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 to Dec 2022 --> Year 7

 

 What Records To Keep?

(1) Entity Records - Business registration records, organization chart;

(2) GST records -  GST 03, GST 04, Payment receipts, etc

(3) Business transaction records 

  • Purchase and supplies tax invoice, DO
  • Debit Note and Credit Note
  • Supplies, customer, sub-contract  contract; and JV, franchise, license and commercial agreement;
  • Supporting document i.e. Custom, K1, K2, imported goods / service invoices, etc
  • General expenses, employees' claim record and etc

(4) Accounting Records

  • Chart Of accounts and  user ID
  • General Ledger and Sub Ledger (CB, AP, AR, etc)
  • Assets register and records
  • Inventory record on quantity and pricing
  • Trial Balance, manegerial accounts

(5) SOP and Control Procedures

  • Accounting SOP and guidelines
  • Accounting software guide / SOP
  • Control and audit SOP
  • Audit tools and records

(6) HR and Administration

  • Employee Handbook and benefits guides;  (Reference - GST Employee Handbook)
  • Employee appointment letter, employees list and files
  • Employees' insurance policies;

(7) Statutory Records

  • Annual audited accounts
  • Income tax filing records

 

Do You Know GST duty to keep records - 

Customs Audit Power ?

Section 43 (3) - Time bar for assessment is 6 years.

Section 80~87 - Power to enforce, inspect & investigate, full & free access, power to seize, detain goods & documents, power to arrest & compound.

Section  88 - Penalty for incorrect return Fine RM50K, or imprisonment term 3 years; + penalty

Section 90 - Executive in charge shall be deemed to be quilty

Do You Know GST Duty to Keep Records
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Do You Know GST duty to keep records - 

 Risk factors

--> Records retention completeness checklist

  • Physical documents list update
  • Soft documents
    • Scheduled database backup
    • Centralized and back up copy

--> Audit tool

  • Ability to consolidate all GST data in a single self check quality database; and
  • Automate database and information extract and respond to Custom Audit rqeuest.
  • Details go to GST Health Test Report

Feel free to comment and ask question about this issue

Thank you

_______________________________________________________________________________

光臨 GST 職位系列-->做你知道 GST 的責任保持記錄.

像往常一樣,這 5 分鐘員額解釋什麼,為什麼,以及如何。

GST 監管科 36(2)(a) 要求

--> 電子和手工的所有記錄 (BM 中 / 英文) 相關的 GST 必須保存在位置在馬來西亞;和

--> 7 年來,從記錄所關乎的最晚日期

示例

  • 在金融到 2015 年,在 2015 年 12 月的最新日期記錄--> 0 年
  • 記錄到 Dec 2022--> 7 年

 

 保持的記錄嗎?

(1)實體記錄-業務登記記錄,組織結構圖;

(2) GST 記錄- GST 03,GST 04,付款收據等

(3)業務交易記錄

  • 採購和供應的稅務發票做
  • 注意到借方和貸方通知單
  • 用品、 客戶、 合同分包合同;合資企業、 專營權、 許可證和商業協定;
  • 支援文檔即自訂、 K1、 K2、 進口的貨物 / 服務發票等
  • 一般,員工的報銷記錄等

(4)會計記錄

  • 圖表的帳戶和使用者 ID
  • 總帳和分類帳 (CB、 AP,AR 等)
  • 資產登記冊記錄
  • 庫存記錄在數量上和定價
  • 試算平衡表,manegerial 帳戶

(5)SOP 和管制程式

  • 會計操作規程和準則
  • 會計軟體指南/燮
  • 控制和審計標準操作規程
  • 審計工具和記錄

(6)人事和行政

  • 員工手冊和福利指南;(參考- GST 員工手冊)
  • 員工聘書、 雇員清單和檔
  • 雇員的保險政策;

(7)法定的記錄

  • 年度審計的帳目
  • 個人所得稅申報記錄

 

你知道 GST 的職責,保持記錄- 海關審計權力嗎?

第 43 (3) -評估的時間欄是 6 年。

節 80 ~ 87 -權力強制執行、 檢查和調查、 全免費服務、 權力,檢取扣留貨物、 檔和權力,逮捕及複方。

第 88 -不正確的返回細 RM50K 或監禁 3 年; 判處 + 罰款

節 90 -行政主管應視為可負疚

 

風險因素

--> 記錄保留完整性檢查表

  • 物理檔案清單更新
  • 軟的檔
    • 計畫的資料庫備份
    • 集中和備份副本

--> 審計工具

能夠鞏固所有 GST 資料在一個單一的自我檢查品質資料庫;和自動化資料庫回應自訂審計,是另一種辦法對付危險因素

隨意評論,這個問題問的問題

一如往常,隨意張貼任何其他特定商品及服務稅的挑戰和問題。

謝謝你

 

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  1. Do You Know GST Risk Based Audit - GST Consult says:

    […] Custom expectation on record storage. Please refer to GST Duty to Keep Record […]

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