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Tax Planning Strategies + Accounting Issues: Goods and Services Tax (GST)Maximizing Tax Benefits and Staying Resilient
Course Introduction As we all aware, the Malaysian Taxation system hasremained unchanged largely for the past few decades.However, the drastic changed is HERE for real - GST. It isvital that the companies themselves have a clearunderstanding of their own business models andoperations, and how this new tax has already impactedtheir business. Fortunately, many companies have begunto realize that and have already started theirpreparations for GST readiness. Now the issue is, how tominimize the impact this new system brings to yourorganization? Tax planning strategies to manage thisfresh from oven tax system is something crucial everydecision maker or accountant MUST know!
HOT NEWAutomation& Solutions
GSTParticipant Feedback Overall Rating 9.3/10
“This is a very comprehensive course. The training material is very concise and helpful.”
“I really enjoy and prefer this training compare to others. This is an excellent training that covers all
the new updates.”
“Effective tax planning strategies have a lot of information to cover. This training included a lot more
details than I have had in the past. This course helped me to understand certain aspects much better.”
Getting Down to the Nuts & Bolts of Tax Planning Strategies for GSTChanges in tax legislation could also remove some options to increase or decrease tax planning onbusiness operation flow. The last few months of a company’s year are also a good time to considercompany planning generally, and tax is often an important part of this. Companies shouldnevertheless review their taxation position regularly, especially with the implementation of GSTthis year.
GST compliance on invoicing and record keeping is one of the most complicated issues to be handled by all FinancialPersonnel. A small mistake could lead to costly penalty or jail imprisonment to the director or decision maker. On top ofthat, maintain precise and detailed records can be useful for determining your gains and losses of your company.
Recent trend has shown that the effectiveness of tax planning strategies is becoming the most critical element to ensureorganization’s financial status at a healthy level. With this training, our trainer will share his technical knowledge in taxplanning strategies and how it will help participants to reduce tax. On the surface, tax planning is not complex. Thedetails are where the complications arise.
www. atechpdc.com
APPLIED Tech People Development Sdn Bhd (977323-W)
PJX-HM Shah Tower, (next to Amcorp Mall, PJ)
CPE
CPD16 HOURSEntitlement
GST: Common Pitfalls & Issues
Under what circumstance Input Tax is not claimable?
Timing of invoicing - 21 days rule, what is the effect on your organization if non compliance?
Use of electronic invoices / pro-forma invoices - what is the implication?
Lost or misplaced invoices - reissue? How to justify during custom’s audit?
Apportionment rules of mixed supply - the most complicated input tax claims’ supply
Element of simplified tax invoice - Limitation to claim full input tax refund
and MORE!!
Tax Planning Key ElementEnough fund to meet its business needsReasonably simple and straightforwardKeep the main objectives in sight Company’s profit and loss account and balance sheet
Target Audience: Finance Managers, Accountants, Financial Controller, CFOs, Directors, Tax Consultants, Auditors
Methodology Lecture Case Study Practical Exercises
Course Materials Will be provided
Duration 2 days(9.00am-5.00pm)inclusive of Lunch, Refreshment, Certificate of Attendance
Who Should Attend CFO’s, Financial
Controllers, COO’s, CEOs and Managing Directors
Finance & Accounting Managers & Officers
Tax Managers and Tax Consultants
Chartered Accountants, Advisors, and Auditors
Company Secretaries and Business Consultants & Advisors
2 Days Course Outline
Course Fees Early Bird Fee*
RM1,600 (Payment received one month before the training day)
Group of 3RM1,600 per pax(Payment received before training day)
Prompt Payment Fees* RM1,800(Payment received before training day)
Standard Fee:RM2,200
*Course Fee above is inclusive of GST. Valid only with payment received before training day, otherwise standard fee will be applied (Please write clearly membership number in registration form)
An Overview of GST on Accounting Issues• Basics of GST concepts and principles• Understanding the GST accounting process
-How it differs with normal financial accounting rules?• Examining the areas where different accounting
treatment required• Accrual basis v Cash basis• Revenue recognition rule vs Time of supply rule
under GST• Cash flow gap - How it arises?• Impact of GST on your budgeting, costing and
working capital management • Income tax compliance v GST compliance
GST Compliance: Invoicing & Record Keeping • Different types of invoices used in GST
-Full tax invoice , Simplified tax invoice , Self billed invoice• Delivery date of goods / Basic tax point• Determining appropriate time of supply for
services• Timing of invoicing
-Taking advantage of the 21 days rule • Use of electronic invoices & Pro- forma invoices
- What is the implication?• Dealing with lost and misplaced invoices• Maintaining proper documentation to support
input tax claims
Effective Tax Planning to Maximizing Input Tax Credit Claims• Knowing claims’ conditions / mechanism
• Circumstances input tax not claimable - if invoices not in the name of claimant
• Element of simplified invoices-Limitation to claim full input tax refund
• Refunds or overpayments• Apportionment rules for mixed supplies • Apportionment of residual input tax correctly • Importance of getting tax codes correct when
recording transactions• Identifying the pitfalls or problems encountered
during setting up stage• Imported services
-Application of reverse charge mechanism• Role of debit notes & credit notes
Comprehensive Guide to Deductibility of Irrecoverable Input Tax• Blocked input tax -• Passenger cars - acquisition costs & running
costs• To what extent disallowable input tax can be
claimed as deductions under income tax rules?• Criteria or Conditions IRB may apply to allow
deductions • The application of “Wholly & Exclusively
Incurred ” principle - Sec 33(1) • Input tax suffered on purchase of fixed assets
-Can capital allowances be claimed?• Expenditure incurred
-Capital nature or Revenue nature • Current practices in other countries under GST
Impactful Tax Planning to Manage GST Blow on Sales & Marketing Activities • Establishing effective credit control system• Reviewing the credit terms and credit limits • Claiming bad debts relief on output tax paid • Bad debts written off
-What is the GST treatment?• Bad debts vs Discount allowed - Exact treatment• Bad debts recovery • Reimbursement of marketing expenses
Managing Inter Company Transaction through Efficient Tax Planning • Managing shared costs
-Allocation of costs within group of companies• Inter company supply of goods and services• Disposal of assets • Transfer pricing issues and Inter company pricing • Income tax rules vs GST rules
-Accounting treatment of group transactions
Step to Procurement & Inventory Control• Reviewing your existing procurement & inventory
holding policies• Maintaining proper stock ledgers & documentation
to support input tax claims• GST treatment on
-Stock losses / Obsolete Stocks / Time expired stocks• Stocks sold below cost or marked down values -
Should input tax claimed on full cost allowed? • Stocks in transit / Delivery delays • Consignment stocks - Documentation & correct
approach• Importation of goods - Documentation support for
custom audit
Understanding Capital Goods Adjustments for Mixed Supply• Capital expenditure decisions and its impact on
GST• Significance of applying the CGA rule correctly• Understanding the initial input tax recovery ratio
(IIRR) and Annual input tax recovery ratio (AIRR)• GST adjustments on capital goods annual usage
differences
GST Impacts + Common Pitfalls• Disbursements vs Reimbursements
-What are the differences?• Liability for GST• Role of contracts • Taking advantage of special schemes to ease cash
burden -Approved Traders Scheme (ATS)-Approved Toll Manufacturers Scheme (ATMS)-Warehousing Schemes
• Payments to Non residents • Withholding tax implications • Restructuring employee benefits • Loans or Advance to directors • Director’s fees
-Who is liable to pay GST?• Staff claims • Hire purchase or Leasing of capital goods
Tax Planning Strategies + Accounting Issues: Goods and Services Tax (GST)Page 2
Mr Bryan Ng Chun Seong
PJX-HM Shah Tower, (next to Amcorp Mall, PJ)Oct 07-08,2015
Highly Recommended Training Program
Trainer Profile
An experience trainer with unique combination of Finance + Management + Excel Skills!
INTRODUCTIONFinance and Accounting work definitely gets easier and faster with the Power of Technology. This course will teachyou to build, communicate, understand or audit robust financial models, quicker. Make the spread sheet more usefulby using the full capabilities of Excel to enhance the Financial Management in your company. With guidance from ourExpert trainer who is also from the finance background, participants will definitely benefit from this workshop.
Automating Financial Functions for Data Analysis and Decision Making Make Excel your Decision Making ToolTarget Audience: Accountant, Finance Managers, Account Supervisors, Accounting Staff
Learn the 7 Must-Have’s Budgeting & What If Analysis Skills Critical in Financial Management
and Decision Making
Working Smart with Excel FunctionsCreatively use Excel’s basic functions and features, leverage on keyboard shortcuts and buttons to increase efficiency.
Improve Reliability and Accuracy of Data EntrySpotlight key data, narrow the focus, audit for errors and tag reminders to enable better analysis outcomes.
Building Monthly Report with Auto Year-to-Date & Variances Updates Learn to work smart by Leveraging on Quick Keys to Build Monthly, Year-to-Date & Variances Report
Simulate with SolverMake better decisions with the help of Solver when there are many options & limiting considerations.
Present with Power using ChartUse charts and graphics to communicate key insights to aid making better business decisions.
Power Pivot TableQuickly summarize and analyze vast amounts of data without needing to input any formulas manually.
Easy to Use Project Appraisal FunctionsCalculate the financing cost of doing business, its impact to cash flow and make informed investment decisions based on IRR, NPV and Payback Period.
EXPECTED OUTCOME: At the end of the course, Participants should be able to:•understand the dos and don’ts in Building various Financial Models using Excel•deal and analyse with large amounts of data by leveraging on powerful excel functions•make better financial decisions with Solver•prepare financial charts for better decision making
Krishnan KSM, a Chartered Accountant by profession is an Associate member of CIMA–UK anda member of MIA. He is also a member of CTIM and holds a MBA in finance. He is currently anexecutive director of an approved tax consulting firm providing corporate tax services for clients.He has over 35 years of experience in public practice, commerce and industry, working in variousfinancial and non-financial disciplines in multi-national companies, including extensive overseasexposures. His broad business experience covers corporate and international tax planning, tax
review, tax audit and investigation and tax compliance cases. He has worked on specific VAT assignments in UKfor several years. Throughout his many year of practical involvement in Accounting and Taxation, he hassuccessfully developed effective tax planning strategies and structured remuneration packages for many MNCs,corporate clients and has numerous research materials and case studies to be shared with the seminarparticipants. Mr. Krishnan is a seasoned speaker and has presented papers at numerous national andinternational conferences and has also conducted numerous workshops in the field of accounting and taxation.Currently, he excels as a key trainer for GST related workshops and seminars.
GST
May 27-28, 2015
OTHER INTERESTING TOPIC
Advance Charting & Essential Dashboard Reporting
Data Management & Budgeting Model
Project Appraisal Modelling, Solver & Interactive Simulator
Interviewing Skills + Staff Retention Strategies
• Systematic Modeling Template• Quantitative Analysis calculation
• Different Chart Types for different purposes• Customise & Combination Charts• Familiarize with The Different Parts of an Excel Chart
• Handling data sources• Interactive What-If Panel Board • Planning and integrate data information
Sales Qty Price RM
Project A 500 50 Sales 53,240,000
500 50,000 Cost of Goods Sold (43,782,000)
Project B 200 55 Gross Profit 9,458,000
200 55,000 S&D 2,825,821
Project C 300 52 Admin 1,578,931
300 52,000 Total OPEX 4,404,752
COGS NPBT 5,053,248
Project A 80.0% 80 Prov forTax (1,263,312)
Project B 85.0% 85 NPFT 3,789,936
Project C 80.0% 80 GP Margin 17.76%Opex% 8.27%EBT Margin 9.49%
Opex Sales Growth 4%Salary Increment 100.0% 100
Bonus 1.0 mth 10
EPF 12.0% 12 RM
Travelling Allowance 100.0% 100 Sales 53,240,000
Store Maintainance 100.0% 100 Cost of Goods Sold (43,782,000)
Delivery Expenses 100.0% 100 Gross Profit 9,458,000
Repairs and Maintenance 100.0% 100 S&D 2,825,821
Insurance 100.0% 100 Admin 1,578,931
Entertainment 100.0% 100 Total OPEX 4,404,752
Directors Fees 180,000 180 NPBT
Telecommunication 100.0% 100 Prov forTax 5,053,248
Rental Expense 20,000 20 NPFT (1,263,312)
Printing & Stationery 100.0% 100 3,789,936
Utilities - Water & Elec, Telephone 100.0% 100 GP Margin 17.76%General Expenses 100.0% 100 Opex% 8.27%
EBT Margin 9.49%Provision For Income Tax 25% 25 Sales Growth 4%
COMPANY XYZWhat If Analysis - Key Factors Panel
Profit & Loss Statement for theYear Ended 31st December 2012
Revised
Base
• Important Interview Element: Application & Screening• What are the alternatives to recruitment?• Correct trends and practice in research and selection
• Interactive Menus empowered with Macro• Dynamic Model Simulator with flexi-timing updates
• Tracking Interactive Variance Analysis • Analyse Structuring the Analysis
• Creative uses of Charts• Charting Techniques & Tricks
• Managing Employee & EmployerRelation
• Five Top Retention Strategies
Tel: 03-7661-0158 Fax: 03-7661 0157
HP: 016-221 6961 (Albert Ng) / 016-202 1194 (Kim)
Email: [email protected]
Website: www.atechpdc.com
APPLIED Tech People Development Sdn Bhd (977323-W)L-15-6, 15th Floor, PJX-HM Shah Tower, 16A,
Persiaran Barat, 46050 Petaling Jaya, Selangor.
TERMS AND CONDITIONS:Registration policy:Registration is confirmed once registration form is received via fax/email/mail. However, admittance to class will only be permitted upon receipt of full paymentbefore the training date. All Privilege Rate/ Corporate Early Bird , Prompt Payment and Group of 3 Rate only applied if payment received before/on respectivedue date, otherwise standard fee will be applied.Cancellation policy:NO CANCELLATION/POSTPONEMENT is allowed. Replacement participant in writing with company letter must be made 3 working days before the program.Any different in fees will be charged accordingly. Any no-show by participant will be liable for full payment of the program fees.Disclaimer:Applied TECH People Development Sdn Bhd (APPLIED TECH) reserves the right to amend or cancel the event due to circumstances beyond its control. Insuch events, APPLIED TECH will provide alternative arrangement to the participant(s). Upon registration, you are deemed to have read and accepted theterms and conditions.Payments details: CASH / CHEQUE to be deposited into AmBank (Account #:888 1005 435 696) payable to APPLIED TECH PEOPLE DEVELOPMENT SDN BHD. Kindly email a copy bank-in slip to [email protected]
For on-line registration: http://www.atechpdc.com/form/
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