As part of the Malaysia Government’s initiative to roll out GST on 1st April 2015, RM150 million is allocated to the SMEs to assist them in preparation for the new tax system.
This allocation, which will be provided in the form of subsidy, will help to lessen the burden of SMEs in acquiring GST ready accounting software or in enhancing their current accounting software to be GST compliance.
This subsidy is targeted at small SMEs that falls under the voluntary category (turnover below RM 500,000/year) or just above the mandatory GST threshold of RM 500,000 turnover per year (source: www.mygst.my).
OS Trio will be participating in the upcoming GST Certification exercise which will be conducted by the Royal Malaysian Customs in April 2014. This certification exercise will allow OS Trio’s customers, those that are eligible, to apply for the subsidy.