One of the most-talked about subjects today is the impending Goods and Services Tax or better known as GST. There is much anxiety in the air, as many are unsure how it would impact consumers once the tax regime is enforced on April 1, 2015.
To address this lingering problem, Ipoh-based TH Yew Taxation Services Sdn Bhd, conducted a half-day seminar at the Syuen Hotel recently. The objective of the forum was to create and to equip members of the Ipoh business community with an understanding of the system, so they would be better prepared for the eventuality.
Dr Choong Kwai Fatt, a renowned tax specialist and a member of the special committee appointed by the Ministry of Finance to review tax reforms, said that the implementation of GST was eminent and it would not be postponed again.
“It’s, therefore, advisable that the rakyat understand the mechanics of GST and how the system works,” he reiterated.
Registration with the Royal Malaysian Customs Department, said Choong, would begin on June 1 of this year while implementation would commence on April 1, 2015. “We’ve about 10 months to get ready.” .
Choong suggested that those who were unsure of the system to appoint a consultant who would be of help to them when and where it matters.
A follow-up seminar on the technical aspects of GST will be held soon. The date and venue of the event will be announced in due time.