PIKOM: Malaysian Businesses Look Forward To New GST System

Malaysian Parliament approved the GST bill on Apr 8, 2014.

PIKOM, the National ICT Association of Malaysia, today releases its results of a general survey nationwide –“GST Impact on Businesses” with over thousand of local businesses. Interestingly, it resulted with the following insights:-

i) Majority of local businesses (75%) perceived that the new GST system is a better form of indirect tax compared to the current Sales and Service Tax (SST) model.

ii) There are more than 60% of local organisations acknowledged that GST system will significantly impact their revenues.

iii) However, there are only less than 25% (or a quarter) organisations have sent their ICT employees to be properly trained for new GST system

iv) As of today, there are already over 60% of local organisations have a GST project plan in place

In addition, the release will share more important stats pertaining to local organisations’ calls and requests for more financial and training supports to embrace new GST system; and PIKOM’s strategies to cushion the impact of GST implementation.

Cheah Kok Hoong, Chairman of PIKOM also shared that the coming National Digital Lifestyle Expo (which is scheduled from 8th to 10th August, 2014 at KL Convention Centre ) will plan to offer more businesses and consumer ICT consultations on GST.