What are the few things that businesses need to take note during December 2018?
What is the progress of the implementation of SST in your company? It has been 3 months after SST was implemented starting 1st September 2018 as the new taxation system in Malaysia. Observation has shown that some of the companies have been taking SST lightly as we see them charging incorrectly and some weren’t able to explain the tax rate that they are charging.
After talking to companies from various industries, there are a list of items that businesses should know about SST but they don’t. We have picked a few of the important ones and list them here.
Here’s a list of SST Checklist for business:
Do you know what is the difference between Sales Tax and Service Tax?
Do you know what is the tax rate that you are charging and why?
Do you know what are the taxable and non-taxable items/services under your company?
Do you have a proper inventory control system implemented in your company?
Do you know what do you need to prepare for SST Audit Check?
There are businessmen who says that SST taxation system has made business easier and on the other side there are businessmen who say otherwise. Instead of spending time debating the good and bad of SST system, why not put the effort into understanding SST and figure out the way to adapt to SST? (We are pretty sure that SST is going to stick around for some time and maybe a long time, right?)
There’s also another question that revolves around SST training- Who should attend the SST Seminar? The general answer is that Finance or Accountant should attend because they are responsible to do the invoice. Is that right? That’s partly correct but the owner, director, sales, and purchaser would also need to understand the concept and compliance of SST. There was once we organised an in-house SST training for a manufacturer in Malaysia and the participants were mainly from the management. The owner and management insisted to join the full day training program despite their hectic schedule. They later shared with us that they have learnt that the management should know the in and out of any new regulation introduced by the government. The implementation of SST doesn’t only impact their finance department, instead, they believe they would have to sit down and think about the impact on the whole company. During the SST workshop, the management actively participated in case studies discussion and relate back to their own business. At the end of the training, they were satisfied that the whole day training was fruitful and has given the company a direction to tackle the SST.
Besides SST, what is the next thing that businesses MUST KNOW – Malaysia Budget 2019
Businesses have a few bible with them, one of them being Malaysia budget. The latest released Budget 2019 carries the theme “Credible Malaysia, Dynamic Economy, Prosperous Rakyat”.
It focuses on institutional reforms, the people’s well-being and promotion of entrepreneurial culture to recapture Malaysia’s “Economic Tiger” status.
Source from the Star Online
The impact follows Budget 2019 covers all level from personal to SME and big Corporations. Why do businesses need to be all ears to the latest budget? What are the expectations of companies of various industry and do the Government hear them out and grant them their wishes? Or the wishes wasn’t fulfilled and yet a new and more challenging approach is introduced? One thing that most businesses will look at is the potential incentives and encouraging initiatives that Government offer to help business thrive. For example, Industry 4.0 is a heated topic and many SMEs have mix feelings about it. The headline “Go Digital or Go Home” was once an alarming and threatening voices that ring around the business owner, especially among the traditional business owner. What are the initiatives that the government offer to help the SMEs?
There’s a saying that people in the business field that ignore the latest release by Government is equivalent to going to the war without knowing who’s the opponent and worse, forgot to bring the bullet or they bring the wrong weapon. Well, we think everyone should pay attention to Budget 2019, whether you are a student, executives or business owners , as long as you are a Malaysian. The budget is drafted for you and will impact you now and in the future.
SST and Budget 2019 is definitely the 2 courses that businesses should attend to this year. We understand that time is precious and hence we have now combine the SST and Budget 2019 into a compact One-Day Course. This one day course will leave you complete with the latest SST compliance, potential business savings and solid advice on how to get your hands on the incentives provided by the Government. (Yes, in many occasions the free food was just laying on the table and no companies go forward and take them).
Visit this link to get more information about the Seminar on SST and Budget 2019 for Business.