agriculture and flat rate addition
TRANSCRIPT
Agriculture And Flat Rate Addition
Loh Boon How, CA
As at 20 / 09 / 2014
B. H. Loh & Associates
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What is the definition of agriculture? Crop Farmer
B. H. Loh & Associates
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How to account?
Zero rated Standard rated
Rice Supply other that items in the Goods and Services Tax (Zero Rated Supplies) Order 2014
Vegetable
Ulam
Onion
Spices
Potatoes
Crop Farmer
B. H. Loh & Associates
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What is the definition of agriculture? Livestock farmer
B. H. Loh & Associates
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How to account?
Zero rated Standard rated
Live animals Deer
Fresh / chilled meat Goose
Fresh / salted eggs Turkey
Quail
Livestock farmer
B. H. Loh & Associates
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What is the definition of agriculture? Fisherman
B. H. Loh & Associates
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How to account?
Zero rated Standard rated
Fish fillet Ornamented fish
Dried / salted fish Fish for aquaria
Species in shell Non-food species
Fish bail
Fisherman
8Who is an approve person?
An approve person
1 Non GST register
2 Below the threshold of RM500,000
3 Not a voluntary register
GST return
1 Non claim an input tax
2 Not account & submit GST return
3 The registration remain for at least 2 years
Customer
1 Standard rate or zero rate
2 Issued an invoice
3 Submit yearly statement & keep record for 7 years
B. H. Loh & Associates
B. H. Loh & Associates
9Who is an approve person?
Non charge Flat Rate Addition
1 Sales of machinery / land & maintenance of farm building
2 Non GST register person
Supply of non farming
1 Supply of = Non-farming x 100%Non-farming Total of supply
2 < 20% supply : Total supplyOf non-farming
B. H. Loh & Associates
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Purchase (Supply)Exempted
supplyStandard
supplyZero supply
Lease of land Seeds, plants and grains
Imported of fresh food
Purchase of land Animal food Simple process repacked
Labour charge, hire of machinery
fertilizer
Pesticides
B. H. Loh & Associates
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Income (Supply)
Standard rate
Recreational such as farm visit, catch fish (less that 20% of his total supplies
Ancillary service : tagging, grading and delivery services
B. H. Loh & Associates
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Notification of any changes
1 Changes of business name or address
2 Partner joins or leave
3 Sole proprietor converted to partnership
B. H. Loh & Associates
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Thank YouB. H. Loh & Associates
Address :No. 1-3-15, Goldhill Complex,
Tingkat Paya Terubong 1,11060 Penang.
H/P No. : 016-4893382Email : [email protected]
Web-site / facebook : bhloh.com.my