Latest news with #WilliamNg
Borneo Post
6 hours ago
- Business
- Borneo Post
SST revision exempts 75 pct of SMEs, says Samenta
Datuk William Ng KUCHING (June 28): The revision to the expanded Sales and Services Tax (SST) will exempt approximately 75 per cent of small and medium enterprises (SMEs) from the additional eight per cent tax on rental and financial services, according to the Small and Medium Enterprises Association Malaysia (Samenta). Samenta national president Datuk William Ng described the move as a 'welcome and meaningful relief.' 'We are grateful to the Prime Minister for hearing our concerns and for directing the Ministry of Finance to revise the threshold upwards,' he said in a statement issued today. The statement was made in response to the Ministry of Finance's announcement on the revised SST implementation, which includes a higher annual sales threshold for service tax on rental and financial services. Ng noted that Samenta was among the first to raise concerns over the potential impact of the SST expansion on SMEs when it was initially announced. He said the association had urged the government to raise the threshold to protect smaller businesses, while still supporting a broader and fairer tax base. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. In the meantime, Ng urged affected SMEs to take immediate steps to implement the expanded SST and to contact the Royal Malaysian Customs Department for assistance if needed.
Free Malaysia Today
8 hours ago
- Business
- Free Malaysia Today
75% of small firms exempted from new SST, says trade group
William Ng, president of Samenta, said the association was among the first to raise concerns over the potential impact of the revised sales and service tax. PETALING JAYA : About 75% of small and medium-sized enterprises will be exempted from the additional 8% levy in the revised and expanded sales and service tax (SST) that comes into force on July 1, says a business group. The Small and Medium Enterprises Association Malaysia (Samenta) said a revision to the expanded tax regime announced today effectively exempts about 75% of SMEs from the additional 8% levy. Samenta president William Ng said the association was among the first to voice concerns over the potential impact on small businesses from the expansion of the sales and service tax scheme, Bernama reported. The association said it would not seek further concessions from the government. Ng thanked Prime Minister Anwar Ibrahim for taking note of their concerns and revising the threshold. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he was quoted as saying. Earlier today, the finance ministry said the threshold for service tax registration for leasing or rental and financial services had been raised from RM500,000 to RM1 million, to reduce the number of small businesses that would be affected. Ng said the revision effectively exempts about 75% of SMEs from the additional 8% levy under the expanded tax regime. He encouraged the remaining 25% of small businesses to take steps to implement the new rates. Last month, the finance ministry said a 5% to 10% rate would be imposed on non-essential goods from July 1, while the service tax was expanded to include rent, lease, construction, financial services, private healthcare and education. Initially, an 8% service tax rate was to be charged for these services with a registration threshold of RM500,000. With the new revision however, businesses with sales exceeding RM1 million will be required to pay service tax on rental services.
Malaysiakini
12 hours ago
- Business
- Malaysiakini
Samenta welcomes revision to expanded SST as relief for SMEs
The Small and Medium Enterprises Association Malaysia (Samenta) has welcomed the Finance Ministry's revision to the expanded sales and service tax (SST). The association described it as a meaningful relief for small and medium enterprises (SMEs). Its president, William Ng, said the revision...
New Straits Times
a day ago
- Business
- New Straits Times
SAMENTA welcomes SST revision as major relief for SMEs
KUALA LUMPUR: The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Finance Ministry's revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for small and medium enterprises (SMEs). Its president, Datuk William Ng, said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. "When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. "We urged the government to raise the SST threshold – a move that would protect smaller enterprises while still allowing for a broader and fairer tax base," he said in a statement today. The ministry announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. It stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. "While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion," he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Customs Department where needed.— BERNAMA
Barnama
a day ago
- Business
- Barnama
SAMENTA Welcomes Revision To Expanded SST As Relief For SMEs
BUSINESS KUALA LUMPUR, June 27 (Bernama) -- The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Ministry of Finance's (MoF) revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for the small and medium enterprises (SMEs). Its president, Datuk William Ng said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. 'When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. 'We urged the government to raise the SST threshold - a move that would protect smaller enterprises while still allowing for a broader and fairer tax base,' he said in a statement today. The MoF announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. The MoF stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Royal Malaysian Customs Department where needed.
