Income Tax Goodies for SMEs in Budget 2015 (cont d) Training expenses for GST implementation Training expenses incurred for training of employee in accounting and information communication technology relating to GST will be given double tax deduction. The double deduction will ease the businesses burden in implementing the GST. However, businesses should be cautious that only training related to accounting or ICT be given double tax deduction only. Touching on Goods & Services Tax in the Budget, there is no postponement of Goods & Services Tax which is expected to be implemented on 1 April 2015. With the remaining four months left, it is an urgent task for the Malaysia SMEs to get ready for the new GST era. In conclusion, the tax goodies proposed in the Budget 2015 is not a Big Santa Claus gifts to many SMEs. However, SMEs should take up this challenge and change the company strategy in order to enjoy a fruitful year. Face the new GST era with open heart and develop a blue strategy to outperform your peers or competitors. All the best and good luck in the new GST era.
Posted on: Wed, 03 Dec 2014 02:03:40 +0000
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