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SST Mechanism – Implementation Framework & Addressing Issues

Expert Speaker Yee Hun Leek

MYR901.00 (No GST)

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Overview

Sales Tax Act 2018 and Service Tax Act 2018 have finally replaced the Goods and Services Tax (GST) Act 2014 with effect from 1st September 2018. The new Sales and Services Tax (SST) have adopted the previous SST model with some enhancements and incorporated some of the concepts and mechanism from the GST regime.

With the short transition period from GST to SST, businesses have to be sufficiently prepared for the impact of GST abolishment and SST implementation due to the major and strategic changes in the business operations of companies. The complexities of the scope and charge of SST and treatments of SST, with limited guides from the Royal Malaysian Customs Department (RMCD), have resulted in the uncertainties in the business environment. In addition, businesses are facing the risk of non-compliance of SST and heavy penalties could be imposed by RMCD for incorrect returns.

This one-day workshop will highlight the SST mechanism and implementation framework for the new SST model. Learn how to address critical issues faced by businesses, mitigate the risk of non-compliance and ensure a smooth transition to SST.

What You Will Learn

At the end of the workshop, you will walk away with an understanding of:

  • Obtain an overview of the SST mechanism and the new legislations
  • Be better prepared for the implementation of SST in your business
  • Be able to understand and prepare for the SST impact on pricing
  • Gain insights into the SST treatments on sales and expenses
  • Get to know the MySST platform and changes required for the new accounting system

Who Should Attend

This workshop is suitable for:

  • Accounts Assistant
  • Accounts Executive
  • Chartered Accountant
  • Finance Manager
  • IT consultant / manager
  • Finance Director / Financial Controller / CFO
  • General manager / CEO / COO
  • Company Directors
  • Business Owners

Programme Outline

SST mechanism
  • New SST legislations
  • Scope and charge of SST
  • SST registration and exemption
  • Comparison between GST and SST
  • SST impact on pricing – tax pyramiding, cascading & value added effects
Sales Tax implementation & addressing issues
  • How sales tax works and interpretation
  • Facilities for sales tax – Ring System, Vendor System & drawback
  • Sales tax treatment for designated areas and special areas
  • Accounting, invoice and taxable period
  • Sales tax return and payment
  • Sales tax implementation issues
  • Rulings, guides, refund review and appeal
Service Tax implementation & addressing issues
  • How service tax works and interpretation
  • Facilities for service tax – Contra System
  • Service tax treatment for designated areas and special areas
  • Accounting, invoice and taxable period
  • Service tax return and payment
  • Service tax implementation issues
  • Rulings, guides, refund review and appeal
SST treatment on sales and expenses
  • Free gifts and services
  • Outsourcing
  • Farming in and farming out
  • Vouchers
  • Discount and rebate
  • Booking fee and deposit
  • Payment of compensation
  • Service charge and other taxes
  • Stock return & stocks written off
  • Bad debts claim and recovery
  • Disbursements versus reimbursements
  • Effect on operating expenses
  • Staff benefits and claims
MySST and accounting system
  • MySST system and electronic applications
  • SST accounting and new ledgers required
  • Guide on accounting software and issues

Expert Speaker

Yee Hun Leek has been a chartered accountant with a Big Four international accounting firm. He is the founder and managing partner of a chartered accountants firm, Messrs. YHL & Associates, providing audit and assurance services. He is also the founder and executive director of YHL Consulting Group Sdn. Bhd., a tax and business consultancy company.

Yee has extensive experience in various industries and provides consultancy services to a wide range of businesses. He was the principal consultant and acting CFO for a Malaysian group of companies that have successfully listed via reverse takeover on the AIM Market of London Stock Exchange, UK, in January 2008. He has also appeared as an expert witness at the High Court of Malaysia for his opinion on accounting and finance matters in civil cases.

If you would like us to send you an invoice, please click here to register. Otherwise, please click on “Add to Cart” and make payment with your credit card.

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