Premium Essay

How Gst Affect Local Enrepreneur

In: Business and Management

Submitted By afaffz
Words 708
Pages 3
CCEN 2402, ENTREPRENEUR 2 (NICHE AREA)
SEM 2, 2014/2015

TITLE: HOW GST WILL IMPACT LOCAL ENTREPRENEUR

PREPARED FOR : SIR MOHAMMAD ZULFALIHIN BIN ROSLI
PREPARED BY : NAME | MATRIC NO | ‘AFAF ZULFA BT AHMAD ZAKI | 1326420 |

HOW GST WILL EFFECT LOCAL ENTREPRENEUR

The Government of Malaysia already decided that on 1 April 2015, Malaysia will start imposing new tax system that is known as GST(Goods&Services Tax) to replace the current Sales Tax. One of the major different between GST and Sales Tax is in GST,all items and services from all chain levels are subjected to GST (minus some essential items) thus GST generally has a far wider coverage compared to existing tax system. Therefore,in GST the final tax burden will ultimately will be borne by consumer. Any type of businesses ranging from sole proprietary, company, unions, club, partnership, individuals with more than RM 500,000 taxable sales are required to register for GST. It would be optional for those below RM 500,000 to register voluntarily.The GST will have a great impact on local entrepreneur or business owner. For companies, the immediate challenge would be the integration of GST into their operations. Companies must now assess the impact of GST on their operations and pricing strategies. Although the mechanics of GST are relatively straightforward (that is output tax less than input tax), the challenge is in the details as companies must also consider the capability of their IT systems to cope with the demands of GST, the need to educate employees and customers as well as the impact on employee benefits. The Board of Directors must also be extra careful to ensure that pricing strategies are accurately modeled as a wrong decision could impact the company's performance.
Business will receive a GST identification number upon registrations. Companies will have to issue Tax invoices displaying the…...

Similar Documents

Free Essay

How Distractions Will Affect the Driving?

...How distractions will affect the driving? There are many factors which can distract a driver on the road. Distracted driving can occur any time a driver's attention is taken away from where they should be focusing their concentration - the driving task. There are many different types of distractions, both inside and outside the car. A physical distraction causes you to take your hands off the wheel, such as eating a sandwich. A mental distraction takes your mind away from the road, such as speaking with a passenger. Mental distractions may be more difficult to identify, as we often take discussions with passengers to be a “normal” part of driving. “Driver distractions include cell phones, eating, drinking, changing a CD, fiddling with radio dials, talking to a passenger, experiencing emotional distress, minding children, personal grooming, looking at billboards or even other vehicles on the road” (CAA, 2012). A lot can happen when a driver is distracted. For example, there is a significant increase in driving with no hands on the wheel, not watching the road, sudden braking and wandering into other lanes which can result in lack of focus on the road, increase the chances of collisions and a hazard to pedestrians, yourself and other road users. I personally witnessed drivers on an everyday basis being distracted while driving on the road. For example, many would be texting or making a phone call, some will be looking......

Words: 329 - Pages: 2

Free Essay

How Gst System Works

...Introduction GST which stands for goods and service tax is a form of value added tax and it is one of the most significant tax in Australia which was commenced on 1 July 2000. The essay aims to explain the issue that how the GST system guarantee that GST is actually paid by the final customer. Through analysing the legislation, A New System (Goods and Services Tax) Act 1999, it can be concluded that the GST has a neural effect on business-to-business transactions and that only the ultimate customer pay for the GST. The registration of entities is the basis of the goods and services tax (GST) system. According to section 23-1 GSTA, only these entities which are carrying on enterprise can be registered. The enterprise is defined in the section 9-20, which consist of activities done in form of business or in form of an adventure or concern in the nature of trade. These rules indicate that the ultimate customer, who is not carrying on enterprise, cannot be registered in the GST system. For these entities which are carrying on enterprise when entities’ GST turnover reach the registration turnover threshold, that is$75,000 ($150,000 for non- profit entities), they are required be registered by section 23-5 and 23-15 GSTA. It means that the small business is able to choose to be registered or not. The GST system only works on these registered entities except importations. According to the section 13-1GSTA, GST is payable on taxable importations regardless whether or not the......

Words: 1028 - Pages: 5

Free Essay

Depression How It Affect You

...sychologyHow depression affects people Kim Branim Psychology 326  Sonja Bethune October 16, 2012 Introduction This study was design to find loci major depression via linkage analysis of a large sibling pair sample. Depressions in twins and families have been shown moderate high. “However the gene that caused depression had not been detected says” Lewis Cathryn but Gerome Breen “says that Chromosome3 it a link to severe depression. Breen study took 417 families with 479 concordant sibling pairs to perform genome-wide linkage analysis. Breen used the first wave of families, suggestive and modest suggestive and modest evidence for linkage was found on chromosomes 1p36, 12q, 13q, and 15q. The peaks on chromosomes 12q and 15q also showed evidence for linkage in other samples (8-10). In the present study, we report linkage analysis results using an expanded sample that includes 325 additional families contributing 474 sibling pairs, resulting in a total of 971 concordant sibling pairs with recurrent depression. The total sample also consisted of 118 discordant sibling pairs and 12 unaffected sibling pairs. Linkage can be detected when heterogeneity and error in phenotype are decreased. Also for depression, reliability is improved by focusing on severe cause ad indexed by symptom count or impairment. (Breen,2011) .   Literature review The article name is Genome-Wide Association Study of Major Recurrent Depression in the U.K. Population. The Studies of major......

Words: 2441 - Pages: 10

Premium Essay

How Local Companies

...Geographic Terms How Local Companies Keep Multinationals at Bay Harvard Business Review Online Bhattacharya, Arindam K. Michael, David C. NA Harvard Business Review, March 2008 NA Article Economics International Trade; ; ; Malaysia; Others Abstract To win in the world’s fastest-growing markets, transnational giants have to compete with increasingly sophisticated homegrown champions. It isn’t easy. Centre for Policy Initiatives (CPI)  Pusat Initiatif Polisi  http://www.cpiasia.org  How Local Companies Keep Multinationals at Bay http://harvardbusinessonline.hbsp.harvard.edu.neptune.wou.edu.my/hb... ADVERTISEMENT Arindam K. Bhattacharya (bhattacharya.arindam@bcg.com) is a Delhi-based partner and managing director, and David C. Michael (michael.david@bcg.com) is a Beijing-based senior partner and managing director, of the Boston Consulting Group. FEATURE How Local Companies Keep Multinationals at Bay To win in the world’s fastest-growing markets, transnational giants have to compete with increasingly sophisticated homegrown champions. It isn’t easy. by Arindam K. Bhattacharya and David C. Michael Since the late 1970s, governments on every continent have allowed the winds of global competition to blow through their economies. As policy makers have lowered tariff barriers and permitted foreign investments, multinational companies have rushed into those countries. U.S., European, and Japanese giants, it initially appeared, would quickly overrun local......

Words: 6681 - Pages: 27

Premium Essay

How Business Affects the Economy

...How Business Affects the Economy In most countries, business is the primary section of its economy. Businesses are what drive an economy up or down. A key component of how well businesses help the economy are the entrepreneurs. These brave risk takers put it all out on the line: time, money, and other resources in hopes to start a business and make a living. As they make money, they spend it helping other businesses blossom. This creates a prosperous cycle for all involved. Since these businesses flourish, this creates the needs to jobs for those who need them. All in all, the standard of living increases across a wide span area, as well as the quality of life due to many families now being able to provide for themselves. But businesses also contribute to social awareness by advocating for the well-being of its members. For-profit and nonprofit organizations are similar as they are different. It is true that they both can make a profit. But the key difference is how those profits are used. For-profit organizations are generally are out make a profit and distribute profits between owners, employees, shareholders and the business itself. But nonprofit organizations use all their profits for programs and services aimed at meeting peoples unmet or under-met needs, such as food, water, shelter and education. Nonprofit organizations are more concerned with providing a service or goods that help with environmental or human needs. Most nonprofit organizations are......

Words: 1046 - Pages: 5

Premium Essay

How Television Affects Children

...How Television Affects Children COM/156 October 28, 2012 How Television Affects Children Did you know that a study that was reported by the American Academy of Pediatrics discovered that there is more violence in children’s programming than any other programming?(Adams, 2010) Today’s children are influenced by what they see and hear on television whether they are watching a cartoon or an educational program. While some television shows are educational, television can have a more serious effect on a child, like disruptive behavior and obesity. At times, television may seem like a good idea. Many people use it for a source of entertainment, especially in children. There are some positive effects that result from a child watching television. Today, children have the opportunity to watch shows like Dora, Barney, Blue’s Clues, and Sesame Street. I remember when I was a child watching shows like Sesame Street and Mister Roger’s Neighborhood. Educational shows should contain information that can teach a child about letters, which can improve a child’s vocabulary. Other shows can teach children about shapes, manners, feelings, and even a foreign language. Some television programming can even allow children to explore their imagination and creativity, giving them the opportunity to travel around the world and learn new cultures. Shows which are on the Discovery or History channel and even the National Geographic channel are a good source for educational programming. These......

Words: 1506 - Pages: 7

Free Essay

Meningitis and How It Affects the Body.

... wasn’t making any sounds or noises even when they called his name. The social worker came into the room, and spoke to my mother regarding our experience at St.Christopher’s hospital.She was told to speak to a lawyer at once to take legal action for the safety of her child. My mom was grateful to the staff and she thanked them for saving my brothers life. The Er nurses and doctors explained to us that he would have died if he hadn’t come to the Er the time that he did. This is a very serious condition and at this time very less about it was known. Several weeks later the fever finally dropped and stabilized but his hearing was lost. This was such a big transition for us to adjust to but, without knowing how we were going to communicate with him was the biggest. As the years go by we later discover that we had to take sign language classes to help us to communicate with him and until then we were to write down what we needed to say on paper. I was five years old at the time when my family and I enrolled at the Pennsylvania school for the deaf . I remember learning the alphabet first then, learning to put those letters together into words. This was an awesome experience even as a child I was excited about learning this and was told that I caught on fast. I sporadically took classes at this school throughout the years for years. We as a family can now communicate with him with no problem and anyone else for......

Words: 2083 - Pages: 9

Premium Essay

How Smartphones Affect Relationships

...Technology: How Smartphones and Social Networking Have Changed Our Parental Relationships Audience and Accommodation: My audience is going to be the parents. I am targeting them so they know that in order to keep up with their children who have gone off to college, they understand how powerful smartphones are, how we use them to communicate with them, and how there may be better ways to stay in touch. Hook: My hook is going to be a personal reflection on how I stay in communication with my parents with my smartphone. (Ms. Griffiths told me to do this) Stable Context: This is where I talk about smartphones, and then give background on how relationships are formed and maintained throughout what I will later describe as emerging adulthood with parents. Destabilizing Condition: With the rise in technology, smartphones, and social networking sites, I don’t think that some forms of technology, in particular social networking sites, are the best way to stay in touch. Main Claim: My main claim is that the relationship between the emerging adult and the parent should not be solely based on technology. If the parent doesn’t have social networking site profiles, then they need to adjust to what the emerging adult wants to communicate by in order to maintain a stable relationship. Significance: With so many different forms of communication now, not all are beneficial to the emerging adult. Relationships that are formed and maintained online are not the......

Words: 1304 - Pages: 6

Premium Essay

Homelessness and How It Affects Children

...Homelessness and how it affects children Lewana Streeter Introduction Homelessness and poverty are ongoing issues that have existed for many years. Poverty has always been with us. But in the United States, poverty emerged as a political issues about 50 years ago (Dinitto, 2011). Along with poverty come many issues such as homelessness and going without food and clothing. These are basic necessities that everyone needs to survive. Also with poverty comes poor education. Usually the poorer the education the more likely an individual is to fall into poverty. One of the main issues with poverty is defining it. How do we know who are faced with poverty and homelessness, if poverty is not able to be defined? History of Poverty Many think that poverty will diminish over time (Dinittto, 2011). However, if there is a continued decline of education for women it is safe to believe that poverty and homelessness will continue to be a social policy issue. Poverty affects men women and children. Unfortunately, children are affected the most because they are the most vulnerable. Families are left without homes, jobs or the means to support their families. These same children are left without food or adequate clothing. And this has been the issue for years and years. Poverty as a political issue only came to light in the last 50 years (Dinitto, 2011). More Education Educating more women seems like a reliable alternative to homelessness and poverty. Is it reasonable to say the more...

Words: 975 - Pages: 4

Premium Essay

How Music Affects Mood

...mood and brighten their day. Music has the ability to connect people together and also has the ability to heal you, physically and emotionally. It can heal the brain and sometimes the heart from emotional damage. Often times, music is used in therapy and rehabilitation centers. Music affects your mood and how your brain functions. According to the online dictionary, “music is the art of sound and time that expresses ideas and emotions in significant forms through elements of rhythm melody and color.” An article states that “emotions are more than just something we feel -- they happen in the body, too” (Millar). In fact, the dictionary definition of emotion is, “an affective state of consciousness in which joy, sorrow, fear, hate is experienced.” The places where emotions are felt most commonly are within the heart. Emotions are highly affected by different types of music. What the brain is, is “the part of the central nervous system enclosed in the cranium of humans and other vertebrates, consisting of a soft, convoluted mass of gray and serving to control the mental and physical actions” (Dictionary). This is what allows people to feel, think and function. Different types of music can affect a person’s mind and emotions in different ways. For example, if they are sad and they listen to sad music it might make them cry. This could be because it reminds them of why they are sad. Another reason this could happen is because they can relate to the lyrics. It could remind them......

Words: 1248 - Pages: 5

Free Essay

How Colors Affects People

...How Colors affect People Jasmine R Carter ITT Technical Institute GS1140 Torregrasso December 24, 2012 Is sex the name of your game or power the way to your fame? What do these two things have in common? One simple word: “RED”. Power, anger, love, hate, and sex. All these feelings and emotions, plus much more can be stored inside this simple word. Many may think that a color is just a color, but studies have shown that it is much more than that! It can either attract the opposite sex or repel an opponent. There has been research on the color red and two different avenues of emotion it can produce and symbolize. The beast stampedes into the jungle and there she is, beautiful and in red. Primates such as baboons and chimpanzees display red on their bodies during ovulation. Primatologists believe that this red is a sexual signal to attract males (Dixson, 1983). This lead researchers to examine weather this red ornamentation had analog in humans. The similarity being when woman used red to display their sexual behavior to men. Research suggests that red was a visual aphrodisiac in men when viewing women (Elliot, 2008). This concept can be seen in the world around us. In the 1999 film The Matrix, the main character, Neo, is stunningly attracted to a woman wearing a red dress when in fact he should have been paying attention to another character. In other aspects of the media, music artist have recognized the significance of The Lady in Red. What about......

Words: 1096 - Pages: 5

Premium Essay

How the Environment Affects Learning

...How the environment affects learning Dennis Skinner American Military University/COLL100 April 30, 2010 Michael Carmichael How the Environment Affects Learning This paper will discuss how our environment affects learning. We will discuss how important the environment is in the early years of one’s life in early childhood development. We will also discuss how one’s interest in learning plays a vital role in learning. We will also discuss how active learning and development plays an integral role in those years between teenager and adult and as well as what influences that has on being successful in life. We will also examine the two learning environments, home and school, and how each are changing and as well as how these two environments will play significant roles as each student discovers what’s real and what’s not real and how each help the learning process. Lastly, we will consider how the learning environment is continuing to change and how the digital age will change the way we learn and as well as the effect it will have on our future students and how it will affect the path they choose to follow their dreams. In the early years of development the environment plays as big a role in how children learn and how they development more than any other time in their life. In environments where children are not only taught that it’s ok to learn, but to also enjoy the process leads to an active learning environment where children are allowed the......

Words: 1189 - Pages: 5

Premium Essay

How Culture Affects Quality

...culture has distinctive norms and values which have shaped the perception of customers for years. Nowadays, the concept of perceived product quality is increasingly becoming more important on the minds. Although there are a lot of definitions, each of them are defined as common meaning; that is, quality is basically ability to meet the customer’s needs and expectations. Perception of quality varies from person to person and even from culture to culture. Therefore, the national identity and cultural values and norms might have an important role on the customers’ quality perception. Even if all the features and the prices of the product are same, it can create different opinions and perceptions in different countries and cultures. How may culture affect the ‘product quality perception’ of consumers? 1.1 Culture ‘Without culture, and the relative freedom it implies, society, even when perfect, is but a jungle. This is why any authentic creation is a gift to the future’ - Albert Camus Culture is a fundamental part of every society and can be defined as the learned pattern of behavior and everything which makes up a person’s entire way of living. Another very well-known definition for culture is written by Hofstede (Hollensen, 2004, p. 193) which says “the collective programming of the mind which distinguishes the members of one human group from another”. Culture is essential to provide an order and discipline within the society. It is the most necessary tool of......

Words: 3355 - Pages: 14

Free Essay

How Stress Affects Health

...How Stress Affects Our Health November 25, 2015 How Stress Affects Our Health In life there is not one human being who has not felt the anxiety or heart pounding feeling of being stressed. I believe this is a silent disease that slowly takes over one’s life one way or another. According to Kiev (1974), from a medical standpoint stress is just a nervous tension because life is being lived too quickly; therefore, the energy is being wasted. Stress can wear an individual out and cause heath issues once entering adulthood. Feeling stressed is so common in everyday life that it has become a way of life. When individuals are under stress they tend to panic, not realizing the toll it is taking on their body and mind. Stress starts to affect the body by prolonging the levels of fat, causing the immune system to diminish and leaving the body weak and vulnerable to infections (Reinhold, 1996). There are several types of stresses that can affect you and cause cognitive issues, emotional issues, mental issues, and physical issues. A type of stress that many come across several times in their life is short-term stress. Probably the most common type of stress that there is. This type of stress that last for a small amount of time, hens the name short-term stress. An example of short-term stress is when there is a deadline on an assignment in school or work. It is something that once you have completed and turned in on the deadline all stress is completely gone. Chronic life......

Words: 1393 - Pages: 6

Free Essay

How Corruption Affect Petrobras

...How corruption affect Petrobras: Petroleo Brasileiro S.A. is a Brazilian based multinational company that explores, produce, transports, distributes oil and natural gas. Petrobras owns and operates biofuel, oil tankers, fertilizer plants and distribution pipelines across Brazilian territory. Petrobras is one of the largest producers of oil in the world and the biggest company in South America (employs over 80 thousand people) with a market value above $30billion. Most importantly, Petrobras has more than half of the voting rights are controlled by the government of Brazil (Standard & Poor’s, 2016a). Brazil’s rise was empowered by the oil giant Petrobras, with the biggest oil discoveries in the past decade. As for April, 2004 everything changed dramatically. Scandal started exposure regarding the acquisition of a Houston refinery, because the estimated cost of $1.19 billion from Astra through this acquisition, but only paid $42.4 million. Petrobras’ high ranked former executive (Paul Roberto Costa) was arrested due to supposed involvement in a money laundering arrangement in order to increase the cost in the constructions of a 9 refinery from $2.5billion to $18.5billion (Romero &Thomas, 2014). Petrobras also faces inspections that some employees received bribes totaling $139 million from SBM Offshore (German oil supplier). What is more, a contract with Odebrecht, one of Brazil largest construction and oil services providers was overbilled. According to Bloomberg,......

Words: 1280 - Pages: 6