Malaysian customs urges small retailers to invest in GST-compliant sales system
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Installing a point-of-sale (POS) system to issue printed receipts as part of implementing the goods and services tax (GST) will only be a one-time investment, the Malaysian Customs Department’s GST division told operators of small businesses on Thursday.
GST division director Datuk T. Subromaniam said the system will be usable for a long-term basis and would help businesses identify standard and zero-rated items, adding that adopting POS would cost between MYR3,000 (USD828) and MYR4,000.
He also said tax deductions were available under Accelerated Capital Allowance (ACA) for businesses on purchases of information communication technology equipment, hardware and training.
Questions & Answers
Q.What is the estimated cost for small businesses to install a GST-compliant point-of-sale system?
What is the estimated cost for small businesses to install a GST-compliant point-of-sale system?
Adopting a POS system for GST compliance is estimated to cost between MYR3,000 (USD828) and MYR4,000 for small businesses. This was stated by the Malaysian Customs Department's GST division.
Q.Are there any financial incentives available for businesses investing in a new POS system?
Are there any financial incentives available for businesses investing in a new POS system?
Yes, businesses can claim tax deductions under the Accelerated Capital Allowance (ACA) for purchases of information communication technology equipment, hardware, and associated training costs.
Q.Who provided the information regarding the GST-compliant sales system and its costs?
Who provided the information regarding the GST-compliant sales system and its costs?
Datuk T. Subromaniam, director of the GST division within the Malaysian Customs Department, provided the information. He addressed operators of small businesses on Thursday.
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