Identify key impact points for successful GST implementation'
Published on: Thursday, November 27, 2014
KUALA LUMPUR: Successful implementation of the Goods and Services Tax (GST) requires businesses to identify specific key impact points to give them a better sense of direction, said an enterprise resource planning (ERP) consultant.By identifying key focal points, companies would be able to more effectively look for the adequate software that will provide and manage the required data, documentation, records and reports for compliance, he said.Delta 5 Group Managing Director Tom Chong said GST implementation affects the overall business efficiency, from accounting and finance functions to management aspects such as human capital, sales and marketing strategies and administration.
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"All involved staff need to be properly educated to have a clear view of what and how the desired software should look like," Chong was quoted as saying at a seminar themed "Do it right and do it now: gearing businesses for GST."The seminar, held on Nov 24, was sponsored by Epicor Software Corporation.Delta 5 Group is the reseller of Epicor's ERP software.In a statement here today, Epicor said GST registration remains a key highlight for the final months of this year for the Royal Malaysian Customs Department and companies with an annual turnover of RM500,000.
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"Though much was done this year by the Customs to garner further GST registration, it is expected that only 200,000 of the 300,000 required companies will register by the Dec 31 deadline. "While penalties may be imposed on GST-compliant businesses if they fail to register, many are still on a 'wait and see' stance," it added.
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