Effective 1 January 2019, Imported Taxable Service refers to any taxable service acquired by any person in Malaysia from any person who is outside Malaysia. Service tax shall be charged and levied on any imported taxable service at the rate of 6%.
TreezSoft Online Accounting allows users to record down the above mentioned tax in just few steps.
First of all, Do not select any tax code when creating Supplier Invoice.
For the "tax amount" to be declared, go to General Ledger module and select Journal Entry. Raise a New Journal Entry and fill up necessary field like below and Save.
Secondly, create a new Tariff and Service Type Code under Tax module (SST - Tariff and Service Type Code ) and assign Tariff Code for account "SST-Service Tax Payable".
Lastly, go to SST Return under Tax module to create a New Declaration. After select the Taxable Period and Service Tax, click process and the tax amount will be captured in (10) and (11c). Save the Declaration.
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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