Dato’ Sri Najib Tun Razak, a Prime and Finance Minister, unveiled Budget 2015 addressing key issues on promoting fiscal sustainability and easing the transition to GST for business and consumers, while placing the nation on a firmer growth trajectory towards Vision 2020. Part 1 The three key issues concerning the individuals and sole-proprietor business have been introduced in 2015 budget. The first issue is about individual tax. The first change is that the income tax rate is reduced by 1 to 3%
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Services Tax (GST) is an issue frequently being discussed recently in Malaysia, this happen when the government announced to implement the GST. The national budget of Malaysia 2014 had been discussed in parliament on 25 October 2013 proposing that GST would be implemented commencing on 1 April 2015 at 6% rate. GST, is also known as the value-added tax (VAT) in many countries such as Singapore, Hong Kong, United Kingdom and Canada. Currently, more than 160 countries have implemented GST. Tax is recognized
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Implementation of the Goods and Services Tax (GST) in the Singapore Construction Industry Low Sui Pheng and Carol P.W. Loi Introduction The Goods and Services Tax (GST), to be pegged at 3 per cent across the board for the first five years, was introduced by the Singapore Government on 1 April 1994. While this may just be another tax for many businesses, the rules and regulations governing the mechanism of this tax are entirely different from what companies and individuals have so far experienced
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How To Guide Banking The Banking area is where you manage transactions related to your bank accounts. This includes money you spend and receive, and payments to suppliers and customers. You can choose to import your bank transactions into MYOB Essentials and work with them directly using bank feeds. This lets you allocate bank transactions directly to MYOB Essentials accounts, or match them to transactions you've already entered, saving you loads of time on data entry. If you know who you'll
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What is GST? Goods and Services Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. Through a tax credit mechanism, this tax is collected on value-added goods and services at each stage of sale or purchase in the supply chain .The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last
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Services Tax (GST) is a broad-based consumption tax. It is an indirect tax which a person pays when he spends money. It is a multistaged value added tax, which means tax is charged on every supply of taxable goods and services at all levels in the supply chain i.e. production, manufacturing, wholesale and retail. More than 120 countries have already implemented GST which is paid by customers when they purchase goods and services are more sophisticated than the tax on retail sale. Even though GST is charged
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THIRD QUARTER 2014 SURVEY ON SMALL AND MEDIUM ENTERPRISES (SMEs) SME Corp. Malaysia as the Secretariat to the National SME Development Council (NSDC) is conducting a survey to assess the performance of SMEs in the 3rd Quarter of 2014 and to identify issues faced by SMEs in the increasingly challenging business environment. It would be appreciated if you could complete and return the questionnaire by 10 November 2014. Please be assured that your response will be kept CONFIDENTIAL and will not be divulged
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Implementation of Goods and Services Tax : Destructive Effects Outweigh Benefits The issue of whether the government should implement Goods and Services Tax (GST) has been a hot debate in Hong Kong. The government stress that the tax will help broaden the tax base and secure the sustainability of tax revenue (Mak, 2006). They have also cited some examples from countries all over the world which have already imposed GST such as most of the Organization for Economic Cooperation and Development (OECD) countries
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00 Issue with panel and door alignment due to compression by desk in situ: • Cutting edge of existing door to suit: $345.00 Entry room: Issue one quoted is the correct placement and alignment of wall-mounted cabinetry: 1) To re-align cabinet it must be dis-assembled in order to redo the wall fixings and provide correct alignment – two employees one full day labour & travel: $1,550.00 2) If extra brackets are required an additional $500.00 will be added Issue two in entry
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Exemption from GST. Supplies outside the scope of GST. No. 6 Goods and Services Tax Act 2009 ii PART V –BASIC RULES RELATING TO IMPORTS 25. Time of import. 26. Value of import. PART VI –CALCULATION AND PAYMENT OF GST NET AMOUNT 27. Net amount of GST to be remitted in a tax period. PART VII –INPUT TAX CREDITS 28. Goods or services for which no input tax credits are allowable. 29. Input tax credits. 30. Acquisition or importation by resident agents. PART VIII–GST DOCUMENTATION GST invoices
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