FREQUENTLY ASKED QUESTIONS ON GST

1.     What is GST?

a.     Goods and Services Tax (GST) which is also known as VAT or the value added tax in many countries is a multi-stage consumption tax on goods and services. GST will be implemented on 1st April 2015 and is chargeable on all taxable services and goods at 6%.

 

2.     Are Rockwills services subjected to GST?

a.     Yes. All of Rockwills services are subjected to GST. This is stipulated in GST Guidelines for Trustees Services which you can obtain from Custom’s website at http://gst.customs.gov.my/en/rg/SiteAssets/industry_guides_pdf/Revised/GST%20Guide-Trustee%20ServicesUPLOAD180114-1.pdf

 

3.     How is GST calculated on Rockwills services?

a.     6% GST is calculated on all the fees of Rockwills services as stated in the Tax Invoice

 

4.     Are deposits collected for Will and Trust drafting subjected to GST?

a.     Yes. All deposits are subjected to GST.

 

5.     Is the GST refundable if I cancelled my will or trust and received refund of the fees I paid?

a.     Yes. GST will be refunded if deposits are refunded. However cancellation fee charged, if any, is subject to GST

 

6.     Will Rockwills issue a Tax Invoice for payment of will writing or trust set up fees?

a.     Rockwills will issue a Note of Charge before the will or trust is finalised. Once the will or trust is signed and submitted with payment, Rockwills will issue the Tax Invoice.

 

7.     I have paid Lifetime Will Custody before 1st April 2015. Do I need to pay GST after 1st April 2015?

a.     No. You need not pay GST for any lifetime will custody service that you have paid for before 1st April 2015.

 

8.     Are Annual Will Custody Fees paid before 1st April 2015 subjected to GST?

a.     Yes. Where the period of will custody paid for is before 1st April 2015 and extends beyond that date, GST is chargeable for the period of custody on and after that date.

 

9.     I have a few years of Annual Will Custody fee outstanding. Are the outstanding fees subjected to GST if I pay after 1st April 2015.

a.     Yes. All fees received after 1st April 2015 are subjected to GST.

 

10.  If I am given a will writing discount, how much is the GST I am subjected to?

a.     GST is calculated on the net will writing fee after discount.

 

Further information on GST can be obtained from Royal Malaysian Custom website

http://www.gst.customs.gov.my/