Getting business ready for GST

Malaysia will start imposing GST (Goods & Service Tax or VAT for Value Added Tax in some other countries) on certain goods and services starting 1st April 2015. For companies registered with the Royal Malaysian Custom, they will need to start preparing for the start of GST now.

Here are a few things to consider when managing GST for your SME business:

1. Knowing when to register and what documentation to prepare for GST
2. Setting up internal systems and processes to monitor GST collection and payment
3. Maintaining proper accounting records to fulfill tax obligations, claiming tax credits and tax audit requirements
4. Get to know how to submit regular GST returns either monthly (turnover > 5million RM) or quarterly (turnover > RM 500,000)
5. Continuous education around GST requirements and exemptions e.g. business expenses, tax invoices, zero rated items
6. Contingency plans & resourcing in place to manage a potential tax audit process
7. Update your internal systems and processes and inventory items to remain compliant with any updates from the Royal Malaysian Custom.

MYOB claims to be able to help you with all the above if you subscribe to their Business Support