Manage your GST with MYOB. Get yourself ready now and kindly visit Royal Malaysian Customs Department for more info on GST.
MYOB Software is an easy to use business management software, Accounting, Inventory, Payroll and GST Management. Check out our products now.
GREAT NEWS TO ALL!
MYOB is now a GST Compliant Vendor for Malaysia as approved by Royal Customs Malaysia on the 12th of March 2014. We would like to thank Royal Customs Malaysia for approving MYOB South Asia and our MYOB Product Team for all efforts taken to make this a reality.
Based on the Budget announcement made by Malaysia’s Prime Minister, Datuk Seri Najib Razak, GST has been scheduled for the 1st of April 2015.
Key facts :
- GST Rate will be 6%
- Companies who will have to register are those with annual turnover > RM500K
- Companies do have the option to register on voluntary basis if they fall out of this bracket. Some business will find this beneficial if they deal primarily with GST registered businesses.
- Registration date: 3 months prior to 1st April 2015.
- The Malaysian government has announced a grant that will be available to businesses that register for GST. This may be used to off-set the cost for accounting software and or GST training (further details still to come)
Why should SMEs care about GST?
- It will impact every aspect of the business if the business falls within the GST threshold & could impact those business that do not fall into the threshold should they purchase goods and services from those that do.
- It has legal implications and penalties will be imposed Business transactions must become more transparent to the government.
- There will be greater need to automate as GST will need to be paid quarterly or monthly dependent on business size.
- You can claim back GST paid by your business – but to do this you need to be GST registered and comply with the new regulations
- GST is not a Tax on your business – rather a consumer driven Tax that is managed by your business
Over the coming weeks MYOB will be working closely with the “Customs Department of Malaysia” to ensure all our current and future clients can move forward with the new rules and regulations seamlessly. More information will be available shortly.
Please register with us to keep up-to-date on the latest GST announcements.
More info available at GST customs website here.