Many of you will shrug at the prospect of Malaysia introducing a GST, but for Malaysia-resident companies the accounting and tax implications are huge.
Because Malaysia is big on (palm)oil, fruits / vegetables and also e-services (think Cyberjaya – the Silicon Valley of Malaysia) there are plenty multinationals who will need to prepare for the GST implementation – Accounts Payable, Accounts Receivable, GST sales and purchase invoicing, self-billing, tax codes, testing scenarios, you name it.
The big tax software companies (Vertex, Avalara, Thomson Reuters) are all over it, but the onus is on the businesses to make it work.
What a great time to be a global VAT adviser!
With the Goods and Services Tax (GST) looming ahead next year, financial consultancy firms are wasting no time to reach out to engage experts to provide support in terms of technical and industry expertise.
The GST, which may have raised hackles in many quarters, promises more business for these firms who could build on their human capital to service swelling requests from clients to get “GST ready”.
Scramble on to engage GST experts | Free Malaysia Today.