Sales Tax for Business Enterprises

• Main Author: Choong, Kwai Fatt (Author)
• Format: Book
• Language: English
• Published: Kuala Lumpur, Malaysia Infoworld 2018
• Subjects: Sales Tax > Malaysia; Taxation > Malaysia
• Online Access: Click Here to View Status and Holdings.

 As the new Malaysian government abolished the unpopular GST tax and moved back to the more people friendly Sales and Service tax model, prices of goods are generally expected to be lower. Service Tax for Business Enterprises provides a practical insight into the concept, theoretical framework and practical applications of the legislation. Essential concepts, pricing methodology, service tax administration and compliance are explained and illustrated with examples. Offences and penalties for non compliance are included. A thorough understanding of the Act by business entrepreneurs is desirable in order to avoid unnecessary penalties imposition and other risk exposures, including being held personally liable for outstanding service tax due to the Government. The topics covered include: · What is SST? · Sales tax v service tax · Scope of charge · Taxable service and taxable person · Import service and export service · Registration · Pricing · Invoice · Taxable period and payment · Contra mechanism · Bad debts and bad debts recovered · Designated areas, special areas · Offences & penalties · GST transitions into service tax This is a must have reference for business entrepreneurs, directors, LLP partners, business consultants, legal counsels, accountants, auditors, tax agents and all those involved in the transition from GST into the SST regime.