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Incentive to ease the burden of businesses during implementation of GST

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Incentive to ease the burden of businesses during implementation of GST

Post by Admin on Sun Sep 28, 2014 11:36 am

To reduce the cost of doing business during the transition period of the implementation of GST, the following incentives are provided by the government:

·Secretarial fee of up to RM5,000 and tax filing fee of up to RM10,000 are allowed as tax deductions from year of assessment 2015 onwards. Previously these are non-deductible expenses.

·Accelerated capital allowance on expenses for the purchase of ICT equipment and software are extended for another three years of assessments ie YA 2014-YA 2016

·Expenses for GST-related training of employees in accounting and ICT will be given further deduction in YA 2014 and YA 2015

·Training grant of RM100mil will be provided to businesses that send their employees for GST training in 2013 and 2014

·Financial assistance of RM150mil will be provided to small and medium enterprises for the purchase of accounting software in 2014 and 2015.

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