After the 2018 election, the newly elected Prime Minister Mahathir Mohamad intention to scrap a six per cent Goods and Services Tax (GST) within 100 days has economists and budget analysts on edge about the ripple effects.
When GST was first introduced on 1 April 2015 at a rate of 6%, it was used to resolve the country’s low inflation rate and weaknesses in the current taxation system such as the impact of double taxation. It would also mean that the Sales and Services Tax (SST) would be replaced by a single tax, GST.
Although GST had helped improve Malaysia’s annual revenue from RM 14 billion in 2015 to RM 25.97 billion in 2016, the common folks still suffered from the implications on the pricing of goods and raised living costs.
Hence, newly elected Prime Minister Mahathir Mohamad vowed during his campaign to get rid of the 6% GST to address the rising cost of living for common folks and huge financial burden for young entrepreneurs, upon winning the 2018 election.
Million Accounting System is constantly updated to stay compliant with Malaysia GST. It is effective in generating all the GST documents required by the GST governing body such as Form 3 and detail transactions listing. The sample tax codes and GST compulsory Reports are embedded in the system and is ready to be generated with a click of button. With Million Accounting Software, setting up GST for your company is now a hassle free procedure.
We are proud to share on May 2015 that Million, the GST Accounting Software had equipped thousands of business with the right tool to submit their GST successfully.
With Million Accounting, all Million Business users need not worry about GST deadline as all required reports will be populated right away from the software with one click.
For more enquiry of Malaysia GST and Million Accounting, please feel free to contact us at firstname.lastname@example.org.