Malaysia GST Bill 2014 passed, finally.

The Malaysian Parliament passed the GST 2014 bill yesterday April 7, 2014 with 119 MPs voted in favour of the law, while 81 MPs were against it.

The contentious GST 2014 was passed after two bloc division votes were taken among the MPs.  The bill was passed for 2nd reading to 3rd reading in 2 days, with no debate held for the 3rd reading.

The Deputy Finance Minister said that the Government had done a survey on 689 consumer items to study the effects of GST on their pricing. 




Out of the 689 items surveyed, the results show that 

• no price changes : 329  (48%)
• cheaper : 287  (42%)
• more expensive : 73 (10%)

In addition, the proposed GST exemption for electricity usage is the first 300KW, up from 200KW previously announced.

The Government also expects a one-off 1.8% increase in inflation rate following the GST implementation but prices were expected to stabilise after that.  The Government will not hesitate to use the Anti-Profiteering Act and put people behind bar for those who unreasonably raise prices of goods.
 
The work has begun. 

If you are a business owner, 

1. assess whether your staff fully understands what they have to do in a GST environment 
2. assess the impact of GST on your cashflow
3. assess whether your accounting software is able to produce GST compliance reports
4. attend GST seminars

If you are a consumer (which is you and me, and everybody )

1. assess the impact of GST on your purchase decision of big-ticket item

Read more here  




 

GST Malaysia Workshop & Seminar 2014

Malaysia GST is scheduled to be introduced in April 2015.  The uppermost question in everybody's mind is - which accounting software provides GST invoice and calculation.

We are conducting a series of workshops, entitled  "How to use MYOB Accounting software to track GST transactions"

Register at our dedicated website   MYOB Accounting System   

This workshop is ideal for :

• existing MYOB users

• business owners who currently outsource their accounts

• business owners who currently use other accounting software which is not  GST- ready. 
  
  If you intend to buy a new accounting software in 2014, it is best you ask about the vendor's preparedness and experience in  GST implementation.  

Come and find out how MYOB Accounting software helps SME's in Singapore and Australia cope with GST calculation and GST form submission,  and how it is ready to assist Malaysian SME's in time to come.  

The current MYOB Accounting Malaysia software edition is already GST-ready.   It is capable of  calculating the correct GST amounts paid and collected, whether it is going to be Standard Rated, Zero Rated, Exempt Supplies or Out of Scope Supplies.   At the end of the period, to print GST report, just click Print. 

Come and ask your questions, on the accounting software part.  This workshop is more about how the MYOB software will help you record your transactions on a timely basis, in time for GST reporting every month, or every quarter, depending on the circumstances. 

For specific GST questions relating to your business, we ask that you refer to the Customs Department officers themselves. 

 
In this workshop, we want to share our knowledge of the following topics to help you prepare for eventual GST implementation.  

1. Overview of the proposed GST model for Malaysia
2. Scope of GST
3. Impact of GST on EVERY company's cashflow position
4. Demo on how GST and non-GST transactions are tracked in MYOB Accounting software.
5. GST reporting in MYOB software

This workshop is a sharing session with MYOB users and non-MYOB users. 

It is very important that you understand the effects of GST on your business, so that you can better prepare for it. Then go back to strategise and plan your next move.

Once again, click here to register for the GST Malaysia workshop :   MYOB Accounting System . 


If  for whatever reason, the above event is not updated, please send us a feedback.

Latest news : GST in Malaysia is postponed, again

The Ministry of Finance Malaysia announced its latest news on October 13, 2010 that the implementation of Goods and Services Tax (GST) has been postponed.  The press release is short and sweet - contains only 3 paragraphs.

The postponement of GST implementation is the second time that I know of.   The first time was announced in year 2006 (the GST was then supposed to be implemented on Jan 1, 2007).

There is no indication when the GST will be revived.   This announcement is just 2 days short of the tabling of the 2011 Budget on October 15, 2010.

The only idication that the GST may be brought back in the (immediate) future is the 2nd paragraph that says :

"This (the postponement) is to enable the government to engage inclusively with all segments of rakyat pertaining to the GST.  The Government will take into account the interest and welfare of the society to ensure the implementation of GST is well received."

The 3rd paragraph reads:

"Notwithstanding the postponement, the Government recognises the importance of GST in ensuring a strong and sustainable fiscal position to support the long term economic growth"

The GST was scheduled to be implemented in middle of 2011.

My one sen worth
Most countries take 4-5 years to prepare for GST implementation.  Malaysia could have taken the time from the first postponement in 2006 to undertake such a study.  Hopefully, this time Malaysia will take the time from today to conduct the required studies, so that when (and if) the GST is announced again, there will not be any  flip-flop decisions.

Read the press release in its original form here

GST workshop : Insight to GST

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.