Steady Demand For GST-Compliant Software

By Nurul Hanis Izmir

KUALA LUMPUR, July 20 (Bernama) -- Despite the general lack of awareness over the Goods and Services Tax (GST) among firms especially small and medium enterprises, there has been steady demand for GST-compliant software, said OBM Software Sdn Bhd.

Software Consultant, Jaslyn Wong, said so far the MSC-Status company specialising in business software and financial accounting system received up to 100 companies purchasing its OBM Financial System for GST Solution.

"Since receiving the approval from the Royal Malaysian Customs Department in March this year, we have been receiving quite a number of clients from various industries beginning May," she told Bernama on the sidelines of National GST Conference 2014 organised by Bernama, the Malaysian National News Agency and Tax Advisory and Management Services Sdn Bhd (TAMS).

Wong said the company has developed four packages for the GST financial software: small business, professional, enterprise and enterprise premium, ranging from RM4,000 onwards.

She said the company encouraged their clients to purchase the software using the government's e-voucher subsidy programme.

The government had earlier announced that early businesses which have registered their companies would be given a RM1,000 E-Voucher subsidy to purchase the GST-compliant accounting software from 55 suppliers who have been certified by the Royal Malaysian Customs Department.

"Looking at the business right now, we are hoping to double or triple our sales as compared to last year," she said, adding that the company also received some demand by companies to work out customised software for them.

Wong however expressed dismay that there were still some companies out there which refused to prepare their companies with GST-compliant software as they were hoping the government would postpone the implementation of the new tax.

The SME Association had reportedly asked the government to extend the grace period for full implementation of the GST to three years as more than 80 per cent of the SME entrepreneurs did not know or understand the new tax.

However, the government has said that the GST would be implemented as scheduled on April 1, 2015.

Urging them not to wait, TAMS Executive Director Yong Poh Chye said SMEs should take the government's announcement on GST replacing the current sales and services tax (SST) seriously as it will kick-off on April 1, next year.

Yong said that Parliament has approved the GST act and it has now become law.

"This proved that the government is serious with implementation on April 1, 2015, therefore the local companies whose turnover exceeds RM500,000 must register under the GST regime and prepare themselves with GST compliant software," he said.

Yong said although the government now was in its first phase (from July until September) of the implementation whereby it would provide awareness campaign and training to the businesses, it also urged them to make an effort to make early preparations to avoid problems come April 1, 2015.

The second phase, as mentioned by Yong during his presentation at the recent two-day GST conference, would be from October until December. The companies are supposed to get their businesses a GST-compliant financial system during that three-month period.

"The third phase would be in the first three months of 2015 where we run the GST trial before it really kicks off on April 1," he added.

"Come April 1, 2015, GST will replace SST with a six per cent rate to be imposed on certain goods and services but not on essential goods namely such as processed meat, cooking oil, sugar and essential services like electricity, education, healthcare, toll, financial transactions and life insurance," he added....BERNAMA

Just responding to alpha jack previous page.... Nothing serious...

Datasonic to buy a stake??

Please read this weeks The Edge Weekly. Page 19 for full story...

The CEO already said... From 50k to millions!

That's why IFCA GST software is in demand!! it's very complicated especially for Property sector. Sabah property players also aplenty! Looks like IFCA is tai ko for property GST in East Malaysia too!

If 300 of 1000 customers sign up, at say RM 500,000 each, = RM 150 Million!! Excluding maintenance contracts,... Wow! Bumper year for IFCA!!

GST will be in the news till next year!! Plenty of business potential! GST co make $$$$$

Tornado= Bodo.....look at IFCA!

New bumi investor coming??

GST! GST! GST! IFCA! IFCA! IFCA!

Latest on IFCA

1. IFCA earnings visibility for next 2 years
2. Existing order book of RM 53 M and rising
3.only 40 to 50 of its near 1000 clients have signed for software upgrading
4. About 70% of locally listed property developers are IFCA customers
5.value of company's software ranges from RM 50k to Millions
6. IFCA is debt free
7. Cashpile of RM 28.38M as at 31.3.2014
8. Next 5yr goal is to be upgraded to Main Market.........

.......The Edge Weekly July 14 2014

A GIANT in the making! .

IFCA YES, NOVA NO.

Cheapest Custom certified GST co.... Big jump in profits n revenue this year!!

You are right. Out of the 4 short listed firms, 2 are and private firms. One of them will get it.... Why not?? Who says only PLCs can get the project??

More selling tomorrow. Market will sharp down... Bank negara has increased interest rates!! RUN!!!

All panic talking! Wakakakakak.... Trying to console each other...! Those who claim to know everything are now still living in their own world. The price to pay for not listening to others.

Holland gone to Holland!

Consider this.... The TRS project will be awarded to one of the 2 unlisted bidders... Then one of the 4 a certified GST compliant PLC co buys into this unlisted Sdn.. Bhd.

Would the govt award the TRS project to a non experienced and non compliant GST co with a foreign tie up partner? Rather they not award to a 100% GST compliant local co with experience in GST Implementation track record?

Anything can happen.... Brazil can lose to Germany 7-1...

Private placement coming?

Hope against hope...

Believe!!

Shop till you drop !! Wakakakaka...

Sorry to say remisier s don't read much except keying in orders. Buy The Edge and Focus. Starbiz. For a start.

Latest... 56 companies have been certified by Customs Dept as vendors of GST software implementation...out of which 4are PLCs... Edaran, IFCA MSC, Censof and Goodway Integrated..

Hold on to your IFCA!!

Sorry to say Mpay did not make it to the list of certified GST companies released by Customs Dept. only 4 PLCs out of 56 companies made it... IFCA, Edaran, Censof and Goodway Integrated.

Switch to IFCA now!! $$$$$$

Good for u Mun hou. Keep it. You will be rewarded.

MPay is NOT a GST co. They are praying for the 'durian runtuh' ETRS project. IFCA IS a GST property specialist! The huge bumper revenue and profits is rolling in till next year! That is the difference.... Who knows, they may get the eTRS. Project also...

Yup. Very possible...ShinRenNeo...a precursor to something BIG??

Today FOCUS story on IFCA wa. GST counter.

Yes. People buying for 2014/2015 fantastic earnings.

The revenue and profits should start rolling in this quarter.

GST companies can't go wrong for 2014/2015. It's a bumper year. Ask around. All the big 4 audit companies fully engaged for consultation and implementatio.

The 10% sold to market long long ago la... When u guys were buying!!! Can't you see the con game??

Just look at Mpay. No GST project but reach high of. 39s wa 28s.
IFCA is GST property specialist. If one customer charge RM500k, 1000 customers = RM 50 M!! This is bumper year for all GST companies! IFCA cheapest at the moment!

Possible another dark horse has landed the eTRS project.... To a GST specialist like IFCA? Haha...

Yup. Guess everyone knows by now he has disappeared. Yes, he got everyone singing and writing poems, each time the person gives a tip from London.

Con job already over...

Talam latest Q report.... Loss RM19M .... SELL!! Monday!!

Additional listing Monday. See announcement.

Sure plunge OLH. TRS project has been hijacked by someone else!

Madiba, not Marina... Haha.. Anyway , who cares..

Marina is like Kelvin Tang heavily promoting for PMCorp. Disappeared after the price crash...

Sorry guys but Mpay is NOT even a GST co, just hoping for durian to fall!, IFCA is a GST property specialist, and they have been rolling out the product early this year. 2014/2015 will be a bumper year! Check out the prices of other GST companies like MyEg, Cuscapi, Censof,. At 12s it is the cheapest around with RM34m cashpile. You decide...

GOODBYE Mpay.!.... HELLO IFCA!!!

Below is extracted from Chairman's statement in Anuual report 2013.

The Year Of GST
When the Malaysian government made the announcement for GST in November 2013, we knew this will be the main business focus for the coming year 2014 & 2015. We immediately prioritise and made our preparations to take the lead to demonstrate our knowledge and expertise in the property industry. Consequently we were the 1st property software company that quickly gained certification and accreditation from the Royal Malaysian Customs on 12th March 2014. We anticipate a good year ahead for 2014 as all customers prepare to upgrade and implement GST before the deadline by April 2015.

Mpay drifting lower....IFCA moving higher.... Wakakaka

MyEg is also not. So lets see...

The Edge reports. 3 broking houses has put a target of 56s. Still got room to buy!!!