Does YOUR ICT vendor provides updates often?

Last month we posted about the FRS 139 accounting standard. Now, the GST (Goods and Services Tax). Is your software ever ready for changes in policies and ready for upgrades as the policies change? Does your vendor charge you EXTRA when it comes to critical changes like these? Do you feel that each time government announces something new, you feel the burden and burn a hold in the pockets for implementing new systems?

Whether it is GST, VAT or withholding tax, XeerSoft has the experience in implementing these systems at Vietnam, Thailand, Singapore and now coming to shores of Malaysia.

Talk to us when you need to re-look your software and how we provide upgrades without extra charges when it is critical. Call us at 03-9284 8286 for a no-obligation 1-hour presentation TODAY!

Here are three reports in The Star newspaper on GST.

Should you fear the new tax?

By ERROL OH

GST can mean many things to many people and economists argue that it’s inevitable for the good of the country.

ONE Dr A. Soorian of Seremban must have drawn quite a bit of attention when his letter to the editor appeared in Sunday Star on Dec 27. Writing about the proposed 4% goods and services tax (GST), he describes the tax as “a broadband weapon with cumulative effects down the line”.

“When the manufacturer sells goods to the agent, he pays 4% GST, and when the agent sells them to the wholesaler, another 4% is levied. It does not end there. When the goods are sold to the retailer, another 4% is added. Eventually when the consumer purchases them, another 4% is hammered in,” he complains.

“The consumer is potentially liable to pay 16% tax in the upshot!”

(To read more, click here)

What you should know about GST

Because the new tax is complex and broad-based, we have a lot to learn ahead of its introduction. As a start, StarBizWeek has asked some experts to each highlight five key points.

(To read more, click here)

Making sense of GST

By CECILIA KOK

THE Government has never been as aggressive when it comes to consolidating its financial position until recently.

From ongoing efforts to restructure the various subsidy schemes in the country, and the removal of them in some cases, to the proposal of introducing a new tax format, called the goods and services tax (GST), or value-added tax (VAT) as it is known in some countries, one thing is clear – the Government is intent on putting up mechanisms that can trim its persistent financial deficits and rising debt burden to hunt for that elusive surplus and build up its savings to prepare for rainy days ahead.

Kenanga Investment Bank economist Wan Suhaimi Saidi puts it succinctly, “The country cannot continue raising debts to finance its deficits; otherwise, it will go into a debt trap. The Government needs to build surpluses, so that it can have more leeway in adopting measures that can stimulate and develop the domestic economy in the future, particularly when market conditions turn unfavourable.”

(To read more, click here)