Who is online?
In total there are 3 users online :: 0 Registered, 0 Hidden and 3 Guests

None

[ View the whole list ]


Most users ever online was 25 on Thu Mar 12, 2015 5:00 pm
Latest topics
» This forum no longer accept new postings
Fri Jul 03, 2015 9:34 am by joseph

» Industrial Diesel
Fri Jul 03, 2015 9:11 am by joseph

» ICT industry
Fri Jul 03, 2015 9:10 am by joseph

» Input Tax (Passenger Car for business purpose)
Mon Jun 29, 2015 5:25 pm by joseph

» Conditions to Claim Input Tax
Mon Jun 29, 2015 3:12 pm by joseph

» Additional industry code
Sun Jun 28, 2015 5:53 pm by joseph

» Sales Commisions
Fri Jun 26, 2015 7:44 pm by Poon1

» Advance payment for services not rendered yet
Thu Jun 25, 2015 4:13 pm by joseph

» Turnover Below RM500,000 subequent to GST registration
Wed Jun 24, 2015 6:16 pm by joseph

» Consigment Sales
Wed Jun 24, 2015 6:00 pm by joseph

» GST Accounting Entries
Tue Jun 23, 2015 10:21 pm by joseph

» Advance payment received from Customer
Tue Jun 23, 2015 5:45 pm by joseph

Statistics
We have 351 registered users
The newest registered user is emtng

Our users have posted a total of 570 messages in 139 subjects
Search
 
 

Display results as :
 


Rechercher Advanced Search


Open Market Value vs Value of Supply

View previous topic View next topic Go down

Open Market Value vs Value of Supply

Post by Admin on Thu Feb 05, 2015 10:47 pm

Open Market Value vs Value of Supply

1. Open Market Value (OMV) is the basis of computation of GST.

2. OMV = price determined by market forces of demand and supply among non connected persons.

3. OMV = Consideration (is GST inclusive)

4. Consideration = value of supply 100%+ GST 6% = 106% of value of supply

5. To calculate GST amount use Tax Fraction 6/106 x Consideration

6. Connected person – for full definition, refer to Para 3, Third Schedule
   Eg.  Directors of one another’s business, one of them directly or indirectly controls the other, family members etc

Admin
Admin

Posts : 47
Join date : 2014-07-30

http://malaysiagst.forumms.net

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum