MYOB Malaysia office is kick-starting a series of workshops to teach Malaysian public, and existing MYOB users, on the impact of GST on your business, and why your business needs to be prepared.
Click for latest schedule of workshops.
Who and what is MYOB?
MYOB is a trademark of MYOB Pte Ltd, Australia. MYOB the Company is the publisher of a business management software, which is called MYOB Accounting software. The MYOB software is a great tool to use in your business, any kind of business, and suitable for most Malaysian SME's. The software takes care of your invoicing to customers, updates your stock listing when goods are received or sold, calculates the GST amount automatically, and keeps a record of when the GST will be due and payable, and so much more.
Why should you listen to the MYOB software publisher?
Because MYOB the company, and by extension, MYOB Accounting software, has helped thousands of customers transition to GST in Australia, New Zealand and Singapore. Now in Malaysia, MYOB wants to do the same!
The same software has been in use in the GST countries, and so the software is a tried and tested product which you can rely on to help you transition to GST environment come year 2011.
Jun 30, 2010
Jun 12, 2010
Legalising sports betting can help delay Malaysia's GST implementation
What does sports betting have to do with the implementation of GST in Malaysia?
The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), have suggested that the tax revenue to be collected from the legal sports betting (estimated at Rm 1 bil to Rm 3bil annually) can be used to fund public expenditures, and thus delay the implementation of GST in Malaysia. Read media report : Betting revenue can help delay GST implementation
In order to understand why such a the statement was issued, we need to understand the current sentiments on economic issues.
1. The GST has not received acceptance by Malaysian in general. The Government is forced to put on hold the implementation of GST. Partly because the Government has not done enough publicity to explain its necessity and the people resort to street protests
2. In early May, the media carried reports that the Goverment may legalise sports betting. Many people object to legalising sports betting, and have resorted to public demonstrations to express their disapproval. The objections came from religious bodies, and NGO's, and also from political bodies.
3. Around the same time, another news, this time on the country's economic status surfaced which gloomly mentioned that Malaysia will be bankrupt by 2019 if it does not cut subsidies and rein in borrowings. The statement risk bankruptcy by 2019. was quoted by the Minister in the prime Minister's Deaprtment. So we were given the impression that the country really needs funding to clear its borrowings
4. So in order to help clear disputes on the sports betting, ACCCIM issued a statement that rationalises that the tax to be collected from sports betting could be used as additional funds to reduce the country's borrowings, and hence delay GST implementation.
The statement could be an attempt by interested parties to garner support for sports betting to be made legal in Malaysia, using the unfavourable GST as an excuse.
The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), have suggested that the tax revenue to be collected from the legal sports betting (estimated at Rm 1 bil to Rm 3bil annually) can be used to fund public expenditures, and thus delay the implementation of GST in Malaysia. Read media report : Betting revenue can help delay GST implementation
In order to understand why such a the statement was issued, we need to understand the current sentiments on economic issues.
1. The GST has not received acceptance by Malaysian in general. The Government is forced to put on hold the implementation of GST. Partly because the Government has not done enough publicity to explain its necessity and the people resort to street protests
2. In early May, the media carried reports that the Goverment may legalise sports betting. Many people object to legalising sports betting, and have resorted to public demonstrations to express their disapproval. The objections came from religious bodies, and NGO's, and also from political bodies.
3. Around the same time, another news, this time on the country's economic status surfaced which gloomly mentioned that Malaysia will be bankrupt by 2019 if it does not cut subsidies and rein in borrowings. The statement risk bankruptcy by 2019. was quoted by the Minister in the prime Minister's Deaprtment. So we were given the impression that the country really needs funding to clear its borrowings
4. So in order to help clear disputes on the sports betting, ACCCIM issued a statement that rationalises that the tax to be collected from sports betting could be used as additional funds to reduce the country's borrowings, and hence delay GST implementation.
The statement could be an attempt by interested parties to garner support for sports betting to be made legal in Malaysia, using the unfavourable GST as an excuse.
Jun 11, 2010
No plan to increase GST above 4%
The Malaysian government through its Deputy Finance Minister, Datuk Dr Awang Adek Hussin, gave assurance that the GST rates will not be increase above 4%.
He said 126 programmes involving 180,000 participants have been organised nationwide to explain GST implementation. (I am waiting to attend one, but there's not much publicity on these workshops / seminars)
Also of interest are the following comments :
1. the 4% rate will have a neutral impact on inflation, and overall government revenue.
2. the main objective of GST implementation is to restructure the country's taxation system, to make it comprehensive, efficient, transparent, and business-friendly, and to address the weaknesess in the present taxation system.
3. GST will not lead to higher business costs, but instead will make the prices of goods and services more competitive in the domestic and international markets. The GST paid by traders for business inputs like raw materials, telephone bills and office equipment can be claimed as a credit from the government.
4. The country's per capita income level is not a yardstick to implement GST. There are some countries with much lower per capita income which have already implemented GST. Countries such as Venezuela, Sri Lanka, South Africa and Sudan are GST-taxable countries.
5. The county's revenue collection can be increased through efficient GST collection and higher compliance level.
Extracted from Bernama report dated June 9, 2010
He said 126 programmes involving 180,000 participants have been organised nationwide to explain GST implementation. (I am waiting to attend one, but there's not much publicity on these workshops / seminars)
Also of interest are the following comments :
1. the 4% rate will have a neutral impact on inflation, and overall government revenue.
2. the main objective of GST implementation is to restructure the country's taxation system, to make it comprehensive, efficient, transparent, and business-friendly, and to address the weaknesess in the present taxation system.
3. GST will not lead to higher business costs, but instead will make the prices of goods and services more competitive in the domestic and international markets. The GST paid by traders for business inputs like raw materials, telephone bills and office equipment can be claimed as a credit from the government.
4. The country's per capita income level is not a yardstick to implement GST. There are some countries with much lower per capita income which have already implemented GST. Countries such as Venezuela, Sri Lanka, South Africa and Sudan are GST-taxable countries.
5. The county's revenue collection can be increased through efficient GST collection and higher compliance level.
Extracted from Bernama report dated June 9, 2010
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