Posted on 4 March 2014 - 05:39am
PETALING JAYA: Property developer and resort operator Sentoria Group Bhd has engaged BDO Tax Services Sdn Bhd to provide advisory services to help the group get ready for the implementation of goods and services tax (GST).
In a filing with Bursa Malaysia yesterday, Sentoria said the group is taking measures to equip itself of complying with the GST regulations, as the new tax system will come into effect on April 1, 2015.
"The fees payable for the GST implementation engagement, aggregated with the fees incurred for the provision of other advisory services by BDO Malaysia to Sentoria within the last 12 months, exceeds the RM250,000 threshold under the listing requirements," it told Bursa Malaysia yesterday.
The project involves three phases including the carry out of GST impact study for Sentoria, the GST implementation advisory strategy, mapping exercise, data analysis and discussions, as well as recommending implementation strategies.
The engagement of BDO Tax is deemed a RPT under the Main Market listing requirements of Bursa Malaysia, due to the sibling relationship between Sentoria joint managing director Datuk Gan Kim Leong and BDO Malaysia managing partner Datuk Gan Ah Tee.
BDO Tax is a division of BDO Malaysia, a member firm of BDO International, the world's fifth largest network of professional firms providing audit, advisory and tax services.
The deal is deemed a related-party transaction by virtue of the sibling relationship between Datuk Gan Kim Leong, the joint managing director of Sentoria, and Datuk Gan Ah Tee, the managing partner of BDO Malaysia.