GST: A year in review

It will soon be one year since GST was implemented and with the new financial year having just begun, it is important to review its impact on your operations. For most, it will also be the first year end where businesses need to accommodate adjustments to their accounts to include the impact of GST.

We should also reflect on whether the original treatment of GST is correct, particularly due to the developing body of GST law, Regulations, Orders, etc. This is important, particularly in light of the increasing number of Royal Malaysian Customs Department (RMCD) clarifications, updated GST Guides, and DG’s Decisions. Many of these are not necessarily along the lines that were expected, and these could have serious consequences.

Most important of the amendments introduced in Budget 2015, and enacted by the Finance Act 2015, is the introduction of a Penalty Regime which, effective from 1 January 2016, impacts any shortfall of GST.

It is essential for business to be aware of these developments and the impact on its operations in order to be compliant as they could affect current business processes, practices, cash flow planning as well as divert management attention from running the business to deal with RMCD audit activities.

We at Deloitte, understand the significance of these changes and the challenges they create, and Deloitte Tax Academy is delighted to bring to you a series of intensive half day GST workshops designed to review the impact of development during the period since 1 April 2015 and provide you with an insight on developments in GST laws as part of the journey we have all begun. To do so we will consider GST issues ahead of business and give an update on the manner in which it could impact your business.

Delivered by GST professionals with a passion for the subject, this workshop provides you with an opportunity to ask questions or clarify concerns.

The topics that we intend to cover include:

• Review of recent DG’s decisions and key changes in GST guides
• Insights on changes introduced in Finance Act 2015 (Act 773)
• Transitional issues affecting such changes
• Highlighting the key challenges faced by different industries
• Checklist for year end adjustments / compliances
• Sharing experiences and concerns on the impact it could have on business
• Guidance on keeping abreast with changes / developments and what you can do to address any concerns
  

GST Workshop series

The GST Workshop series is consecutively running in several different cities: Penang, Ipoh, Kuala Lumpur and Melaka.

Workshop schedule

For more information on each city’s workshop, you can download the respective brochures as below: