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More Tax Experts Needed To Volunteer To Train 645,000 SMEs On GST - Wee Ka Siong

[ 17-09-2014 ]
More Tax Experts Needed To Volunteer To Train 645,000 SMEs On GST - Wee Ka Siong
KUALA LUMPUR, Sept 14 (Bernama) -- There is a need for more tax experts to volunteer their services to train some 645,000 Malaysian Small and Medium Enterprises (SMEs) in the Goods and Services Tax (GST) implementation, said Minister in the Prime Minister's Department, Datuk Dr Wee Ka Siong.

He said some GST consultants had been known to charge as high as RM300,000 for a total GST package which includes registration, training and adapting or upgrading to GST-friendly tax systems to comply with the GST.

Smaller accounting firms had also charged between RM1,500 and RM8,000 for their services per day to help companies register for the GST, he said.

"These high fees reflect a shortage of service providers able to help companies ease into the GST compliance," he said in a statement here today.

According to Wee, he had received encouraging feedback that many companies have agreed to register for the GST to help the Government meets its financial targets and reducing public debt.

However, some concerns were conveyed to him as Minister in charge of SMEs development.

Wee opened the GST seminar on Sunday titled "Leading SMEs towards the GST Era" organised by the SME Association of Malaysia (SMEA).

Talks presented to hundreds of business owners in the audience were given by the Ministry of Finance and Royal Malaysian Customs Department.

To date, Wee said that out of 300,000 companies with annual turnover of at least RM500,000 that must compulsorily register for GST by the April 1, 2015 due date, only about 32,000 or some 11 per cent had done so.

Therefore, he urged companies to register quickly to speed up the GST implementation for the nation's best interests.

"It is best for the SMEs to look out for talks and seminars such as the one by SMEA which also gives free counselling and assistance in getting registered for the GST.

"These talks are also supported by the Government so that businesses receive correct, up-to-date information," he said.

Wee also assured that he would also bring up to the relevant authorities a proposal by the SMEA to further simplify GST registration.

It includes abolishing the need to register twice in order to receive the e-voucher for companies to implement GST-friendly tax systems.

"I agree with the SMEs that this is because the Government already possesses the relevant details of the registering company," he said.

-- BERNAMA