Published on: Monday, July 07, 2014
"GST is compulsory for everyone especially if you are a businessman.
The members, especially those who are traders, should come for the talks.
"The first talk is about GST accounting software to be held on July 12 at 9am. There will be two certified accountants with GST background who are conducting the talk.
"The venue is at the 2nd floor of KCCCI building in Kg Air.
"The second talk is on Aug 16 where we are joining with United Overseas Bank (UOB) held with a purpose to serve those who are going to face shortage of funds post-GST.
"This shortage is expected to happen a few months after GST is implemented and it will be a problem for traders who will face funds shortage to continue the business.
"UOB will provide a simple way to apply a business loan but it is limited.
The talk will be at Kolombong's SJK (C) Che Hwa (next to the Kolombong Fire and Rescue Department) at 2pm," he said.
Traders whose business turnover is under RM500,000 have three months to pay the six per cent GST tax.
"But for those earning above RM500,000, they have to pay within 21 days.
So by the time GST is implemented, they may face cash flow problem so that is when UOB comes in.
"We want to alert our members and traders that they need to be aware that by the time GST is implemented, they might face this problem. A lot of traders are still not aware of this."
He said this during the Sabah Builders Association's celebration to commemorate the birthday of 'Master Lu Ban' (Chinese saint) dinner at Taman Suria, Penampang, on Saturday.
Meanwhile, Sabah Builders Association Deputy President, Cheong Kwee Min, announced that the association is preparing to give out study grants to all students who are studying construction-related courses (e.g. architecture, engineering, quantity surveying). Full details will be announced in two weeks.
It is open to all Malaysian students in Sabah who are studying the courses in local institutions in the State.
The amount is not fixed but around RM20,000 has been set aside for the purpose.
"We plan to give this away every year to help and encourage students and to help increase more professionals in the construction industry," he said.
On the issue of GST, Cheong said the association's members would also be indirectly affected when buying materials.
"With GST being implemented, the prices of goods will increase.
I am not sure how the raw material suppliers or industry will adjust on their side. We don't know the suppliers' prices so we have no way of knowing how it would affect our own prices in the end.
"So we have to wait and see what is the end result on the prices when GST is implemented," he said, adding that another important issue that needs to be looked into is how to prevent being taxed multiple times by GST.