Property Hunter Magazine September Issue 2014 | Page 116

/// Banking and Investment News

Companies Urged to Prepare Early for GST Implementation
especially for small and medium
scale enterprises (SMEs).
The government allocated
RM150 million under the
Budget 2014 to assist SMEs in
purchasing the GST compliant
accounting software or for
upgrades, to be GST compliant.
This includes encouraging SMEs
to use an effective and efficient
accounting system as well as
increase the GST compliance
rate.
With the goods and services tax
(GST) to be implemented on
April 1, 2015, the clear message
to all companies is to start
preparing early.
The sooner they start,
particularly in incorporating
GST-complian Ёͽ