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An Uncle's Guide to GST for Service Providers

An Uncle’s Guide to GST for Service Providers RM90

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Service providers, like all other businesses, are to include 6% GST in their charges to customers with effect from 1 April 2015. GST has been empirically proven in other countries to be business friendly, beneficial to the people at large, and equitable in many aspects when compared to the sales tax, service tax and even income tax.

Businesses have to comprehend the Malaysian GST model, key concepts and methodology and embed the system into their business operations at the earliest possible time. The guidance of a GST specialist is necessary for a smooth transition into the GST era. Time will demonstrate the benefits of the GST system to the business community as it cuts across all sectors providing a much more equitable business environment.

This book explains the various concepts of GST in an easy to grasp manner with many illustrations and practical examples. The nature and circumstances of the service industry pose various challenges in its implementation of the GST. Of particular concern is the determination of the ‘time of supply’ as the tax invoice is to be issued at the time when services are deemed to have been performed. This determination of time may appear subjective and varies among competitor companies and even differs from time to time within the same company. This guide helps to clarify what constitutes ‘time of supply.’

Also discussed are registration for the GST license, group registration, scope of charge, place of supply, GST rates, input tax deduction, tax invoice format, GST return submission, penalties and offences, bad debts, import services, outstanding payments and many other pertinent concepts.

This guide book provides a timely and handy practical reference to help service providers in implementing the GST and submitting the GST return.

The writer sincerely wishes service providers a smooth and successful implementation of the GST and the continued flourishment of their business.

For order book, you can download form here or submit at following form.

Promotion until 18.4.2015

Malaysian Taxation – Principles and Practice 2015

Malaysian Taxation – Principles and Practice 2015, 21st Edition RM160

Order now with the promotion price@RM110!

The year 2015 sees the implementation and operation of Goods and Services Tax (GST), replacing the sales tax and service tax, to be effective on 1.4.2015. Additional RM1,000 tax relief for disabled person, medical expenses for serious disease together with the reduction of individual tax rate ranging from 1% to 3% at each band of chargeable income to cushion the impacts of GST on individual at large is highly commendable. The Government continues carrying on tax reform for better income tax efficiency. The notable one was the finalisation of employee’s tax without submission of tax return with effect from YA 2014. The Finance (No.2) Act 2014 (Act 764) sets out provisions deeming the taxability of interest income, employment income provides certainty in interpretation, extension of additional 5 days on tax instalments of companies, employees, increased of the quantum claim on small value assets to RM13,000 to in line with economic changes. The offences and penalties amount was increased to RM20,000 emphasis the seriousness of strict compliance to the Act for just and equitable principle. The tax authorities have issued 14 Public Rulings in 2014 and 1 Public Ruling in 2015, all of which have been incorporated into this edition.

This 21st edition has been completely revised and updated, having taken into account the Finance (No.2) Act 2014 (Act 764) amendments, the issuance of the PU(A) gazette order in 2014 and 2015, Court’s decisions and Inland Revenue Board (IRB) practices. The tax development from YAs 2009 to 2015 have been properly structured to enable the accountants, tax practitioners and taxpayers to deal with prior years’ tax computations. A new chapter of Goods and Services Tax is inserted to replace the sales tax and services tax chapters. The tax developments from YAs 2000 to 2014, if needed, can be found in the 20th edition (2014). Further changes in YAs 1994 – 2000 can be found in the 11 edition (2005).

The primary objective of this book is to guide business persons, accountants, tax and legal practitioners who wish to understand the application of income tax, RPGT, sales tax and service tax in Malaysia. A total of 439 examples and 51 flow charts are employed to explain the difficult and contentious tax issues. This book aims to be the leading tax reference. It has been expanded to incorporate new tax developments (both law and practice) and includes a wide discussion on contentious issues. The writer has also provided his personal views and opinions based on his own knowledge and experience with regard to the various subject matters. He has endeavoured to give his views in a balanced and unbiased manner and hopes that they would be given consideration by the IRB and the Courts when developing the rule of law in Malaysia.

Taxation is a compulsory subject in all accountancy undergraduates program and this book has become a well-known textbook in local universities and for students pursuing professional examinations such as ACCA, CAT, MICPA, ICSA and AIA. It is hoped that students will support this noble research works by acquiring an original copy as the writer has devoted much time in research and wish to continue sharing his tax knowledge and skills in the forthcoming editions.

The writer acknowledges with gratitude the assistance he has received from various quarters in the writing of this book and its previous editions. He appreciates the feedback and suggestions he has received from readers, friends, and students who have all contributed in one way or another to the content and development of this book. He wishes to thank the ACCA and MICPA for granting permission to use their past years’ examination questions as examples in this book.

The law is stated as at 1 March 2015.

For order book, you can download form here or submit at following form.

Practical Guide

A Practical Guide on GST RM180

The wide ranging Goods and Services Tax (GST) will take effect in Malaysia from 1 April 2015 replacing the existing sales tax and service tax. Business operators have a limited span of time to comprehend the mechanism and intricacies of the GST system and embed it in their business and accounting system.

A Practical Guide on GST provides a clear and concise explanation of the working mechanism and concepts of the Malaysian GST model. It discusses and elucidates the fundamental features and concepts of GST such as supply, deemed supply, exempt supply, input tax, output tax, input tax credit, blocked input tax, time of supply, place of supply, taxable period, registered person, due date, group registration, invoicing, etc. Transitional issues involving the handling of existing trading stocks, plant, machinery, and bad debts are also addressed.

Although GST may appear simple and straightforward on the surface, its practical application in matters such as consignments and import services can present complexities and uncertainties. Advice and guidance will be needed in compliance issues such as in issuing tax invoices, submitting GST return, remitting payment and the maintaining of proper documentation and records.

This GST Guide is especially aimed at assisting the GST specialist, accountant and business management personnel through the teething phase of the GST implementation process. A total of 15 flowcharts and 43 examples are used to illustrate the practical applications of GST, covering all aspects of the GST Act 2014.

This Guide is an indispensable reference for all GST practitioners, auditors, and businessmen who are involved in complying with the GST law and requirements and assisting in its smooth implementation.

The author Dr Choong Kwai Fatt, who has written several books on GST and conducted seminars on GST for companies countrywide, has more than 25 years’ experience in the tax industry. He has written 92 books on taxation and is a leading tax authority, consultant and researcher.

The law is stated as at 1 February 2015.

For order book, you can download form here or submit at following form.

An Uncle's Guide to GST

An Uncle’s Guide to GST RM40

The Government has announced on 25 Oct 2013 as part of 2014 Budget Proposals that Goods and Services Tax (GST) will be implemented in Malaysia with effect from 1 April 2015. GST is a consumption tax which replaces the existing sales and services tax. The scope is wider and more comprehensive.

Business operators and consumers now have some 14 months to acquaint themselves with this new tax regime – its concept and mechanism, impact on household expenditure, cost of business, and the overall inflation caused to the economy.

An Uncle’s Guide to GST, aims to unlock the complexity of the Malaysia’s GST model. It explains, with illustrations, the various concepts and mechanism involved, in a simple manner for the easy comprehension of the man in the street.

It also aims as reference to the business operators on the registration of GST for licenses’ purpose, the claim on input tax and the charge of output tax. Again, the presentation is made in a way that its concept and application can be easily and quickly grasped.

GST will inevitably cause inflation in the short term but it is a necessary pain to endure in order to bring about a better and more equitable economy, an improved business environment and generally a better future for the people and country.

With the implementation of GST, consumers would have to be more careful and circumspect in their spending. They would have to study their consumption pattern and, in some instances, choose to buy what is needed and useful rather than what is desired.

The GST rate of 6% may be high at the initial implementation but it is hoped that the Government would keep the rate stable for a period of 10 years. This would help cushion the sharp hike in prices in the short run over time. The reduction in corporate and personal income tax in 2015 would able to reduce the impact of the GST to some extent.

It is hoped that this “Uncle’s Guide to GST” will help answer many wrong concept, mis-conception and confusion regarding the GST and its implementation in Malaysia.

The law is stated as at 1.2.2014.

For order book, you can download form here or submit at following form.

An Uncle's guide to GST for Retailers

An Uncle’s guide to GST for Retailers RM90

The Malaysian Goods and Services Tax (GST), which comes into effect on 1 April 2015 replacing the existing sales and Service Tax, will have a particularly significant impact on the retailing industry. This is because most businesses are involved in retailing.

The retailing sector covers a broad spectrum of activities ranging from trading in clothes, household items, and foodstuffs to making spectacles, selling smart phones, electronics and electrical products, multi-marketing, hardware stores and traditional Chinese medicine shops.

GST is a consumption tax, charged at a single rate of 6%, and computed based on the value added concept. Its impact on the cost and pricing of goods should not be underestimated and needs to be carefully studied and understood. It may be prudent for retailers to see how they can, as far as possible, absorb the cost and not to increase prices so that they can secure their existing market share rather than lose out through a drop in demand or customers seeking more competitive alternatives. The GST poses challenges to retailers especially as regards how they can remain competitive and profitable.

Retailers need to comprehend the conceptual framework and mechanism of the Malaysian GST model in order to integrate and embed it smoothly into their existing businesses without losing their competitive edge.

They may have to employ additional accounting staff, acquire GST-compliant accounting software, revamp existing accounting procedures and practices, and carry out cost evaluation and study on the impact of GST on the pricing of their goods.

An Uncle’s Guide to GST for Retailers is a comprehensive and helpful resource to assist retailers in understanding and implementing GST. It explains various pertinent concepts such as time, value, place and type of supply, invoicing, registration, the GST working mechanism as regards input or output concept, compliance issues in filing GST returns, payment of GST, penalties and offences, gift rule, rental income, dividend income, promotional packages, and transitional issues on trading stock, plant and machinery, and trade debtors. Illustrations and diagrams are provided wherever possible.

This book is an easy and handy reference for retailers, tax accountants, GST specialists, finance personnel, company directors and anyone involved with GST directly or indirectly.

The author wishes retailers to have a smooth implementation of GST comes 1 April 2015.

For order book, you can download form here or submit at following form.

Selangkah Menerokai GST

Selangkah Menerokai GST RM40

Pada 25 Oktober 2013, Kerajaan Malaysia telah membuat pengumuman dalam Bajet 2014 bahawa pelaksanaan GST akan bermula pada 1 April 2015 di Malaysia. GST akan menggantikan Cukai Jualan dan Cukai Perkhidmatan pada masa kini.

GST telah lama diamalkan di negara-negara lain, dan meliputi lebih daripada 160 buah negara. Akan tetapi, GST merupakan sistem percukaian yang masih baru di Malaysia. Skop pengenaan GST adalah lebih meluas dan komprehensif di mana barangan atau
perkhidmatan yang tidak dikenakan cukai sebelum ini akan dikenakan GST seterusnya.

Tidak mengira sama ada pengguna atau peniaga, pelaksanaan GST Bering dikaitkan dengan isu kenaikan harga, seperti kos sara hidup atau kos perniagaan. Para peniaga dan pengguna sekarang mempunyai masa kurang daripada 12 bulan untuk memahami dan menangani isu GST. Peniaga sepatutnya membuat perancangan awal, menilai semula pelarasan harga untuk menghadapi cabaran yang bakal datang ini.

Bagi pengguna pula, pertimbangan yang teliti dikehendaki sebelum berbelanjaan. Barang kehendak dan barang keperluan perlu dibezakan bagi mengelakkan pembaziran.

“Selangkah Menerokai GST” memberi penerangan tentang persoalan-persoalan berkaitan GST yang sering wujud dalam kalangan pengguna dan peniaga. Dengan “Selangkah Menerokai GST”, segala kesalahfahaman, kontroversi dan kekeliruan pembaca terhadap GST dapat diselesaikan dan dijelaskan.

Buku ini juga bertujuan untuk dijadikan sebagai bahan rujukan bagi pengendalian perniagaan seperti pendaftaran GST, tuntutan cukai input, kutipan cukai output untuk mengatasi isu GST. Buku ini menggunakan rajah dan contoh untuk menyampaikan mesej secara ringkas supaya senang difahami oleh pembaca.

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Advanced Malaysian Taxation – Principles and Practice (Sixteenth Edition, 2014)

Advanced Malaysian Taxation – Principles and Practice (Sixteenth Edition, 2014) RM180

The 2014 Budget tabled on 25 October 2013 putting primarily focus on strengthening the national growth, reducing government deficit not forgetting to ensure the well being of the public at large. The Government acknowledged SME sectors lacking both in finance and expertise thus giving a special preference tax rate of 20% for 5 years, encouraging mergers & acquisitions among them.

Incentives continues provided to various sectors in particularly manufacturing, petroleum sectors, encouraging contractors and developers to joint hand assisting to revive abandoned projects are a cause. Not to mentioning many PU(A) Orders and Public Rulings are issued governing business trust, rescuing contractors and unit trust. A total of twelve (12) Public Rulings in 2013 and the many PU(A) Order gazette in 2013/3014 have been reflected in all the relevant chapters.

Anti avoidance measures to curb lending to directors of provide exempt companies, anti money laundering had included non submission of return, incorrect return or evasion as services offences in money laundering of act are some measures of tax reform, building Malaysia towards developed country in 2020. Compulsory acquisition of land paid to developer by Government is now deemed business income.

Individuals and companies tax rate is promised to drop by 1-2 points in 2015 and 2016, following the introduction of Goods and Services Tax into the Malaysia landscape. However, a special tax relief of RM2,000 is given for monthly income below RM9,000 takes effect in YA 2013.

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