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Friday, February 21, 2014

Businesses Urged To Get Ready For Smooth Transition To GST

SINGAPORE, Feb 18 (Bernama) -- The implementation of Goods and Services Tax (GST) in Malaysia will take place as scheduled in April 2015, and businesses are urged to prepare for this by setting up task forces to ensure smooth transition, said Royal Malaysian Customs Department Director of Internal Tax Division, Subromaniam Tholasy.

"Next year the government will go ahead with the implementation and there will be no turning back," he said to BERNAMA after a briefing on the GST to Malaysian and Singapore companies in the republic.

The two-day road shows to update businesses on the GST implementation were conducted at the Malaysia High Commission, the Singapore Manufacturing Federation and Singapore Business Federation.

The event was organised in cooperation with Malaysia High Commission.

"We are going to open our GST system for early registration this May. This will give us an opportunity to test our system, and the businesses, their system," Tholasy said.

He said the companies need time to analyse and do the mapping of all their transaction to ensure that they are ready for the transition.

"On our side, our system has been completed. We are currently training our staff and also engaging the public and the businesses," he said.


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