May I know what tax code should I put for imported capital goods under ATS?

Dear expert, the new additional tax codes only include TX-CG and IM-CG for capital goods.  However, there are no tax code for imported capital goods  under ATS. What tax code should I put for imported capital goods under ATS? Thank you.

Asked on April 11, 2018 2018-04-11 05:14:02 Business (商家)
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2 Answer(s)

For all ATS scheme, the tax code is IS.

Tax Code: IS   (For ATS Scheme)

This refers to the total value of goods imported under Approved Trader Scheme (ATS) where GST is suspended when the trader imports the goods into Malaysia. This scheme is designed to ease the cash flow of Trader Scheme (ATS) who has significant imports, and the approved person under ATS must declare the total value of the goods imported and suspended GST amount under ATS in Field 14 & Field 15 of GST-03 return.

Tax Code: IM-CG   (For non ATS Scheme)

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).

 

Answered on April 11, 2018. 2018-04-11 07:29:33

Dear expert, I thought the suspended GST amount under ATS in Field 15 of GST-03 has been replace with  total value of other supplies since Jan 2018?

on April 11, 2018. 2018-04-11 08:05:43
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As far as I know of, for ATS Scheme under tax code IS hast to fill up Field 14 : Value excluding Tax.

Answered on April 12, 2018. 2018-04-12 01:35:23
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