QUOTE(@@@@@@@@@@ @ Apr 19 2024, 08:43 PM)
Ironically, if next government brings back GST they will surely also brings back e-invoice because it is a supporting mechnism. Every Malaysian have to use MyInvois?, Or else face legal action? So strict?
Every Malaysian have to use MyInvois?, Or else face legal action? So strict?
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Apr 20 2024, 06:45 AM
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Apr 20 2024, 06:47 AM
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QUOTE(Roblox Malaya @ Apr 19 2024, 08:57 PM) govt want to do e-invois to collect more taxes. this is just pure bullshit.If implement GST then don't need to implement e-invois. Jibby explained this a long time ago in 2018 after GE14. --- In a lengthy Facebook post today, former prime minister Najib Abdul Razak warned of more tax evasion and other illicit economic activity once the sales and services tax (SST) is reintroduced. Najib said he introduced GST during his administration not just to increase federal revenue, but also because of the comparative advantages of the tax. Otherwise, he added, all he would have had to do was raise SST, corporate tax, income tax, or appropriate funds from Petronas to raise money. The former premier maintained that GST was introduced to make Malaysia's economic structure more stable and competitive. Although GST does raise more revenue that the SST it replaced, he explained, it is not simply because the tax is imposed on more items – since it has nearly as many exemptions as the SST about to be reintroduced. Instead, he said the increased revenue under GST is due to a reduction in tax evasion and avoidance. This is because it allows for taxation on the black economy, illicit capital outflows, migrant worker remittances and the tourism industry. “It is here where a large portion of the tax revenue came from. Under the sales tax system, manufacturers or importers could set up a distribution company that acts as their proxy, and then sell products cheaply to the distribution company," his Facebook post read. “The sales tax is only applied on manufacturers and importers, and this allows them to declare a lower sales tax. “Or, a shop that is supposed to collect service tax could keep the collections, and not return a large portion of it to the government. Unlike GST where they could claim input tax credits, there is no incentive under SST for them to declare the true amount. “Under GST and a self-monitoring system, the sales price from the distributor to the end-user is monitored, so tax evasion could be reduced." “We would also lose our economic capability to withstand a recession or a sharp fall in prices of the commodities we export, without falling into an economic crisis because we no longer have GST to act as a buffer." Although no longer in a position to stop the government from abolishing GST, Najib said, he still wants the government to know the consequences that the rakyat and the country will face in coming years. https://www.malaysiakini.com/news/437885 Fact check time: which party first starting the journey for e-invoice? It was BN https://forum.lowyat.net/topic/5316076 This post has been edited by vhs: Apr 20 2024, 07:06 AM |
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Apr 20 2024, 06:54 AM
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QUOTE(9m2w @ Apr 19 2024, 11:43 PM) He didnt fail his maths la Bring back GST does not mean you do not have to implement e-invoice. If there is any political party dare to declare that they will never ever implement e-invoice then I will believe such a thing will actually happen. Otherwise, I think you have no choice but to deal with it, eventually.You know the numbers better SST collects less than GST because its not as broad based. 10% ST upon import and charged by manufacturers. In the middle of the supply chain. How to beat 6% at the end of the supply chain. Which is why GST is superior, pass thru collect at the end. Businesses are also incentivized not to tamper or cheat as its the consumer paying not them. SST evasion is harder now because it uses the same self monitoring system that GST uses SST-03 form vs GST-03 to file. The GAF audit file functionality is still there for customs audit CJ-5 for exemption being phased out by the more simpler (and easier to detect for fraud) Schedules A and C forms. Sos i work for a manufacturer la. Bring back GST anytime. fongsk26 liked this post
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Apr 20 2024, 07:12 AM
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QUOTE(fongsk26 @ Apr 20 2024, 06:08 AM) There is a local software company that provides free e invoicing to BZ. I cannot recall which but it is a basic software. If you want more complex systems, u have to pay. I got this info from Youtube. Try do a search 🔎 on e invoices. There is an hour long u tube where 2 representatives of 2 companies were discussing about e invoices. It was like an hour long! For small volume, don't even need any software. All you need is a phone to record the details using a portal run by IRB. That's in theory anyway. The key issue is IRB has never shown that their system is ready. lol. Anwar should just publicly announce it to be cancelled or delayed.This post has been edited by vhs: Apr 20 2024, 07:38 AM |
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Apr 20 2024, 02:16 PM
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