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Getting SMEs GST Ready

Over 250 representatives from Small Medium Enterprises (SME) ranging from various sectors attended the GST Awareness Seminar at Dewan Mahkota in SME Corporation Malaysia, KL Sentral on 20 August 2014. The GST awareness seminar was organised by SME Corp. Malaysia as part of a major initiative that will help SMEs embrace the process of GST implementation with positive disposition. The agency has been appointed by the Ministry of Finance to channel the GST financial assistance to SMEs, amid synergistic partnership with the Royal Malaysian Customs Department (RMCD) and the Inland Revenue Board.

In this regard, the Malaysian Government under the Ministry of Finance has allocated RM150 million in financial assistance to our SMEs to facilitate their purchase of the GST accounting software between 2014 and 2015. Based on the fund allocated, the Government is targeting total of 150,000 eligible SMEs to benefit from this fund as to encourage the SMEs to adopt accounting systems that are reliable, efficient and GST-compliant.

As announced by the Prime Minister on 4 June 2014, SME Corp. Malaysia is providing the “one-off” assistance to SMEs on a first-come-first-serve basis, in the form of GST eVoucher worth RM1,000. The eVoucer can be used to either purchase new accounting software or upgrade to GST-compliant accounting system from a list of 113 vendors appointed by the RMCD. SMEs can apply for the GST eVoucher online at http://gst-evoucher.smecorp.gov.my. The application for the eVoucher is open from 1 June 2014 to 31 December 31 2014 or until the quota is filled.

In order to be eligible to apply for the GST eVoucher, businesses must fulfil the SME definition (effective 1 January 2014); have at least 51% Malaysian equity; and have registered with RMCD’s ‘MyGST’ online portal, to obtain the MyGST registration number. For SMEs, each MyGST registration number is entitled to only one eVoucher, which is non-transferable. Once the MyGST registration number is obtained, only then can SMEs apply for the eVoucher through SME Corp. Malaysia’s registration portal.

The period of eVoucher redemption is valid from 1 June 2014 until 28 February 2015. The appointed software vendors can submit their claims for payment at SME Corp. Malaysia, though their main branches which are registered with the RMCD. The redemption is based on the actual amount of the purchase price or costs incurred to upgrade the software. SMEs that have purchased or upgraded their softwares before 1 June 2014, between the period of 12 March 2014 and 31 May 2014, are also eligible to obtain the financial assistance whereby payment will be made directly to them through the normal claim process. Purchases or upgrades made before the appointment date of the vendors of 12 March 2014 are not eligible for the financial assistance.

During her welcoming remarks, Dato’ Hafsah Hashim, CEO of SME Corp. Malaysia, mentioned that the implementation of GST is a strategy to sustain our economy and strengthen the nation’s fiscal position by increasing Government’s revenue and decreasing the country’s dependence on international funds. SMEs will be entitled to claim the GST levied on the raw materials or inputs used in manufacturing the taxable supplies and goods. The GST implementation will ease a lot of financial burden on companies as it replaces the combined 16% Sales & Services tax imposed currently with a GST standard rate of only 6%. It is mandatory for companies with sales turnover more than RM500, 000.00. Companies with sales turnover below RM500, 000.00 can voluntarily adopt and implement GST if they wish so. RMCD provided a speaker for the seminar and set up terminals for the MyGST number registration, while SME Corp. Malaysia opened their terminals for the eVoucher registration. The seminar is one out of many that is going to be conducted by SME Corp nationwide. The next seminar in the Klang Valley will be on the 27 August 2014 at the Premier Hotel, Klang and 9 September 2014 at the Grand Bluewave, Shah Alam.

For further enquiries and assistance, the GST eVoucher Secretariat can be contacted through the GST eVoucher Info Line at 03-2775 6006 or email at This email address is being protected from spambots. You need JavaScript enabled to view it.. The GST eVoucher Website is online at http://gst-evoucher.smecorp.gov.my to submit application or to obtain the list of appointed software vendors. All related GST eVoucher information can also be obtained at SME Corp. Malaysia’s One Referral Centre (ORC) at 03-2775 6000 or its 11 State Offices nationwide or log on to www.smecorp.gov.my. SMEs may submit their applications for the GST eVoucher using computer terminals that are available at the ORC and all State Offices.

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SME Corporation Malaysia,
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Kuala Lumpur Sentral
50470 Kuala Lumpur.

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