No turning back for GST implementation, says PM

Prime Minister Datuk Seri Najib Razak today reaffirmed that there is no turning back for the implementation of the Goods and Services Tax (GST) scheduled for April 1, 2015.

He also expected the number of companies that are GST-registered, which now stood at 120,000, to increase to 200,000 by year-end.

In a keynote address at Malaysia Institute of Accountants (MIA) International Accountants Conference, he asked the professional accountancy bodies to ensure that GST would be successfully implemented.

Najib said an organised, respectful and solid organisation such as the MIA could play a pivotal role in the implementation part of GST.

"I wish to call upon the MIA to provide all your support to the Malaysian businesses out there, in your unique position and opportunities, to reach out in ensuring that Malaysian companies are registered and are GST ready.

"We believe that professional accountancy bodies, acting in the public interest, must play an active role - and that industry groups and governments need to work together to ensure that regulation is effective and efficient," he said.

Earlier, Najib urged industry players from multinational companies to regulators to join hands with the government in developing and strengthening the standing, as well as, capacity of the accountancy profession.

He said the national Economic Transformation Plan, which seeked to transform Malaysia into a high-income nation by 2020, envisaged strong demand for professional accountants.

"We have continued our policies to develop the profession by adopting internationally accepted standards and supporting accountants with a well-designed regulatory framework," he said.

Meanwhile, Najib, who is also Finance Minister, said accounting firms would need to continue rising to the challenge of a more connected world economy.

"In countries like Malaysia, where sustained growth and targeted reforms are opening up to the economy, accountancy also prepares our businesses for the competition of the global marketplace.

"As our companies go global, they will need the services of world-class professionals," he said.