July 4th 2019- The institute of Commercial and Industrial Accountants Malaysia (ICIA) held their first training event at their new premises in Kelana Jaya. The seminar entitled "Understand MFRS 15 & 16" was conducted by a distinguished guest speaker, Mr. Ng Kean Kok CA(M), who is well known as an accounting and corporate trainer.
Participants were also treated to lunch at a Thai Restaurant and several council members were in attendance including our VP En. Amjath, Mr. Lee TK and Mr. Chiam GH. Participants were given comprehensive notes for the seminar and will receive a certificate of participation from ICIA with 8 CDP hours/points.
The Institute would like to thank all those who participated in the seminar and apologizes for any shortcomings during the seminar. Special thanks to Mr. Lee who has worked tirelessly for this event, Mr Chiam GH for his help and En. Amjath for the arrangements. The Institute will continue to organize more seminars in the future at affordable price so that more members and the public can benefit from it; in line with the government's drive to improve the financial literacy of the rakyat.
The customs department has presented the new Sales & Services Tax (SST) model. The information includes the new SST model's scope, responsibilities of registered manufacturers, facilities, special treatment and transitional issues. For more information, follow the link here ---->SSTslides
Sales Tax rates for various goods has been updated on the 7th of September based on the gazetted orders. a copy can be downloaded here
A general guide on SST for goods can also be downloaded at here . The Royal Malaysian Customs Department has also organized hand holding sessions with the public and for a clearer picture you should attend a session near your area. The hand holding sessions schedule can be found at https://mysst.customs.gov.my/Calendar
Notice: The information contained in the linked slides above and hyperlinks are the property of the Royal Malaysian Customs Department and ICIA cannot be held responsible for the accuracy and relevancy of the information contained therein.
As we all know by now, Sales & Service Tax is making a comeback to Malaysia replacing the now zero-rated GST. But do you know what services are taxable or what the thresholds are for each type of service business? Click the link below to find out.