What is GST? It is a tax on consumption, an indirect tax charged on imports and on the value added to goods and services sold by one business to another, or to the end consumer.
In brief, it is the buyer who pays the tax, not the seller. There are issues pertinent to GST’s implementation – getting started, scope and priorities, analyses and plan, implementation. Businesses in general need to understand the detailed rules and consider how these would apply to their own business operations with the right strategies and plans.
Goods & Services Tax (GST) Advisory
We are focused on helping individuals and businesses manage the GST risk and cash flow. It’s important for you to have confidence in your GST process.
- Identifying cash flow benefits and improvements to the efficiency and effectiveness of your current system.
- Reducing the risk of any mistakes made in the GST reporting process
- Confidence that the GST return you have lodged with the Royal Malaysian Customs (Customs)
- Identifying any issues prior to Customs review.
We can provide an efficient and cost-effective GST advisory services, which includes:
GST Implementation Plan
- GST templates and guidance
- Chart of accounts
- Transaction flows, procedures and controls
- Internal documentation requirement
- Assistance with Customs risk review and audits
- Liase with Customs on GST related issues
GST Return Review
- Mapping GST accounts system through generl ledger
- Top down review to source documents
- Identify possible GST risks and opportunities
- Preparation of GST return and supporting schedules
- Preparation of GST accounting
- Group and in-house staff training
- Design and implement training programmes
- Develop and provide GST regulations training
GST Technical Review
- GST treatment and issues
- Chart of accounts
- GST questionaires
Accounting & GST Outsourcing
Including Penalties and Reputation Being Damaged Associated with Non-Compliance
In today’s environment of increased emphasis on accounting and GST compliance, it is important for you to have confidence in the efficiency and effectiveness of your accounting and GST processes. We have experience of working with multinational and national companies in the capacity of providing outsourced accounting and GST services.
By outsourcing your accounting and GST, your company could:-
Focus On Core Business and Off-Load Non-Core Functions
A cost center (accounting & GST) turns into a profit center.
High Quality Bookkeeping and GST Services
Clients are handled by a team of accounting professionals that possess a level of expertise not normally found in small and medium businesses.
Reduce Operating Cost
You get a dedicated professional team for similar or less than what it would normally cost to hire in-house employees.
Not only do you save on salaries, EPF and bonuses but also you have no overhead, management, hiring or accounts and GST training cost when using an outsourced service.
Reduce Non-Compliance Risk
Our teams are trained and experienced in providing accounting and GST services to your company that minimise your exposure the potential policy, legislative and operational risk that may arise due to unawareness of rules and requirement set out by GST Act 2014.