KPMG Global Services Indirect Tax Associate Interview Questions and Answers

VAT is a consumption tax levied on the value added to goods and services at each stage of production and distribution.

• VAT is a type of indirect tax imposed on the value added to a product or service at each stage of the supply chain.

• It is ultimately borne by the end consumer, as businesses collect the tax on behalf of the government.

• VAT rates and rules vary by country, with some goods and services being exempt or zero-...read more

The GST rate in Malaysia was 6%.

• The Goods and Services Tax (GST) rate in Malaysia was 6% before it was replaced by the Sales and Service Tax (SST) in 2018.

• GST was implemented in Malaysia on April 1, 2015, at a rate of 6% on most goods and services.

• Certain essential items such as food, public transportation, and healthcare services were either exempted or zero-rated under the GST system.

VAT is a consumption tax added to the price of goods and services at each stage of the supply chain.

• VAT = Output Tax - Input Tax

• Output Tax is the VAT charged on sales of goods and services

• Input Tax is the VAT paid on purchases of goods and services

• VAT is typically expressed as a percentage of the total value of the goods or services

• Example: If the VAT rate is 10% and the selling price of a product is $100, the VAT amou