OKP GroupGST Consulting Unit

Is your business READY for

GST Implementation?

GST – A New Chapter For Malaysia Begins……..Isyour business ready ?Slowly but steadily GST has finally arrived at the Malaysian business scene and the move towards one of the most popular taxsystem around the globe is now a reality (or almost). The GST Act 2014 has been passed in the Parliament in April 2014 as astep closer to implementing GST in Malaysia on the proposed date of 1st April 2015.

The significance of this new tax regime is that it would have an impact across various business functions and not just the tax orfinance function. In other words, many of the ways Malaysian businesses operate may need to change in order toaccommodate this new tax regime.

It is important for all businesses to be GST compliant come 1st April 2015. We are here to help you identify the critical issuesthat may impact your business during the transition to GST as well as for compliance with the GST rules and regulations.

Key Successfactors to beGST ready

Embed mindset thattax/finance issue

GST is a business issue and not just a

Early preparation and planning to identify impact of GST on your business activities and how to implement it

Allocating sufficient resources to implement GST structure and system

Impact of GST Is Wider Than Just Tax Matter….…It is an enterprise wide issue

• Impact on cash flow• Identification of transaction and GST liability

• Education and communication• Employee fringe benefits policy

• Systems changesfor GST compliance

• Registration & Compliance• Review of existing long term

contracts and relevant GSTclauses for new contracts

• Group structure review to ascertainbenefits of group registration

• CAPEX Planning

• End of sales tax facilities• Preferential vendors under GST

• Impact on costing and pricing• Impact on current contracts• Effect on warranty• Re-negotiate credit terms

with customers

• Maximisation of input tax credit• Issue tax invoice within 21 days

Sales andMarketing

Finance andAdministration

Procurement

Legal/Accountability

Human Capital

Business efficiency

Information Technology

GST

Committed to understandand fulfil your needs

Quality expected,quality assured with high standards of

excellence

Competitive pricingto build

long term relationshipWhy pay more?

We ensure yoursuccess in

implementing GST

Y o u r N e e d s , O u r S e r v i c e s … … . .Our GST implementation support servicesOur structured approach to assist you in GST implementation is envisaged as follows:

Avoid significant penalties that can be imposed forevery transaction thatdoes not comply withGST legislation

Avoid cash flow problems that coulddisrupt business operations

Remain competitive in terms of pricing andcost base

All Businesses Need To Be Ready For GST…….Why when GST is not meant to be a cost to businesses ?

Phase 1: Planning and Impact Study

• Ensure proper project set up for the implementation

• Understand GST impact on business transactions

Objective

• Approximately 1 to 3 months

Duration

• Discuss project set up and business needs

• Awareness session for staff• Transaction analysis• GST meetings to discuss

specific issues • Others

Scope

Phase 2: Implementation Support

• Working together with your team to ensure that your company is GST compliant come 1st April 2015

Objective

• Approximately 4 to 8 months

Duration

• Provide technical support during implementation Highlight internal changes required

• Gap analysis when rules are finalised

• Assist in GST registration• Review first two GST return• Others

Scope

We can be“Your Partners In Success”

Want to be GST ready……...Contact Dennis Ooi

+ 6 0 1 2 5 7 7 5 5 9 5 ( W h a t s a p p m e )o k p g s t @ g m a i l . c o m

OKP Group: putting YOU firstOffice:c/o Magnawise Services SdnBhd56-2-1, JalanMedan Putra 3Medan Putra Business CentreBandar Sri Menjalara52200 Kuala LumpurMalaysiat +603 6272 3290 f +603 6272 4299

Dennis Ooi

A Chartered Accountant, Dennis has more than 14 years of experience in providing professional accountancy services. Currently Dennis is attached to OKP Group, specialising in providing a range of professional services including audit, corporate secretarial, taxation, GST advisory, administrative outsourcing, and accounting services. Previously served as an interim middle-level executive from 2001 to 2005 involving in the corporate restructuring projects of three public listed companies and a start-up project of an IT company, and then as a Manager in the Transaction Advisory Services, Ernst & Young, Singapore from 2005 to 2006.

He has also worked on many audit and assurance engagements when he started his career in Deloitte, Kuala Lumpur, after completing the ACCA examination in 1999 at the age 21. He was specialising in manufacturing, plantation, banking, property development, trading, shipping and freight forwarding industries, besides experience in special assignments including financial due diligences, and investigation of irregularities in the corporate banking department for a financial institution.

Dennis has recently obtained the GST certification issued by the Royal Malaysian Customs Department for GST Practitioners in Malaysia. He conducts training on Goods and Services Tax implementation issues.

Qualifications and Memberships• Fellow of the Association of Chartered Certified

Accountants (FCCA).• Chartered Member of the Malaysian Institute of

Accountants (CA, MIA).