About SME GST Aid
The first of its kind, SME GST Aid is a dedicated fund that assists eligible SMEs overcome issues specific to GST and its related rules and regulations.
Through the support of public donors, these funds will be managed by the umbrella body of SME Aid. Monies raised will be used to acquire the service of registered GST tax agents to provide free assistance to eligible SMEs in GST-related matters.
SME GST Aid was established because we recognise and acknowledge that GST regulation and compliance continue to be a major obstacle for SMEs, seeing as these firms tend not to have the resources to deal with such problems.
The idea here is to set up SME GST Aid as a ‘one-stop-shop GST aid system’, where all necessary information and help regarding the GST is made available at one dedicated point. SMEs who approach the SME GST Aid are not billed for any consultation or work done on their behalf, as costs will be borne by the aid.
A panel of distinguished professionals will be on hand to assist SMEs with genuine compliance, regulatory, and legal issues pertaining to GST. This is to ensure that SMEs are not unduly burdened by costs that would otherwise be necessary when navigating GST alone.
Eligibility of SMEs will be reviewed by a dedicated committee following the general guidelines that eligible SMEs should have an annual turnover not exceeding RM1 million and merit test where SMEs must show good cause and evidence for a case against local authorities.
A fund raising campaign – the ‘#Support SME GST Aid Fund’ – will kick-off on World SME Day, which takes place on the 1st of July 2015.
Why SME GST Aid?
It is undoubted that the past year has been challenging for all with the introduction of GST, and it is safe to say that SMEs have suffered the brunt of it.
The introduction of GST into the business ecosystem has had an impact on Malaysian SMEs, as they are more vulnerable to these kinds of external shocks than large, public listed enterprises. Many SMEs have a limited understanding of how GST operates. Even more worrying is the distinct lack of resources as well as funds to execute and monitor the implementation of GST within their respective firms.
Additionally, many of them have no access to emergency management or resolution plans in the event they unintentionally fall foul of GST regulation.
Thus, as Malaysia’s sole SME news organisation, the MALAYSIA SME® Media Group has pioneered the SME GST Aid to assist SMEs facing problems related to the new tax system. Here, eligible SMEs will have access to a whole host of professional services meant to help them get out of trouble and back into running their business.
As mentioned earlier, these costs will naturally be borne by SME GST Aid, so Malaysian SMEs can put more of their hard-earned revenue aside for the growth of the businesses instead.
SMEs – Individually or family owned businesses that have no linked to public-listed companies, multi-national companies or government-linked companies with annual turnover of less than RM1 million.
Only SMEs that received a written letter from RMCD are eligible to seek assistance from the SME GST Aid.
Scope of Assistance
Obstinate situation where registrants are wrongly penalised – Assistance is necessary under such circumstances to seek clarification from the Royal Malaysian Customs Department (RMCD) with the intention to resolve them
Unclear customs guidelines – Assistance in obtaining confirmation and/or clarification from the RMCD Office
Incorrect submission of GST returns due to human or related errors – with no intention to commit fraud and/or wilful intention
To seek assistance, email:
Tollfree: 1300 88 6763