Government GST subsidy to purchase GST approved accounting software
SMEs in Malaysia can already apply for the Government GST subsidy of Rm 1000.00 to purchase GST approved accounting software. The GST software subsidy is in the form of eVoucher. The GST eVoucher of RM 1000.00 can be used by small and medium enterprises (SMEs) to purchase or upgrade Malaysia GST-ready accounting software from participating vendors. Application is opened from June 1, 2014 onwards, and will remain opened until June 2015 (or until the fund is exhausted)
Therefore we strongly urge all the Malaysian SME’s to grab the opportunity to get a slice of the subsidy to purchase GST approved accounting software. The total subsidy is Rm150 million, which means only 150,000 companies will get the subsidy. For a list of participating accounting software vendors, refer to list of GST Accounting Software
Many businesses are unaware that they need to upgrade their accounting software to comply with GST Malaysia.
The accounting software for Malaysian businesses has to comply with certain GST requirements, such as Bad Debt Relief, which is not common in many other GST countries Plus, there are requirement to produce GST Audit Files (GAF).
Software upgrades cannot be done at the last minute, as extensive preparation and training is required.
So if you do not use any accounting system for your business, or your existing system is not Malaysia GST ready, then its time you take this opportunity and apply for the GST grant to subsidise the purchase the GST software.