Public Ruling No. 1/2017 & Public Ruling No. 2/2017 : Income Tax Treatment of Goods and Services Tax

Inland Revenue Board of Malaysia has uploaded the following public ruling in their portal:-

Public Ruling No. 1/2017 Income Tax Treatment of Goods and Services Tax Part I: Expenses

Public Ruling No. 2/2017 Income Tax Treatment of Goods and Services Tax Part II: Qualifying expenditures for the purpose of claiming allowances.

The Public Ruling stated that the following documents required to be kept are:-

1. GST return form (GST-03, GST-04); 
2. Relevant tax invoices; 
3. Adjustments on input tax made by the RMCD; 
4. Report on tax codes adopted in the accounting system; 
5. Reconciliation between GST-03 and financial statements; 
6. GST audit file; and 
7. Other relevant documents.

Source : IRBM portal