Register for GST, young entrepreneurs told

Kota Kinabalu: Young entrepreneurs should persevere in their endeavours and cooperate with the government by registering their companies for the Goods and Services Tax (GST) purposes.

Industrial Development Assistant Minister Datuk Bolkiah Ismail said meanwhile, the State government would continue its commitment to carry out all economic agenda which would provide a conducive business ecosystem to entrepreneurs in the State.

Speaking at the launching of the State-level GMB-GST Open Day 2015 at Wisma Wanita here, Thursday, Bolkiah said a total of 148,129 companies nationwide have registered for the GST with an average of 2,000 registration since June 2014.

"The Customs Department is intensifying its effort to further increase this number including sending notification letters to existing sales and services tax licence holders as well as sending out reminders to identified business owners to register their businesses," he said.

According to Bolkiah, an e-voucher scheme had also been introduced to reduce the burden of small and medium enterprises (SMEs).

"The scheme provides RM1,000 rebates to GST accounting software. A total of 26,895 e-vouchers have been approved out of 32,961 applications," he said, adding that 113 vendors have been appointed by the Customs Department in providing GST-compliant accounting software.

The one-day event was organised by the Successful Young Generation Entrepreneurs Organisation (GMB), an NGO for young Malaysian entrepreneurs.

About 100 participants took part where they were given talks on GST, business ideas, business loans and heard testimonies from members of GMB.

According to GMB President Agil Faisal Ahmad Fadzil the NGO is touring the nation in its effort to encourage its members to register their businesses before GST is implemented on April 1 this year.

"We are also having a membership drive and I am happy to say that many of our members are very successful in their respective fields. We are a network of highly-motivated young people and we want to expand our networks further," he said.

Sabah was GMB's fourth stop after touring Selangor, Kuala Lumpur and Penang.