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#Post#: 70--------------------------------------------------
Tax Code for Foreign supplier for Goods
By: Samy Date: July 12, 2017, 9:01 pm
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What is the correct Tax Code to use for Foreign Supplier for
goods purchased, is it IM, OP or NR.
#Post#: 75--------------------------------------------------
Re: Tax Code for Foreign supplier for Good.
By: NSelvam Date: July 13, 2017, 12:05 am
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Most companies, I talk to during my GAF Hands-on Training
assigned Tax Code OP
#Post#: 101--------------------------------------------------
Re: Tax Code for Foreign supplier for Goods
By: PLVGST Date: July 19, 2017, 4:03 am
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I suppose this is not discussing upon import of goods from
foreign supplier? If import of goods from foreign supplier, we
should use tax code IM with K1 form right?
#Post#: 111--------------------------------------------------
Re: Tax Code for Foreign supplier for Goods
By: NSelvam Date: July 19, 2017, 11:54 pm
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For importation of Goods from a Foreign Supplier
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I have seen the GAF File for many companies & they assign Tax
Code OP because the GST was paid by the Local Forwarder and not
by the Foreign Supplier
Tax Code IM will update 6a (Base Value) & 6b (GST Value)
This was taken from the 2014 GST Software Guide
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GST Goods And Services Tax (Malaysia) OP 0%
Purchase transactions which is out of the scope of GST
legislation (e.g. purchase of goods overseas)
#Post#: 114--------------------------------------------------
Re: Tax Code for Foreign supplier for Goods
By: PLVGST Date: July 20, 2017, 6:59 am
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So saying, IM tax code will not be used on import of goods?
Instead, to use OP for the purchase invoice from oversea
supplier and TX for the tax invoice from forwarder? If so, how
would the purchase amount correlate with the 6% GST?
As said, IM will impact on 6a & 6b (thus we have been key in
through P module using IM tax code). So in order for the company
to claim on input tax, is not the GST portion of the purchase
amount be taken in automatically in the system through the use
of tax code?
In the case of the GST portion paid to forwarder and then remit
to KASTAM, so far my client has no received any invoice or bill
or note on GST to be paid to the forwarder. Even if the
forwarder did issue an invoice, are there any recommended tax
code used to take in this document since this GST amount has no
purchase amount from the forwarder? because it will be wrong to
treat the purchase from the forwarder instead of the oversea
supplier and use tax code TX since it is not the forwarder who
supply the goods to us.
Hope you can advice me on the situation. :)
#Post#: 197--------------------------------------------------
Re: Tax Code for Foreign supplier for Goods
By: NSelvam Date: July 31, 2017, 10:31 pm
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Importation of Goods
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Almost every GST Consultant, Accountant, Software Developer &
Vendor I spoke to had a different opinion to how to enter these
transactions in the accounting software
Basic Questions on importation of goods
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1. What Tax Code to use for Overseas Vendor Invoice
2. What Tax Code to use for Local Forwarder Invoice who clears
the goods & pay the GST
3. Where to get the Tax Base (6a), Overseas Supplier or Local
Forwarder or K1
4. Where to get the GST (6b), Local Forwarder or K1
I also raised this matter during the Software Vendor Conference
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P8 - Import Declaration Number (K1 Number)
1. My forwarder does not give me the Import Declaration
Form when he sends us the Tax
Invoice so we do not enter the K1 Number during data
entry
2. Should the K1 number be entered twice? One with the
Foreign Supplier Invoice and one
more time with the Local Forwarder Invoice
3. Can we enter more than 1 Import Declaration Number for
1 Supplier Invoice?
4. The Invoice from the Local Forwarder for the GST paid
is a Tax Line. The Tax Base can be
found in the K1 Form. My Accounting Software cannot
enter a Tax Base for a Tax Line
Invoice, so the Tax Base will be appear as zero in
GAF
5. My Local Forwarder issues 1 Tax Invoice for GST paid
on behalf/ Duty paid on behalf/
Charges. Is it a good practice to request for a
separate Invoice be issued for the GST paid?
6. The Tax Base in the K1 Form includes Value of Goods +
Duty + Other Charges. My company
use only the K1 ex-rate to get the Purchase Value
(Tax Base) in MYR for the Overseas
Vendor Invoice. As a result, The Tax Base for the
Foreign Supplier Invoice and Local
Forwarder Invoice will not match for Field 6a
7. The Tax Base in the K1 Form includes Total Value of
Goods + Duty + Other Charges. I have
100 Line Items in the Foreign Supplier Invoice. How
should I handle this in my Accounting
Software? Should I share the Duty and Other Charges
across all Items?
8. What is the correct Tax Code for the Foreign Supplier
for imported goods? Should it be OP
or IM
9. What is the correct Tax Code for the Local Forwarder
who pays the GST on my company
behalf?
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