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