7286372
Description
Mind Map by ana azahar, updated more than 1 year ago
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Created by ana azahar
over 7 years ago
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Goods and Services Tax (GST)
- Types of taxes
- Indirect Tax
- Customs Duties
- Excise Duties
- Sales Tax
- Service Tax
- Service Tax
- Sales Tax
- Excise Duties
- Customs Duties
- Direct Tax
- Corporate Tax
- Income Tax
- Real Property Gains Tax
- Stamp Duty
- Stamp Duty
- Real Property Gains Tax
- Income Tax
- Corporate Tax
- Indirect Tax
- Functions of Royal Malaysian Customs (RMC)
- Formulate & enforce legislations, policies and procedures
- Monitor & enhance regulations/procedures to ensure compliances
- Consultation & advice to business community/investors
- Provide data information for decision support
- Provide data information for decision support
- Consultation & advice to business community/investors
- Monitor & enhance regulations/procedures to ensure compliances
- Formulate & enforce legislations, policies and procedures
- Comparison of SST & GST
- Sales Tax
- Tax computed on sales
- Imposed on manufacturer & importer
- Sales Tax Act 1972
- Rata: 5%, 10%, 20%
- Rata: 5%, 10%, 20%
- Sales Tax Act 1972
- Imposed on manufacturer & importer
- Tax computed on sales
- Service Tax
- Tax computed on services
- Imposed on service provider
- Service Tax Act 1975
- Rate: 6%
- Rate: 6%
- Service Tax Act 1975
- Imposed on service provider
- Tax computed on services
- GST
- Tax computed on supply
- Imposed on business operator
- GST Act 2014
- Rate: 6%
- Rate: 6%
- GST Act 2014
- Imposed on business operator
- Tax computed on supply
- Sales Tax
- Concept on GST
- is a new legislation
- take effect on 1/4/15
- for business turnover>RM500K
- easy to understand
- one single rate of 6%
- broad based on all goods, services
- broad based on all goods, services
- one single rate of 6%
- easy to understand
- for business turnover>RM500K
- take effect on 1/4/15
- is a new legislation
- GST is charged on:
- (a) any taxable supply of goods and services
- (b) made in the course or furtherance of any business
- (c) by a taxable person
- (d) in Malaysia
- (d) in Malaysia
- (c) by a taxable person
- (b) made in the course or furtherance of any business
- (a) any taxable supply of goods and services
- Types of Supplies
- Taxable supplies
- Standard Rated Supply
- Zero-rated supply
- Standard Rated Supply
- Non-taxable supplies
- Exempt supply
- Out of scope supply
- Exempt supply
- Taxable supplies
- Malaysia's GST Model
- Zero-rated Supply
- food items
- agricultural products
- livestock & meat
- seafood
- utility
- medication
- medication
- utility
- seafood
- livestock & meat
- agricultural products
- food items
- GST exempt supply
- rail
- taxi/car rental
- toll
- bus
- education/health
- residential
- residential
- education/health
- bus
- toll
- taxi/car rental
- rail
- Zero-rated Supply
- Penalty
- Non payment/late payment will subject to penalty
- the penalty will be cumulative
- maximum penalty is 25% upon 6 months
- maximum penalty is 25% upon 6 months
- the penalty will be cumulative
- Non payment/late payment will subject to penalty
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