Digi business marketing and operations head Steven Soon (second from left) delivering his speech as (from left) Johor South SME Association advisor Teh Kee Sin, RHB Bank Bhd commercial banking head Azlina Safian and PKT Logistics Group Sdn Bhd chief operating officer P’ng Tean Hau look on duri...
One for the album: (From left) Teh, Soon, Azlina and P’ng posing for photograph after their panel discussion session at the SOBA LAB programme at Trove Hotel in Johor Baru.JOHOR BARU: Digitalisation is the way forward for small and medium enterprises (SMEs) and they have to start planning now,...
Unofficial figures show that some 300,000 Malaysians commute daily from Johor to Singapore to work. — FilepicJOHOR BARU: The state government is looking at the positive angle when it comes to the high number of Malaysians, including Johoreans, working in Singapore.Johor education, human resour...
An SME expo showcasing the productsKUALA LUMPUR: Malaysia's small business sector experienced positive business conditions in 2018 and confidence in business and economic growth is at its highest point since 2012, according to new survey data released today by CPA Australia. The findings from CPA A...
KUALA LUMPUR: Small and medium enterprises (SMEs) should capitalise on the RM517mil funding made available by Malaysian Industrial Development Finance Bhd’s (MIDF) and Malaysian Technology Development Corp (MTDC) under the Soft Loan Scheme for Automation and Modernisation (SLSAM).MIDF group ma...
PETALING JAYA: Finance Minister Lim Guan Eng is tabling Budget 2019 in Parliament, the first federal budget by the Pakatan Harapan government.The tabling of the Supply Bill (Budget) 2019 will commence before Dewan Rakyat Speaker Datuk Mohamad Ariff Md Yusof, and will be debated by the Members of Par...
PETALING JAYA, Oct 20 (Bernama) -- Malaysia's Good and Services Tax (GST) system is among the best in the world, said KPMG China, Asia Pacific Regional Leader, Lachlan Wolfers.
"The Royal Malaysian Customs Department is extremely well prepared and information that they have provided for tax payers are world class," he told the media at the KPMG Malaysia Tax Summit 2014, here today.
"Having had experience in the implementation of the GST in Australia, I say that the Customs Department is well prepared, if not better than what I saw at the comparable stage in Australia," he said.
Wolfers said the challenges in Australia were remarkably similar and were encapsulated in a simple phrase that the GST is not just a tax change, but a change that affected daily businesses, and tax experts were not the only ones that needed to understand the system.
"The key challenge is the nature of GST is interdependent, it is not enough for companies to tackle their own GST issues, they need to understand how it affects their customers and supplies.
"They need to ensure their upstream and downstream activities are ready for GST and that is why registration at an early stage is absolutely critical," Wolfers said.
Meanwhile, Executive Director - GST Initiative Indirect Tax Leader, Bob Kee concurred with Wolfers that companies needed to get started on the GST implementation.
"A lot of businesses in Malaysia don't understand GST well enough and for those that think they understand, they often underestimate the complexity involved," said Kee.
"If you set aside GST technical complexities, the actual implementation itself can be time consuming and requires effort.
"There is a lot of time to make the system, processes and document changes and if you delay it longer, there won't be enough time, as our experience show that even for the simplest business, GST implementation can take up to six months," Kee said.