Monday 14 April 2014

# Tax alert - GST Bill 2014 passed by Dewan Rakyat

The GST 2014 Bill was passed by the Dewan Rakyat, Lower House of the Parliament on 7 April 2014 and will now move to the Dewan Negara, Upper House of the Parliament in its passage to become law for the introduction of GST. Some of the key changes in the 2014 Bill compared to to the GST 2009 Bill as follows:


*      Requirement for taxable person to quote GST-inclusive prices in all price displays

*      GST will be charged on the value of imported leased goods and not on the leased payments

*      Change in penalty regime for late payment of tax due to late registration

*      Requirement to issue tax invoice within 21 days from the basic tax point deleted

*      Criteria for self-billing arrangements have been legislated

*      Late payment penalty of 25% on tax outstanding deleted

*      Power granted to Minister of Finance to determine the fixed rate of recovery for input tax claims

*      Non-residents making taxable supplies exceeding the registration threshold is required to appoint an agent to account for GST

*      Joint venture provisions are restricted only to petroleum based activities

*      Free Commercial Zones are recognised as places outside Malaysia
 
*      Amendment of transition rules for settlement of service tax

*      Relief from GST for supplies spanning effective dates where sales tax and service tax has been received or invoiced

*      Goods and services redeemed under vouchers after the effective date will also qualify for transitional relief

*      Supply of goods and services under an Islamic Financial Arrangement is to be treated as neither a supply of goods nor services

*      Introduction of rules for the taxation of gaming supplies
Please note that the above is just preliminary views which may be subject to change upon clarification from the tax consultant and further analysis.

Saturday 12 April 2014

Interesting Facts in Astronomy

ASTRONOMY FACTS




THE 5 CLOSEST STARS TO THE EARTH

Traveling at a speed of 25K miles per hour (which is faster than any human has ever traveled), it would take you a little over 110,000 years to reach the Earth's Closest star, excluding the Sun, The 5 closest stars are:
  1. Proxima Centauri - 25 million miles
  2. Alpha Centauri - 25.5 million miles
  3. Bernard's Star - 35 million miles
  4. Wolf 359 - 45.5 million miles
  5. Lalande 21185 - 48 million miles

LARGEST METEORITES FOUND IN THE UNITED STATES

Throughout the history of the Earth, it has been literally pounded by meteorites. In the U.s alone about 1,200 meteorites have been recorded to reach the surface. The 10 largest meteorites have been found in the following states:

Monday 17 March 2014

#blog - as part of the module requirement.....

GST5103 – Information Systems and Electronic Commerce

Assignments

Instructions:

1.     The students are required to develop a blog individually which is considered as a project, and it is going to be used for uploading all the material or completed assignments as what will be giving from time to time or based on the regular meeting or fixing date.  

2.     Furthermore, the students are encouraging to develop the blog that based on their innovative and creativity which is embedded with multiple features or functionalities like guest who is hit or visit the blog, displaying the current time, and many others.

3.     Besides that, student also is required to present the work and all the presentation materials that need to be uploaded over as what they are blog being created. Please see the presentation rules and regulations as stated as below.
#COO/CIO/CTO/CFO# in the making

#Memo#1

My first day creating a blog. Quite difficult for non-IT savvy like me. I'll try my best to beautify my blog from time to time...Insyaa Allah...

Jan 2013 - UMK

My first MBA class - with Prof Hisham