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Tuesday, April 22, 2014

Use GST to cut purchasing costs, advertising companies told

Posted on April 21, 2014, Monday
Kho (fifth left) with others proposing a toast at the dinner.
KUCHING: Advertising companies can apply for Goods and Services Tax (GST) to reduce their purchasing costs, said Federation of Malaysia Advertising Companies’ honorary president Kho Kheng Hee.

“Once advertising companies are eligible to impose GST, the six per cent they collect can be channelled to cover the tax they pay for raw materials,” he said at the 9th installation of office bearers of the Association of Sarawak Advertising Companies here on Saturday.

Even though only companies with an annual revenue of RM500,000 are entitled to charge GST, Kho said those with a lower figure could still “try their luck”.

He added the registration of GST would start this coming June 1, while full implementation of the new tax system had been scheduled for April 1 next year.

To offer a better understanding among members of the association, he suggested a seminar or two on the subject matter be organised in the near future.

“There is a need for members to learn more about GST, including its registration and contribution.”

On advertising laws, Kho said he hoped Chief Minister Tan Sri Datuk Amar Adenan Satem would come up with a different approach to look into issues faced by the advertising fraternity.

Obstacles had to be removed in order for industry players to improve, he opined.

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