Better financial management for SMEs once GST implemented

Posted on April 7, 2012, Saturday

KUALA LUMPUR: Small and medium enterprises (SMEs) will be able to benefit in many areas of businesses, particularly in terms of improved financial management, once the goods and services tax (GST) is implemented, said SME Corp’s chief executive officer, Datuk Hafsah Hashim.

She said the agency has adopted a proactive role in partnering with the Ministry of Finance and the Royal Malaysian Customs Department to educate the SMEs and increase their awareness on GST and how to implement it in their business operations once the tax system was implemented.

“For companies to take advantage of GST, they need to have proper accounts.

“To prepare for that, the financial management and record must be put in order first,” she told reporters after the launch of its annual award programme, Enterprise 50 (E50), here yesterday.

She said it was important for SMEs to be aware of the new tax system and make them ready to come onboard once it was being implemented.

To-date, there were 943,000 active business establishments registered under Companies Commission of Malaysia, Hafsah said.

On the award, she said, the participation format would be different as it would be by invitation only.

“Over 400 companies with score rating of four stars and above will be automatically invited to participate.

“From this, the best 50 SMEs will be selected based on how they position themselves in the future and how they bring themselves from one level to another,” she said.

Hafsah said this pool of companies was no longer expanding through natural organic growth but was able to chart high growth that would contribute significantly to the country’s economy.

To-date, the award programme has attracted a total of 1,673 participants and has established an association of 511 companies.

Started in 1996, the E50 Award programme was designed to enhance the visibility of companies, especially awarding those which have shown resilience in withstanding the global economic uncertainties. — Bernama

Read more: http://www.theborneopost.com/2012/04/07/better-financial-management-for-smes-once-gst-implemented/#ixzz2WBfaVT18

Impak positif GST

Harian Metro
Apr 7, 2012, Page 065, Main Section
Oleh Hafiz Ithnin
hafizithnin@hmetro.com.my

Ketua Pegawai Eksekutifnya, Datuk Hafsah Hashim berkata, pelaksanaan itu turut membantu mendidik PKS dalam pengurusan kewangan lebih berkesan kerana ketika ini kebanyakan mereka tidak mempunyai pengurusan yang baik.

Beliau berkata, pihaknya berharap dengan pengenalan GST, ia mampu menjadikan mereka lebih berdaya saing kerana pengurusan kewangan adalah sesuatu yang penting kepada pembangunan syarikat PKS.

“Pelaksanaan GST mungkin membabitkan kos tambahan, tetapi mereka perlu ingat bahawa ia satu pelaburan yang memberi kesan positif ke atas operasi perniagaan dalam jangka masa panjang.

“Tambahan pula, PKS di Malaysia memainkan peranan penting dalam pembangunan ekonomi negara atau tulang belakang kepada syarikat korporat kerana 99.2 peratus syarikat di Malaysia terdiri daripada PKS,” katanya pada majlis pelancaran Enterprise 50 Award 2012 kali ke-16 di Kuala Lumpur, semalam.

Hadir sama, Pengerusinya, Datuk Dr Mohamed Al Amin Abdul Majid dan Pengarah Negara Bersama Deloitte Malaysia, Tan Theng Hooi.

Enterprise 50 Award 2012 ialah anugerah yang mengiktiraf pencapaian PKS di negara ini dan Media Prima Bhd (Media Prima) adalah antara penaja anugerah berkenaan manakala ruangan ekonomi Business Times terbitan akhbar New Straits Times ialah media rasmi.

Sistem penilaian anugerah itu diubah apabila penyertaan peserta dipilih oleh pihak penganjur sendiri dan setakat ini, lebih 400 syarikat dipilih dan hanya 50 akan disenarai pendek untuk merebut anugerah syarikat terbaik pada 9 November ini.

SME Corp takes the lead in GST education

Publication: NST

Date of publication: Apr 7, 2012

Section heading: Business Times

Page number: 016

Byline / Author: By Bilqis Bahari

KUALA LUMPUR: SME Corp Malaysia has engaged the Royal Malaysian Customs and Ministry of Finance to educate the small- and medium-sized enterprises (SMEs) on the goods and services tax (GST) before it is implemented by the government.

SME Corp chief executive officer Datuk Hafsah Hashim said SMEs will be educated on financial management and how to be more organised with regard to their accounts.

She added that SME Corp is aware that GST will be introduced but does not know the implementation date.

"I would say it is a matter of time. I don't know when but the most important thing is our SMEs are aware that it is coming and they are ready to take it on board," Hafsah said.

She added that the implementation will ensure that all companies including SMEs will put in place a very good financial management system and it should be looked at as an investment.

According to media reports, GST or also known as value-added tax (VAT) will be an effective tool to reduce or even settle the country's deficit to remain competitive.

It was previously scheduled to be implemented by the government last year to replace the sales and services tax but has been put on hold.

Meanwhile, SME Corp launched its prestigious annual award programme, Enterprise 50 (E50), yesterday.

This year, participation for the programme is by invitation only.

SMEs with an SME Competitiveness Rating for Enhancement or SCORE rating of four stars and above will receive an exclusive invitation by SME Corp to join the programme.

SME Corp chairman Datuk Mohamed Al Amin Abdul Majid said the slight changes are to indirectly encourage SMEs to move up in their capability, efficiency and management.

Meanwhile, Hafsah said there are currently more than 400 SMEs with four-star ratings and these companies will be invited to participate.

"From this pool of 400 companies, we are looking for the top 50 not necessarily based on the SCORE rating but very much looking into how the companies position themselves for the future and bring themselves from one level to the next level," she said.

Selected SMEs are encouraged to take advantage of the opportunity and confirm their acceptance before April 20.

The main objective of E50 is to recognise 50 Malaysian companies with high potential that are well-positioned for the future and promote greater pursuit of excellence.

ETP: Dasar gaji minimum diumum pada separuh pertama tahun ini

WARTAWAN SINAR HARIAN
4 April 2012

KUALA LUMPUR -- Dasar gaji minimum dijangka diumumkan dalam separuh pertama tahun ini, sementara peningkatan kemahiran dan penambahbaikan tenaga kerja akan diteruskan, kata Unit Pengurusan Prestasi dan Perlaksanaan (PEMANDU).

Dalam laporan Tahunan Program Transformasi Ekonomi 2011, PEMANDU berkata fokus telah diberikan kepada lima sektor: minyak, gas dan tenaga; pelancongan; elektrik dan elektronik; kandungan komunikasi dan infrastruktur; dan  perkhidmatan perniagaan.    

Selain daripada itu, program MyProCert yang bertujuan meningkatkan kemahiran warga Malaysia ke standard persijilan antarabangsa menyasar untuk melahirkan 5,000 profesional diperakui menjelang 2014. 

Sementara itu, PEMANDU berkata 33 syarikat di bawah enam syarikat pelaburan berkaitan kerajaan (GLIC) telah dikenal pasti bersedia untuk dilepaskan sama ada menerusi penyenaraian, pengurangan saham ataupun dilupuskan terus.    

Di bawah rancangan untuk merasionalisasikan portfolio GLC, lima telah dikenal pasti untuk pengurangan saham, tujuh untuk penyenaraian awam dan 21 untuk dilupus terus. 

Untuk tahun 2011-2012, 24 syarikat telah dikenal pasti untuk eksesais pelupusan kerajaan dan proses akan bermula memandangkan saham-saham telah mencecah harga yang dipersetujui. 

"Setakat hari ini, empat syarikat terdiri daripada empat anak syarikat dalam IPO MSM Holdings Bhd telahpun dilupuskan. Penyenaraian Felda Global Ventures Holdings Sdn Bhd dijangka berlaku pada Mei 2012," kata laporan itu.     

Mengenai inisiatif pembaharuan strategik kewangan awam yang bertujuan mengurangkan perbelanjaan kerajaan dan pada masa yang sama meningkatkan pendapatan, PEMANDU berkata paling utama fokus ialah untuk meningkatkan pendapatan kerajaan persekutuan menerusi penambahbaikan pentadbiran cukai dan pematuhan kedua-dua cukai langsung dan tidak langsung. 

"Kami menganggarkan RM1.94 bilion akan dikumpulkan pada 2012 selain daripada unjuran pendapatan konvensional yang telah dibuat," katanya.    

PEMANDU turut mengulangi komitmennya untuk memperkenalkan cukai barangan  dan perkhidmatan (GST) dan terus merasionalisasikan subsidi memandangkan banyak daripada pendapatan negara kini datangnya daripada Petronas.    

"Kita perlu cukai penggunaan yang meluas, cukai yang dilevikan ke atas aktiviti tambah nilai dengan setiap operasi bersama-sama dengan rantaian pelaksanaan. 

"GST tidak akan menjejaskan kumpulan berpendapatan rendah kerana kebanyakan produk dan perkhidmatan asas akan dikecualikan atau berpenarafan sifar seperti beras, daging mentah, ikan segar, sayur-sayuran, pengangkutan awam  domestik dan perkhidmatan penjagaan kesihatan," katanya.

PEMANDU berkata PKS akan ditawarkan insentif untuk mengurangkan kos melaksanakan GST, sambil menambah anggaran pendapatan tambahan ialah RM6 bilion hingga RM10 bilion bergantung kepada kadar cukai GST empat  hingga lima peratus. 

Mengenai menjurangkan ketidaksamaan pula, Unit Peneraju Agenda Bumiputera (TERAJU) telah memilih 30 PKS untuk menjalani Program PKS Bumiputra Prestasi Tinggi, yang memberi fokus memajukan generasi akan datang  usahawan kelas dunia.    

Dana fasilitasi bernilai RM2 bilion yang diuruskan oleh Unit Kerjasama Awam Swasta (UKAS) dan TERAJU telah diperuntukkan oleh kerajaan untuk melaksanakan projek-projek sektor swasta Bumiputera. -- Bernama

Economists view results of ETP positively

'Good start for country looking to achieve high-income status by 2020'

WEDNESDAY, APRIL 04, 2012 - 12:46
by Meena Lakshana

PETALING JAYA: Economists view the results of the Economic Transformation Programme (ETP) as encouraging, saying it was a good start for the country looking to achieve the high-income status by 2020.

MIDF research chief economist Anthony Dass said the government would be pushing the ETP to drive or accelerate multiplier effects in the domestic growth as the global economic outlook remained uncertain.

"Domestic demand would be catalyst for growth and public investment would also play an important role," he said.

"Private investment has to remain buoyant. Only then will confidence from private consumption remain.

"So, public investment would encourage private investment which, in turn, drives private consumption."

Dass said revenue from exports would complement these three areas.

He described as "encouraging results" private investments surpassing the target set under the ETP by 13 per cent to reach RM94 billion, and the increase in Foreign Direct Investment (FDI) of 12.3 per cent to reach RM32.9 billion.

On criticism that the ETP did not embody proper reforms to the economy, Dass perceived the government was doing more of a "balancing act" rather than reforms.

"The question is whether it is the correct time to do it," he said.

Reforms such as the alleged removal of subsidies and introduction of Government Service Tax (GST) would result in a repercussion which would probably have a negative spiralling effect.

"There is a lot of uncertainty in the global outlook. The numbers in United States might look good today but in three months, it could be totally different.

"The government might be shooting themselves in the foot if they were to implement proper reforms now. The balancing act is appropriate currently," he said.

Ram Holdings group chief economist Dr Yeah Kim Leng said both the Government Transformation Programme (GTP) and ETP had showcased encouraging results since being launched several years ago.

"The progress of both programmes has been tangible," he said.

"Also, the improved standing of the country in terms of global competitiveness and ease in doing business is consistent with the achievements reported."

Minimum wage policy to be announced in first half of this year

Posted on April 3, 2012, Tuesday

KUALA LUMPUR: The minimum wage policy is expected to be announced in the first half of this year, while upskilling and upgrading of the workforce continues, says the Performance Management and Delivery Unit (Pemandu).

In the Economic Transformation Programme Annual Report 2011, Pemandu said the focus is on five sectors, namely, oil, gas and energy, tourism, electrical and electronics, communications content and infrastructure and business services.

In addition, the MyProCert programme aims to upskill Malaysians to international certification standards targets, to produce 5,000 new certified professionals by 2014.

Meanwhile, Pemandu said 33 companies under six government linked investment companies (GLICs) have been identified as ready for divestment, either through a listing, pare-down or outright sale.

Under the plan to rationalise the portfolio of GLCs, five have been identified for stake pare-downs, seven for public-listing and 21 for outright sale.

For 2011-2012, 24 companies have been identified for the government’s divestment exercise and the process will begin, as the shares hit an agreed-upon strike price.

“To date, four companies comprising the four subsidiaries in MSM Holdings Bhd’s IPO have been divested. The listing of Felda Global Ventures Holdings Sdn Bhd is slated to happen in May 2012,” the report said.

On the public finance strategic reform initiatives which aims to reduce government expenditure while increasing revenue, Pemandu said the primary focus is on increasing Federal government revenue via improving tax administration and compliance of both direct and indirect taxes.

“We estimate that some RM1.94 billion will be collected in 2012 on top of the conventional revenue projection made,” the report said.

Pemandu also reiterated its commitment to introducing the good and services tax (GST) while continuing rationalisation of subsidies, as much of the national income is now from Petronas which is not sustainable.

“We need a broad-based consumption tax, a tax levied on the value-added activities by every operation along the delivery chain.

“The GST will not impact the lower income group as most of the basic products and services such as rice, raw meat, fresh fish, vegetables, domestic public transportation and healthcare services, will be exempted or zero-rated ,” it said.

Pemandu said SMEs would be offered incentives to reduce the cost of implementing the GST, adding, the estimated additional revenue is RM6 billion-RM10 billion depending on the GST tax rate of four-five per cent.

On narrowing disparity, the Unit Peneraju Agenda Bumiputera (Teraju) has selected 30 SMEs to undergo the High Performing Bumiputera SME Programme, which focuses on developing the next generation of world-class entrepreneurs.

A RM2 billion facilitation fund to be managed by the Public-Private Partnership Unit (Ukas) and Teraju has been allocated by the government to encourage the implementation of Bumiputera private sector projects.

A total of 12,000 scholarships would be made available by the Yayasan Peneraju Pendidikan Bumiputera, a private education trust fund for specialised skills and training.

It has begun with more than RM100 million in pledges, the report said. — Bernama

Read more: http://www.theborneopost.com/2012/04/03/minimum-wage-policy-to-be-announced-in-first-half-of-this-year/#ixzz2WBeoK0kO