This presentation attempts to explain the structure and design of GST, highlight some main issues perceived by businesses. Also since Royal Malaysian Customs department is aiming to audit about 50,000 companies, this presentation will explain how to get ready for this audit.
How will this talk benefit you? Each participant attending will be given a softcopy of the following documents:
- A check list of how to conduct an internal audit for any organization.
- An example of simple checklist for small-to-medium enterprises (SME) based on Australian Tax Office for GST which can be adapted for your organization.
- RMCD compliance audit document where the Acts stipulates the rights and responsibilities of GST registrants
If there is an audit, you should have a list of audit documents, ready for the RMCD. It will be a verification visit by RMCD, which simply means RMCD will examine GST adopted treatments by business and the corresponding documents. If non-compliance is detected RMCD will give you an opportunity to amend the relevant GST 03 document and pay the GST within 30 days. Failure to do so may trigger a full audit followed by a suitable enforcement action by RMCD.