Published: Wednesday April 9, 2014 MYT 12:00:00 AM
Updated: Wednesday April 9, 2014 MYT 6:47:37 AM
|(From left) ManagePay Services director Chew Chee Seng, Global Tax Free sales director |
Eddie Ang Soon Keong and eTRS GTF Systems director Datuk Dahlan Mohd Rasaid
signing the collaboration agreement.
PETALING JAYA: ManagePay Systems Bhd has tied up with eTRS GTF Systems Sdn Bhd and South Korea’s Global Tax Free Co Ltd to become an approved refund agent (ARA).
ManagePay said in a statement yesterday that its subsidiary, ManagePay Services Sdn Bhd, had inked a collaboration agreement with the two companies to set upManagePay GTF Sdn Bhd, which will be providing the ARA under the Tourist Refund Scheme (TRS).
“An ARA provides a mechanism to capture sales transaction information from approved outlets and goods and services tax (GST) custom’s refund verification counter, such as sales of goods/verification/endorsement of claims.
“An ARA derives its gross revenue by charging a scaled handling fee under the TRS market size subject to customs guidelines and approvals,” it said.
ManagePay added that under the collaboration agreement, the parties would increase the paid-up capital of ManagePay GTF to RM10mil.
“ManagePay GTF will capitalise on the experience and expertise of Global Tax Free in the areas of promoting sales of GST refundable merchandise from approved outlets to tourists and the knowhow to efficiently refund the GST to tourists upon their departure.
“Presently, the primary tourist markets for Malaysia are from Singapore, Indonesia, China, Japan and South Korea.”
Global Tax Free has operations in South Korea, Japan and Singapore and has business arrangements with China Bank and Alibaba Group’s Alipay for the tax refund for China-based tourists travelling in South Korea, Singapore and Japan. Global Tax Free holds 30% stake in ManagePay GTF.
eTRS GTF Systems, which holds a 20% stake in ManagePay GTF, is a 99.97% bumiputra-owned company that specialises in retail consulting services, operations, marketing and technology applications, specifically in the retail services industry.