GST Talk – Practical Aspects & Implementation

GST: CONCEPTS, PRACTICAL ASPECTS & IMPLEMENTATION
INTRODUCTION
GST, which takes effect 1 April 2015, is a consumption tax that is based on the value-added concept
and will replace the current Sales Tax and Service Tax (SST) regime. The implementation of GST in a
business represents a paradigm shift in the way business is conducted. Businesses need to address
three key matters:
1. Identify the impact of GST on operations
2. Be ready for the implementation of GST
3. Proper allocation of resources
OBJECTIVE
This seminar is designed to help businesses identify the implications of GST to them and how to be
on the way to GST readiness.
A business should address these 3 key questions:
1. What is the impact of GST to your business?
2. Who must be involved in the GST pre and post implementation process?
3. How much resources should be dedicated to GST implementation?
BENEFITS
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Understand the fundamentals and mechanism of GST.
Analyse the implications and impact of GST on businesses.
Learn effective ways to overcome issues arising from implementation and compliance.
Be prepared for smooth and effective GST transition.
Avoid any potential risk, loss or penalties.
WHO SHOULD ATTEND
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Company Directors and Business Owners
Finance Directors and General Managers
Accountants, Finance and IT Personnel
Purchasing Managers and Operation Managers
METHODOLOGY
PowerPoint presentation, discussions and Q&A
CONTENT OUTLINE
1. Key elements of GST, the implications and impact to businesses
- Critical concepts and scope of GST
- The concept of supply
- Input tax and credit mechanism
- Registration and compliance
- Accounting for GST
2. Transitional issues affecting GST implementation
- Repeal of Sales and Services Tax (SST)
- Payments and invoices before GST
- Special rules
- Special refund
3. Special schemes available to businesses
4. Practical aspects to implementation of GST
- Internal control system to implement and manage GST
- Cash flow management due to GST impact
- GST impact assessment and planning
5. Discussion and Q&A
_____________________________________________________________________________________________________________________________ __________
DW & Co
3 Jalan 10/108C, Taman Sungai Besi, 57100 Kuala Lumpur, Malaysia
Tel: 03-7980 7760 | Fax: 03-7980 7763 | Emai: [email protected]
www.dw-co.com
ABOUT THE FIRM
DW & Co is a Chartered Accountants firm registered with the Malaysian Institute of Accountants (MIA)
that provides a broad range of integrated services and solutions. We offer audit, tax, corporate
advisory, accounting and company secretarial services to local and international businesses. Our
concept of service stresses a committed boutique approach to serving the best interests of our clients.
We are committed to provide and deliver value-added services critical to our clients' success within a
complex and changing work environment.
TRAINER PROFILE
Daniel Wong
Daniel a Chartered Accountant (Malaysia and Australia), having spent the early years of his career at
KPMG and Ernst & Young where he was involved in audit, advisory and tax engagements for listed
and multinational companies.
At DW & Co, Daniel has advised and worked with predominantly Malaysian companies in diverse
industries and provided a wide range of services.
Daniel has completed the 6-day course and examination conducted by the Royal Malaysian Customs
Department and has also been involved in various public and in-house GST seminars.
PROGRAMME DETAILS
Date:
Time:
Venue:
Fee:
To be discussed
9.00am – 1.00pm or 1.00pm – 5.00pm
To be discussed
To be discussed
Please email registration form to [email protected], fax to 03-7980 7763, or contact us at 03-7980
7760 (Daniel)
_____________________________________________________________________________________________________________________________ __________
DW & Co
3 Jalan 10/108C, Taman Sungai Besi, 57100 Kuala Lumpur, Malaysia
Tel: 03-7980 7760 | Fax: 03-7980 7763 | Emai: [email protected]
www.dw-co.com
_____________________________________________________________________________________________________________________________ __________
DW & Co
3 Jalan 10/108C, Taman Sungai Besi, 57100 Kuala Lumpur, Malaysia
Tel: 03-7980 7760 | Fax: 03-7980 7763 | Emai: [email protected]
www.dw-co.com
GST IMPLEMENTATION FRAMEWORK
METHODOLOGY AND APPROACH
Kick off
and
Awareness
Business
Analysis
GST
Impact
Finalise
Plan
GST
Implement
ation
Review
and
Support
PHASE 1 - BUSINESS REVIEW, ANALYSIS AND PLANNING
Objective: Understand the current state of the Company’s transactions (input and output) that are
potentially impacted by GST
Kick Off and Awareness
 Conduct GST awareness
session
 Complete GST Business
Profiling Questionnaire
 Interview key members of
Company
 Form GST Project Team
 Identify key GST technical
activities
 Agree on project structure
and timeline
Business Analysis
 Analyse key business
transactions, processes
and systems
 Map supply chain for
suppliers and customers
 Provide guidance on
classification of supplies
and acquisitions made
 Provide insight into
potential impact of pricing
 Work with IT and
Accounting System on
compatibility
GST Impact
 Present and document the
results of business
analysis in a report
 Work with GST Project
Team to do an analysis of
Cash Flow impact
 Provide guidance on Chart
of Accounts
 Provide guidance on the
assigned GST tax codes
PHASE 2 - GST IMPLEMENTATION AND SUPPORT
Objective: Work together with your GST Team to ensure a successful GST implementation and
provide you with the tools and technical advice on GST
Finalise Plan
 Provide technical advice to
the departments
 Provide technical guidance
on transitional contracts
 Advise on the impact to
Human Resources policies
 Review documentation on
process changes
 Provide work plan with
proposed action steps on
GST issues
GST Implementation
 Conduct in-house GST
Training on the GST
Implementation Plan
 Provide GST technical
support to assist the
Company on the
implementation
 Provide regular GST
updates to GST Project
Team
 Detailed review of
documentation changes to
internal controls
Review and Support
 System testing
 Advise on compliance
testing on a sampling basis
 Provide GST technical
input on exceptions noted
during compliance testing
 Review effectiveness of
GST reporting
 Review first GST return for
the Company
_____________________________________________________________________________________________________________________________ __________
DW & Co
3 Jalan 10/108C, Taman Sungai Besi, 57100 Kuala Lumpur, Malaysia
Tel: 03-7980 7760 | Fax: 03-7980 7763 | Emai: [email protected]
www.dw-co.com