Tackling Practical Issues in GST for Medical Industry ( 3 September 2015 )
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Tackling Practical Issues in GST for Medical Industry
Date : 3 September 2015 (Thursday)
Time : 9.00 am - 5.00 pm
Venue : Concorde Hotel, Kuala Lumpur
WHO SHOULD ATTEND
ü CFO's, Financial Controllers, COO's, CEOs and Managing Directors in Private Healthcare Facilities
ü Doctors, Specialists, Dentists, Pharmacists, Clinical Psychologists, Physiotherapists, Nurses, Midwives,
and others involved in the medical industry
ü GST Consultants, Tax Consultants and Tax Practitioners
ü Chartered Accountants, Advisors, Auditors and Business Consultants
ü Professionals and Staff involved in accounting for GST in the medical industry
The GST treatment for transactions related to the medical industry which comprises of healthcare facilities, healthcare professionals, pharmaceutical services and the National Essential Medicines List (NEML) and outsourced services, has been the subject of much discussions for some time now.
While healthcare services provided by government hospitals and clinics are out of scope supplies, those services provided by registered or licensed private healthcare centres such as private hospitals and private medical practitioners through their private clinics, are exempt supplies. There are also several acquisitions and supplies within the private healthcare services such as hospitals and private clinics that are subject to GST at the standard rate of 6%. As a consequence, a private healthcare facility could fall in the category of mixed supply and would need to be registered under the GST Act, 2014 if their taxable supplies exceed RM500,000 per annum. Input tax on acquisitions would then have to be apportioned based on principles approved by Customs.
CCH Executive Events presents a workshop designed for you to obtain a good overall understanding of the application of GST for medical industry. The course will address all the critical issues faced by healthcare professionals including private medical practitioners, clinical psychologists, physiotherapists, dental practitioners and pharmacists.
BENEFITS OF ATTENDING
ü Get an insight into dealing with the complexities in exempt and taxable supply by healthcare professionals and healthcare facilities, including doctors having a contract for service with private hospitals, locums, rental of clinics in hospitals to private doctors and specialists, rental of operation theatres, ambulance services, acupuncture services, rental of oxygen tanks, etc.
ü Study what are standard rated supplies, zerorated supplies and exempt supplies in the medical industry
ü Learn how mixed supplies arise in the medical industry and how to deal with input tax in respect of mixed supplies including the use of approved input tax apportionment bases
and application of the De-Minimis rule for residual input tax
ü Understand the treatment of input tax credit, partial exemption and apportionment bases
ü Address the accounting issues and tax codes for GST 03 submissions
GST for the Medical Industry – An Overview of the Salient Issues
»» Healthcare services and healthcare professionals
»» Government healthcare vs private healthcare – the important similarities and key differences
»» Healthcare services as an exempt supply as stated in the Exempt Supply Order and services which are considered as standard rated supplies
»» Pharmaceutical services and dispensing of medicines
»» Traditional and complementary medicine services – TCM
»» Registration needed where taxable supplies exceed RM500,000 per annum based on historical or future turnover
Supplies in the Medical Industry
»» What constitute exempt supplies
»» Standard rated supplies – floor space and consultation rooms for rent, pharmaceutical services, rental of operation theatre and medical equipment, etc.
»» Zero-rated supplies – medicines listed under the National Essential Medicine List (NEML); exported services, subject to the belonging principles, and exported goods
»» Dealing with outsourced services – specialists and visiting doctors who are under a contract for services; laboratory and imaging services,
canteen and restaurant services, parking facilities, nursing school, etc.
»» GST impact on Registration fees, sales from the pharmacy to own patients and patients from other clinics or private hospitals, beds for family members in wards
where patients are recuperating, treatment charges by outsourced doctor, etc.
»» Supply of ambulance services by licensed healthcare facility and independent ambulance operators – the GST factor
»» Acupuncture, beauty and slimming services, health screening facilities – the impact of GST
Acquisitions (Purchases) in the Medical Industry
»» Acquisitions of medicines – zero-rated and standard rated
»» Medical equipment, X-ray, scanning and imaging machines – those that are given relief from GST under GST (Relief) Order 2014 and GST (Relief) (Amendment) Order, 2015
and those that are not
»» Acquisition of outsourced services – a standard rated item and no relief given
»» Input tax claim on acquisitions – need to be apportioned between taxable and exempt supply
»» Cost sharing between hospital groups including management costs – the GST impact
»» Dealing with residual input tax in the medical industry
Apportionment Rules for Input Tax and Residual Input Tax claims in Healthcare services
»» A summary of the methodology of apportionment based on Customs approved method
»» Attribution of input tax to taxable and exempt supplies – how to achieve this in a private healthcare facility
»» How to determine the residual input tax in the healthcare facility
»» Application of the De-Minimis rule in determining recoverable input tax
Accounting, Applicable Tax Codes for Healthcare and GST-03 Returns
»» Methodology in setting up accounting codes in healthcare
»» Assigning applicable tax codes
»» Understanding the flow of supply, acquisitions, input and output tax in the context of preparing accurate GST-03 Returns
ACA(E&W); CA(NZ); CPA(Aust); CA(M); ACTIM; FIPA(Aust); B.Com(Acc)NZ.
J Selvarajah is currently actively involved in implementation of GST for clients as well providing numerous Malaysian GST training sessions in collaboration with various professional organisations and corporations in Malaysia as well as in Singapore. He has also successfully completed the training in Goods & Services Tax conducted by senior officers of the Royal Malaysian Customs Department. He is a senior partner of a well-established professional practice in Kuala Lumpur which is a member of an international network of accounting and consulting firms with more than 400 professional staff and partners. His work experience in public practice and consultancy spans a period of 44 years. He is also a regular trainer on financial reporting standards in Malaysia as well as on Corporate Frauds. J Selvarajah holds a B.Com. majoring in Accounting from New Zealand, and is a member of the Institute of Chartered Accountants in England & Wales, the Chartered Accountants Australia & New Zealand, CPA (Australia); the Malaysian Institute of Accountants, and a member of the Chartered Tax Institute of Malaysia. He is also a PSMB (HRDF) Certified Trainer.
Fee includes workshop materials, certificate of attendance, lunch and refreshments.
Early Bird ( By 3 August 2015 )
CCH Executive Events Corporate Member/
CCH Subscriber : RM 1,102.40
Non-Subscriber : RM 1,240.20
CCH Executive Events Corporate Member/
CCH Subscriber : RM 1,240.20
Non-Subscriber : RM 1,378.00
* Prices are GST inclusive
This workshop is HRDF claimable under the Skim Bantuan Latihan and to sign up, please complete the registration form attached and scan to e-mail back to me
or fax to 03-2026 2093.
Do contact me anytime for further clarification and assistance.
Thanks & regards,
Senior Events Consultant
Commerce Clearing House (M) Sdn Bhd
Level 26, Menara Weld
No. 76, Jalan Raja Chulan, 50200 Kuala Lumpur
D : +603 2024 8608
D : +603 2024 8608
M : +6016 255 7013
F : +603 2026 2093
E : email@example.com