Dear Valued Clients,
Welcome to our E-Newsletter August 2018
Hope this email finds you well!
What does 2018 mean to Malaysia? While many people may suggest a lot of things that happened (and is happening) in Malaysia, the political shift stands out as one of the remarkable events in 2018. The shocking verdict of election confirms one thing: the world is changing fast and unpredictably. We can see that change comes disruption, and with big change comes big disruption. The seemingly rock solid relationships and fixed rules are being challenged. On a bright side, the fast-changing pace translates into an opportunity to perform better.
The Upcoming Tax Regime in Malaysia: SST
One of the tidal waves in Malaysia is none other than the re-introduction of the Sales and Services Tax (“SST”) in September 2018. It was recently announced that SST will make a comeback on 1 September 2018.
Although SST is not something new to Malaysia, the scrapping of Goods and Services Tax (“GST”) and re-introduction of the new tax regime have caused a shake-up in Malaysia’s tax system. As SST comes in the picture, we can expect to see that the transition from GST to SST will be a process – and poses a slew of challenges to Malaysia’s businesses. You may ask: What is the difference between GST and SST? In a simpler way to answer, GST is the broad-based tax regime that levied every stage of the supply chain while SST is narrow-based tax system that collects tax at a single stage of the supply chain – the sales tax at manufacturer level and service tax at consumer level. Both tax regimes have different duties and responsibilities.
We understand that you need a hand with the implementation of SST. Please do not hesitate to reach out to us whenever you have any concerns/you need any helps in SST, be it the registration, or understanding the penalty, or return submission, we are here to help you.
Enhance Our Global Presence
3E Accounting International Network continues to focus on strengthening our global presence and building stronger international network. Last month, we are delighted to have Bulgaria, a country in Southeastern Europe, to join our global network. The new addition of Bulgaria in our global network does not only portray our capability and solid global foundation, it is also a benchmark that we are able to better serve our clients with strong global network. They will have access to global resources as well as a larger pool of global talents to help their business to grow beyond borders.
On a final note, we are ready to embrace any tidal waves in the country following the historic political change of power. Despite many uncertainties out there, 3E Accounting Malaysia is for sure that we will continue to provide the best service in town in the face of challenges. Thank you for your continuous support and trust you have upon us, and we strive to do the best.
Read More in our E-Newsletter August 2018.