This single page GST annual certification check list, is a DIY tool. Just print and check against your existing GST SOP, to determine your GST red flag, if any.   The check list format outlines - Listed roles by function, example, HR, Purchasing, etc Individual department should ensure its
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GST fine – RM50K fine Compare a cost free self audit?

Welcome to our 5 minutes GST educational posts i.e. GST fine of RM50K, compare to a cost free self audit process.   This is an easy DIY self check process on your GST return.Download the self check file from link below GST best practise - Self Audit List   Now, compare with if you do nothing, your upside risk is a GST fine of RM50K, and / or 3 years imprisonment terms, and a penalty.   The cost to you is
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Top 7 GST OFFENCES and RISK – RM50K and..

Welcome to our 5 minutes GST educational posts i.e. the Top 7 GST Offences and Risks. Top 7 GST offences and its Penalties The 1st shocking facts is that incorrect GST return, taxpayer is subjected to a) A fine up to RM50,000; and  / or b) Imprisonment term up to 3 years; and c) Penalty up to one time (100%) of tax understated Incorrect return primarily refer to key entry errors and used of wrong tax code. Omission means incomplete data reported
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