ACCA supports implementation of SST
KUCHING: The Association of Chartered Certified Accountants (ACCA) supports the implementation of the Sales and Services Tax (SST) in Malaysia.
Speaking to reporters on the sidelines of the ACCA ‘a.c.t’ Tour at a leading hotel here yesterday, ACCA Malaysia country head Edward Ling said the shift from the Goods and Services Tax (GST) to SST will not pose any problem to local business entities.
“SST has been implemented in the past for so many years, besides there are also a lot of accounting firms and ACCA members who are ready to provide their services,” said Ling.
He added that it is ACCA’s responsibility, as a legal entity in the country, to abide by the law and the policies set by the government.
He added that it is important for the people, businesses and companies to realise that tax is their responsibility regardless if the tax system is SST or GST.
With taxes, a country will be able to grow economically by providing a platform for a businesses to grow and prosper, he said.
On another note, it is expected that SST will ‘ return’ to the people about RM23 billion in taxes collected which would ease the financial burden, especially those affected by the high cost of living.
On a different subject, he said ACCA is working with the Malaysian Institute of Accountants ( MIA) to reach their target of having 60,000 professional accountants by 2030.
“Currently, we only have about 34,000 professional accountants since the establishment of MIA in 1967,” said Ling, adding that the country needed professional accountants to achieve the status of a developed nation.
Admitting that it will take time to reach the 60,000 target, he said ACCA was also working with various universities and colleges in efforts to further upgrade the professionalism in their accounting programmes.
He urged accounting graduates to register with the MIA in order to be recognised as professional accountants.
“According to the law, a person can only be an accountant if they are registered with the MIA,” he pointed out.