Morison AACGST Consulting Unit

GSTGSTIs your business READY for

GST Implementation?

Global Advisors • Local Team

SingaporeAustralia

Malaysia

GST – A New Chapter For Malaysia Begins……..Is your business ready ?Slowly but steadily GST has finally arrived at the Malaysian business scene and the move towards one of the most popular tax system around the globe is now a reality (or almost). The GST Bill 2014 has been passed in the Parliament in April 2014 as a step closer to implementing GST in Malaysia on the proposed date of 1st April 2015.

The significance of this new tax regime is that it would have an impact across various business functions and not just the tax or finance function. In other words, many of the ways Malaysian businesses operate may need to change in order to accommodate this new tax regime.

It is important for all businesses to be GST compliant come 1st April 2015. We are here to help you identify the critical issues that may impact your business during the transition to GST as well as for compliance with the GST rules and regulations.

Key Success factors to be GST ready

Embed mindset that GST is a business issue and not just a tax/finance issue

Early preparation and planning to identify impact of GST on your business activities and how to implement it

Allocating sufficient resources to implement GST structure and system

Impact of GST Is Wider Than Just Tax Matter….…It is an enterprise wide issue

• Education and �communication• Employee fringe benefits policy

• Systems changes for GST compliance

• Registration & Compliance• Review of existing long term contracts and relevant GST clauses for new contracts

• Group structure review to ascertain benefits of group registration• CAPEX Planning

• End of sales tax facilities• Preferential vendors under GST

• Impact on costing and pricing• Impact on current contracts• Effect on warranty• Re-negotiate credit terms with customers

• Impact on cash flow• Identification of transaction and GST liability• Maximisation of input tax credit• Issue tax invoice within 21 days

Sales andMarketing

Finance andAdministration

Procurement

Legal/Accountability

HumanCapital

Businessefficiency

InformationTechnology

Goods &Services Tax

“Global Advisors Local Team”

to understand andfulfil your needs

Quality expected,quality assured

with high standardsof excellence

Competitive pricingto build

long term relationshipWhy pay more?

We ensure yoursuccess in

implementing GST

Your Needs, Our Services……..Our GST implementation support services

We can be“Your Partners In Success”

Our structured approach to assist you in GST implementation is envisaged as follows:

Avoid significant penaltiesthat can be imposed forevery transaction thatdoes not comply withGST legislation

Avoid cash flowproblems that coulddisrupt businessoperations

Remain competitive interms of pricing andcost base

Phase 1: Planning and Impact Study

Ensure proper project set up for the implementation Understand GST impact on business transactions

Objective

Approximately 1 to 3 months

Duration

Discuss project set up and business needs Awareness session for staff Transaction analysis GST meetings to discuss specific issues Others

Scope

Phase 2: Implementation Support

Working together with your team to ensure that your company is GST compliant come 1st April 2015

Objective

Approximately 4 to 8 months

Duration

Provide technical support during implementation Highlight internal changes required Gap analysis when rules are finalised Assist in GST registration Review 1st GST return Others

Scope

All Businesses Need To Be Ready For GST…….Why when GST is not meant to be a cost to businesses ?

* The scope can be tailored according to your needs.

Morison AACGST Consulting Unit

Our Team and People…….We have assembled the right people with relevant expertise

GST is new to Malaysia and local experts are limitedWe have foreign experts with actual GST experience as our technical advisor and specialists to support our Local Team to ensure your needs and concerns in GST implementation are best addressed and served – we have a well balanced team.

Brief background

Greg HayesGST Advisor Highly regarded tax trainer having delivered over 1000 hours of GST training in Australia during the introduction phase including training the Australian Taxation Office.

Chai Yee HoiGST Specialist20 years of GST experience having worked with an international accounting firm in Singapore and with IRAS.

Manmohan SinghGST SpecialistOne of the pioneers at IRAS overseeing and executing the GST legislation since its launch in 1994 and has considerable expertise in complex GST issues, GST audit and drawing up rulings to clarify the application of the GST Law.

Patrick ChewExecutive Director

Sathiea SeeleanExecutive Director

Tan Poh LingExecutive Director

Goh Kean HoeDirector

The directors are practicing accountants and tax consultants each with more than 20 years of tax and business advisory experiences in Malaysia.

Want to be GST ready……...Contact usGST Advisory TeamKrishnanIvy LimFarahJeevan

General Line: +603 4048 2888 Ext. 2857 or 1117Email: gst@morisonaac.com

Morison AAC Tax Advisory Sdn Bhd18, Jalan 1/64, Off Jalan Kolam Air / Jalan Ipoh51200 Kuala Lumpur, Malaysia.

Global Advisors • Local Team