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Can I create my own tax codes?
Author: Michael Cho Reference Number: AA-04635 Views: 3321 Created: 2015-04-15 14:30 Last Updated: 2015-04-15 14:30 0 Rating/ Voters

The Royal Malaysian Customs have prescribed a complete set of GST Tax Codes, 23 of them. These tax codes are available in Sage 50 and Sage UBS. 

Do I use these tax codes?

Yes, we would suggest that you use the standard tax codes as this will allow for continuity should the tax codes be retired and/or subsequently replaced/changed in the future, including the change of rates.

Secondly, Sage products will be updated with all the latest official tax codes from the RMC. Therefore, should there be any new changess, you will instantly received these via our online updates and not need to re-configure your systems. 

I would still want to define my own tax codes.

Sure, you can do so, although we would highly suggest against it.. Please ensure that when you are setting up these tax codes that you take care of the following :-

  • Reporting Tax Code  - Ensure proper reporting into GST-03 and other GST reports.
  • Tax % - Ensure the proper percentage is applied.
  • Transaction Type - Ensure that it is applied to the proper type of supply.
  • G/L Account - Ensure that entries are handled correctly into the appropriate control accounts.
  • Tax Type - Ensure that the classification of the type of tax is correct. 
As you can see the complexity increases and the risks of getting it incorrect is high if anyone starts to customize the tax codes. Keeping it simple and standard is still our primary suggestion. 

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