AUGUST 31 is not just another date in the calendar. To many of us, it represents the many sacrifices and great contributions that shaped an “independent” Malaysia.
This historical date indeed reminds me of something more powerful — the very meaning of independence, which is an ideology that could influence progress in many forms.
As we celebrate our 57 years of freedom, it is important for the citizens, the industry and everything that governs us as a nation, to be “independent” in spirit.
This literally means that we need to break free from the shackles of our limited understanding by spreading and sharing more knowledge. We need to open our minds, our resources, and even our hearts, as we soak ourselves in new ideas, new policies, new human networks and new opportunities towards building a progressive future, not only for ourselves and our future generation, but also for our beloved country.
As we shape ourselves into building a progressive future, my mind quickly wondered towards the implementation of the Goods and Services Tax (GST) in April next year.
Research has shown that the GST has proven to be an effective, more transparent and business-friendly tax regime. This tax is currently being adopted in 160 countries, including European Union member countries and Asian countries such as Singapore.
I am confident and I can speak on behalf of the 12,500 companies that have made up their mind and have already registered with MyGST that the GST will indeed prove to be a boon for small businesses, especially in terms of the reduced costs of
business supplies, including capital assets, improved export competitiveness and better governance, all of which will provide them with a business advantage and enhanced competitiveness.
In our efforts to reach out to as many SMEs as possible, especially companies with annual sales turnover of RM500,000 and above, for which compliance is compulsory, SME Corp Malaysia has undertaken many initiatives to achieve a greater degree of GST-preparedness through workshops and training, provision of e-Vouchers to purchase GST software, as well as aggressive outreach activities to make the transition for the SMEs seamless.
In collaboration with the Finance Ministry and the Customs Department, SME Corp Malaysia will be organising a series of GST Awareness and Training seminars nationwide.
Those in the Klang Valley who missed the seminar sessions in KL Sentral and Klang on August 20 and August 27, respectively, can attend the session in Shah Alam, Selangor, on September 9.
During these sessions, both the Customs and SME Corp Malaysia will provide registration facilities for MyGST and the GST e-Voucher, respectively, to allow participating SMEs to register their companies’ GST number and, at the same time, apply for the e-Voucher.
Companies are only required to have with them their latest bank, profit and loss and Employees Provident Fund statements.
To reduce the financial burden on SMEs, SME Corp Malaysia will provide a “one-off” assistance to SMEs on a first-come-first-serve basis, in the form of GST e-Voucher worth RM1,000 each.
The e-Voucher can be used to either buy new accounting software or upgrade existing GST-compliant accounting system from any of the 113 vendors appointed by Customs.
SMEs can also apply for the GST
e-Voucher online at http://gst-evoucher.smecorp.gov.my.
Application for the e-Voucher is open until December 31 2014.
Besides creating awareness on the importance and value of GST for the country and its people, these seminars continue to provide an orientation with systematic guidance for companies, allowing them to sign up, learn the accounting for tax and mitigate common challenges.
To facilitate the process, the Customs recently launched a free handbook on GST with basic guidelines in both Bahasa Malaysia and English, with the hope that it will reach as many members of the industry as possible.
My appeal to the SMEs, as always, is to be “open to change for the purpose of progress”, which is what is needed for Malaysia to remain independent in spirit. If you can “change”, and see the “purpose” of that change, you can change your business and the world, too.
I wish to quote the former chief secretary to the government, who always reminded members of the Pemudah task force: “Challenge the status quo”.
Be brave, be bold and be progressive. Selamat Menyambut Hari Merdeka!!
The writer is the chief executive officer of the SME Corporation Malaysia