Foreign exchange Gain / Loss

Our company imported goods from oversea. And our supplier billed us in USD / EUR currency.

Then we will based on the Custom Malaysia rate to divide supplier invoice amount become MYR to key-in our accounting system.

When doing the payment to Supplier, we will paid in USD/EUR currency and based on the Bank exchange rate we manually calculate the gain / loss.

In this case, how we going to do our foreign gain  / loss transaction in GST-03 form?

Asked on June 23, 2016 2016-06-23 08:24:11 Business (商家)
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6 Answer(s)

Info from Customs (25/08/2015), we need to declare net gain only, if there is net loss, we report it as NIL

Example:

If realized gain is RM1000 and realized loss is RM200, the net amount is +RM800, we declare it as RM800.

If realized gain is RM300 and realized loss is RM700, the net amount is -RM400, we declare it as NIL.

From HAMIDAH BT ABD HAMID (hamid@customs.gov.my)

Answered on June 23, 2016. 2016-06-23 09:13:15
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So, I just manually key-in the gain value on the GST-03 form when submit to Custom?

Answered on June 23, 2016. 2016-06-23 09:39:51
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Yes.

Answered on June 23, 2016. 2016-06-23 09:50:46
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Can I know under what item in GST-03 to declare the currency gain ?

Answered on October 31, 2016. 2016-10-31 05:31:58
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Item No. 12 in the GST Form-03

Answered on November 15, 2016. 2016-11-15 00:29:44
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Item No. 12 in the GST Form-03.

Answered on November 15, 2016. 2016-11-15 00:31:51
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