Hi, i want to ask ,imported asset purchased need to declare in item 16 : Capital goods acquired?

I ask Customs before, only disclosed asset purchased from GST registrant.But now i heard, need to declare imported asset as well.
Where can I find the related guide showing this we need to declare?

Please answer cc my email also.
Afraid if im not alert the answer

Asked on April 10, 2018 2018-04-10 03:47:28 Business (商家)
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1 Answer(s)

Below are information on purchased of capital goods from local suppliers and imported from oversea suppliers :

Tax code: TX-CG.     Tax rate : 6%

Purchase with GST incurred for capital goods acquisition from local suppliers.

This tax code refer to purchase with GST incurred at 6% for all capital goods acquired that is claimable regardless the value of the goods. For example, land and buildings, equipment, machinery, vehicles, or others capital goods which the company claims for input tax and capitalize the acquired capital goods as their assets. The GST registrant who claiming the capital goods has to declare the value of this claimed capital goods under field 6a & 6b, and field 16:Total Value of capital goods acquired (excluding GST) of GST-03 return.

Tax Code : IM-CG.     Tax rate : 6%

Importation of capital goods with GST incurred.

This refers to all capital goods imported into Malaysia which are subject to GST. The GST amount is calculated on the value which includes cost, insurance and freight plus the customs duty payable (if any) that based on the import declaration form (Customs Form No. 1 (K1), and other reference documents).

As far as I know from the latest amendment on Mapping Tax Codes (Mapping Tax Codes vs GST03 Return) as at 5 February, 2018 reporting of Returns Form GST-03 is as follows :

Field No. 16 : Total Value of Capital Goods Acquired

Remarks :  Total amount taxable for CAPITAL GOODS ACQUIRED (excluding GST).

Formula Version 1 : Total taxable amount of ( (GL Codes where Tax Return Section = 16_CAPITAL_GOODS_ACQUIRED) + (Fixed Asset items purchased) ).

Formula Version 2 (As at 2 March, 2017) : = TX-CG ( amount net ).

Formula Version 3 (Latest as at 5 February, 2018) : = TX-CG + IM-CG (amount net).

I think you need to clarify again with the GST Officer at the Customs near your place.

Answered on April 10, 2018. 2018-04-10 06:55:09
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