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(English) Mastering Sales Tax Exemption and its Treatment of Scraps by Tan Kok Tee

Everything you need to know about Mastering Sales Tax Exemption and its Treatment of Scraps

Everything you need to know about Mastering Sales Tax Exemption and its Treatment of Scraps

Upcoming Webinar: 24 October 2020, Saturday, 10:00am-1:30pm

Title: Mastering Sales Tax Exemption and its Treatment of Scraps

10:00 am - 11:00 am: Free & Open to Public.

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11:30 am - 1:30 pm: Exclusively for Paid Participants Only.

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INTRODUCTION

Sales Tax since its implementation from 1/9/2018 has gone through various updates via Legislations and Policies. Requirements like Recipient Self Accounting for Imported Taxable Services, Sales Tax Credit Systems (formerly known under CJ(P)3), further expansion of Person Exempted from Paying Sales Tax, Revised procedures for sales tax exemption application for purchase from traders, Record Keeping and periodical returns, etc., calls for all Registered and Non-Registered Manufacturers to be fully aware of what are the latest requirements to be complied.

Registered Manufacturers (RM) are entitled to apply for sales tax exemption under the Person Exempted from Paying Sales Tax Order and be eligible to purchase taxable manufacturing inputs materials such as raw materials, components, packing materials and manufacturing aids, free from sales tax when purchased directly from other registered manufacturer or through a third party or import or sub-contract to another RM to partly finished the manufacturing process. These exemptions are subject to certain conditions. Any BREACH of these conditions will be subject to Recovery of Sales Tax, Penalty and Compound by RMCD.

Furthermore, various inventory movement reports also need to be prepared and kept quarterly and other reports need to be furnished to RMCD periodically. Failure to do so may result in the withdrawal of the exemption facilities, penalty and compounds.

Hence this training seminar is designed to assist participants in achieving the following OBJECTIVES on its PRACTICAL ASPECT

  • Understand how to manage the overall Sales Tax exemption concept and facilities to avoid the breaching of terms and conditions.
  • Know what new records need to be kept and reports need to be submitted periodically.
  • Understand the appropriate Sales Tax implementation know how according to Updated Legislations and Customs Policies that happen from time to time.

WHO SHOULD ATTEND THIS SEMINAR?

  • Business Owners, Company Directors, CEO & COO
  • CFOs, Financial Controllers and Finance Managers,
  • Accountants, Accounts Executives, Accounts Assistants.
  • Freelance Accounting Personnel
  • External and Internal Auditors
  • Procurement/Purchasing and Logistics Managers
  • Other functional staff engaged in SST matters

TRAINING OUTLINE

  1. FUNDAMENTAL AND SCOPE OF SALES TAX
    1. General Scope of Sales Tax
    2. Treatment of goods given out for free.
  2. SALES TAX MECHANISM AND ITS EXEMPTION FACILITIES
    1. 2018 Sales Tax Model
    2. Types of exemptions orders:
      1. Goods exempted from charging sales tax order
      2. Persons exempted from paying sales tax order
      3. Schedule C – Registered Manufacturers and person acting on behalf of manufacturers and its conditions
      4. Schedule B - Non-Registered manufacturer on their production of specific sales tax exempted goods and its conditions
      5. Schedule A – Other categories of person and its conditions
      6. MIDA support requirements for selected items under Sch. A
      7. Goods for export Exemptions:
      8. Schedule A and B and C5 criteria.
      9. Documentary requirement for sales overseas and to special area companies
      10. Export meaning
      11. 20 activities exempted from sales tax registration.
    3. Record Keeping and Reporting requirements for Exempted Goods Purchased / Imported under:
      1. Schedule C1 to C5
      2. Schedule B item 1-4
      3. Schedule A item 55
      4. Schedule A item 57
      5. Breach of exemption conditions return
    4. Sales Tax Credit Systems.
    5. Drawback facilities.
    6. Summary of how does Sales Tax and its Exemption available to different parties, like importers, Exporters, Manufacturers, Governments, Individuals, etc.
    7. Sales Tax treatment for import and goods movement to and from
    8. i. Designated Areas definition and implications
    9. ii. Special Areas definition and implications
    10. Import Services and its filing of returns and payment of the service tax by non-service tax registered person.


Your Instructor


Tan Kok Tee
Tan Kok Tee

Tan Kok Tee has 40 years of working experience in accounts &financial, strategic and general management field. He has held a variety of leadership and senior management roles in various organizations, starting in the Accounts & Finance Department until CFO level and the last being Group Chief Executive Officer. More than half of these times are spent in the Manufacturing, Marketing & Distribution and Services organizations, including those with the then Inchcape Timuran Berhad, Metroplex Berhad, Perdana Industries Berhad.

He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of Public Accountants, Aust.; Certified Commercial Accountant, (M); Member of the Chartered Tax Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries (M) and a Gold Mastery Holder in Reinventing Strategic Planning and Management from the Haines Centre for Strategic Management, sponsored by University of San Diego, USA.

He is also a Certified Trainer with PMSB’s (HRDF) Train The Trainer Certificate since 2009, a GST Agent registered with MOF & Holder of the GST MyGCAP certificate from RMCD and a Life Member of the Malaysian Institute of Directors.

Kok Tee has been involved in Advisory, Training and Facilitation on a part-time basis from 2009-2013, and full time from 2014 to now. To-date he had conducted about 400 training workshops throughout Malaysia on topics on GST; SST; Practical Accounting for Accounting Staffs; Reading, Analyzing and Interpreting Financial Statement; Accounting and Finance for Non-Accounting Managers; Customers Credit Evaluations and Collection Strategies; Incoterms, LC Operations and Trade Financing; Reinventing the Strategic Planning and Management and Financial Statement Hands On Application to MBRS, for both in-house as well as public, including to Government Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of Accountants, Chartered Institute of Management Accountants, CPA Australia, Malaysian Institute of Chartered Secretaries and Administrators, Selangor State Human Resource Development Centre (SHRDC), Negeri Sembilan State Skills Development Centre (NSSDC), Penang Skill Development Centre (PSDC), NGOs and many others public training providers.

Through them, Kok Tee have also conducted training for Shin Yang Group in Miri,Bintulu Port, Deleum Bhd., Boustead Plantation Bhd., Takahata, FBK Manufacturing, Brothers Industries, Integrated Logistics, Mega Logistics, Chung Hwa Picture Tubes, Ohara Melaka, Safran Aerospace, NEC Corp. of Malaysia, Kobe Precissions,Tecktronic& Sons Holdings, Julie Biscuit, Ornapaper Melaka, Sunway University, Audit and Tax Firms and many many more. To-date more than 15,000 executives has been trained by him and was a Lead GST Trainer for Malaysia Export Academy in 2014-2015.

Kok Tee has also been a hands on SST practitioner during the SST01 regime until its abolition. He also developed and delivered an entrepreneurship program specially designed for MBA students from GC University, Pakistan in collaboration with Sunway Education Group for period of 5 years (2010 to 2014) and was an invited speaker for the Asian Financial Controller’s Congress in 2009, 2010 and 2011.


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