F2Retailing Guide 130114 - ROYAL MALAYSIAN CUSTOMS GOODS...

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GUIDE ON RETAILING ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX
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GUIDE ON RETAILING Draft as at 30 December 2013 i Copyright Reserved © 2013 Royal Malaysian Customs Department. TABLE OF CONTENTS INTRODUCTION ....................................................................................................... 1 Overview of Goods and Services Tax (GST) ......................................................... 1 GENERAL OPERATIONS OF THE INDUSTRY ....................................................... 1 PRICING ................................................................................................................... 3 TIME OF SUPPLY .................................................................................................... 4 OPEN MARKET VALUE (OMV) ............................................................................... 5 CONSIDERATION .................................................................................................... 5 TAXABLE PERIOD ................................................................................................... 5 GST TREATMENT FOR THE INDUSTRY ................................................................ 6 CONSIGNMENT SALES .......................................................................................... 6 TRADE-IN GOODS ................................................................................................... 8 HIRE-PURCHASE .................................................................................................... 9 CREDIT SALES ...................................................................................................... 10 REPOSSESSION OF GOODS ............................................................................... 10 RETURNED GOODS .............................................................................................. 11 RECOMMENDED RETAIL PRICE (RRP) GOODS ................................................ 12 FOOD COURTS ...................................................................................................... 16 RENTAL ACTIVITIES ............................................................................................. 17 DISCOUNTs ........................................................................................................... 17 Price Discount ..................................................................................................... 17 Prompt Payment Discount ................................................................................... 17 Volume Discount ................................................................................................. 19 OTHER PROMOTIONS .......................................................................................... 22 Tie-In Goods ........................................................................................................ 22 Purchase with Purchase ...................................................................................... 23
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