agriculture and flat rate addition

Agriculture And Flat Rate Addition

Loh Boon How, CA

As at 20 / 09 / 2014

B. H. Loh & Associates

2

What is the definition of agriculture? Crop Farmer

B. H. Loh & Associates

3

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

4

What is the definition of agriculture? Livestock farmer

B. H. Loh & Associates

5

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

6

What is the definition of agriculture? Fisherman

B. H. Loh & Associates

7

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

10

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

11

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

12

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

13

Thank YouB. H. Loh & Associates

Address :No. 1-3-15, Goldhill Complex,

Tingkat Paya Terubong 1,11060 Penang.

H/P No. : 016-4893382Email : bhlohass@gmail.com

Web-site / facebook : bhloh.com.my