While the decision of bringing back the Sales and Services Tax (SSI) is not yet finalised,...

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While the decision of bringing back the Sales and Services Tax (SSI) is not yet finalised, companies in Malaysia need to prepare themselves adequately to avoid any penalties and ensure smooth business operations. Though the Goods and Services tax (GST) is zero-rated now, companies are still required to adhere to the zero-rate and continue to comply to all GST requirements under the current legislation which includes the issuance of tax invoices, GST tax codes, submission of GST returns for the respective taxable periods and claiming of input tax credit. GST registered companies should also ensure that the pricing of goods and services is, at all times, in accordance with the Price Control and Anti-Profiteering Act 2011. Keep reading for some suggestions and insights from our experts to help you navigate through this change. On the transition to SST, the government of Malaysia is in the midst of revamping the SST policy. SST will be reintroduced in September 2018 and the business community can contribute their concerns and suggestions to the government While Labuan, is one of the Federal Territory in Malaysia, it is the only mid-shore jurisdiction in Malaysia and the world. It is a designated area and are exempted from Malaysia's GST. Thus, the changes in Malaysia's GST and SST will not impact Labuan nor applicable to Labuan companies. Find out more about TMF Labuan and our services here. Required: a. Discuss in detail the differences between abolishing GST and application of Zero-Rating GST. Explain in detail the differences between GST and SST. Analyse in detail the impact of the transition from GST to SST towards Malaysian economics. b. C. Describe in detail SST mechanism. Support with relevant calculation and framnework. Select one (1) domestic trading and services company and discuss five activities of AIS which can added the value to this organization. You need properly refer to your selected company. (Each activities stated need you to apply two (2) examples). Explain three benefits and three disadvantages of an information system in Accounting by relating to your selected company. Discuss all questions with group members and ensure to present a precise answer. h. Please organized your answer in manner d. f. While the decision of bringing back the Sales and Services Tax (SSI) is not yet finalised, companies in Malaysia need to prepare themselves adequately to avoid any penalties and ensure smooth business operations. Though the Goods and Services tax (GST) is zero-rated now, companies are still required to adhere to the zero-rate and continue to comply to all GST requirements under the current legislation which includes the issuance of tax invoices, GST tax codes, submission of GST returns for the respective taxable periods and claiming of input tax credit. GST registered companies should also ensure that the pricing of goods and services is, at all times, in accordance with the Price Control and Anti-Profiteering Act 2011. Keep reading for some suggestions and insights from our experts to help you navigate through this change. On the transition to SST, the government of Malaysia is in the midst of revamping the SST policy. SST will be reintroduced in September 2018 and the business community can contribute their concerns and suggestions to the government While Labuan, is one of the Federal Territory in Malaysia, it is the only mid-shore jurisdiction in Malaysia and the world. It is a designated area and are exempted from Malaysia's GST. Thus, the changes in Malaysia's GST and SST will not impact Labuan nor applicable to Labuan companies. Find out more about TMF Labuan and our services here. Required: a. Discuss in detail the differences between abolishing GST and application of Zero-Rating GST. Explain in detail the differences between GST and SST. Analyse in detail the impact of the transition from GST to SST towards Malaysian economics. b. C. Describe in detail SST mechanism. Support with relevant calculation and framnework. Select one (1) domestic trading and services company and discuss five activities of AIS which can added the value to this organization. You need properly refer to your selected company. (Each activities stated need you to apply two (2) examples). Explain three benefits and three disadvantages of an information system in Accounting by relating to your selected company. Discuss all questions with group members and ensure to present a precise answer. h. Please organized your answer in manner d. f.

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a Differences between abolishing GST and application of ZeroRating GST Abolishing GST means completely removing the tax from the economy It implies that there will be no GST charged on goods and servi... View the full answer