KUALA LUMPUR, Malaysia, March
30, 2015 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the
industry's leading provider of cloud-based financials / ERP and
omnichannel commerce software suites, today announced that it has
launched new functionality within its tax reporting SuiteApps to
help businesses in Malaysia comply
with the government's newly introduced Goods and Services Tax
(GST), coming into effect April
1st of this year. Designed to help the country increase
revenues, broaden its tax base, improve economic efficiency and
align its taxation system with those of neighbouring nations in the
Southeast Asian region, the new tax system will replace
Malaysia's existing sales and
service tax. NetSuite will automatically handle the required
changes, enabling businesses to seamlessly comply with the new
rules without any disruption to their use of their SuiteApps and no
need to do anything differently. The new functionality incorporates
GST calculation and reporting seamlessly via NetSuite's flexible
tax compliance engine within its powerful, end-to-end cloud
solution, which encompasses ERP (enterprise resource planning), CRM
(customer relationship management) and ecommerce. NetSuite is now
providing customers with the additional reports needed to comply
with the new tax, including the automated generation of the
required GST report and GST audit file via the latest updates to
its free NetSuite Taxation SuiteApps.
"NetSuite is justly proud of its long pioneering history of
automating complex tax compliance requirements across the world in
countries including the U.K., Australia, Japan, New
Zealand, the Philippines,
Singapore, and we're pleased to be
adding timely support for Malaysia," said Craig
Sullivan, Senior Vice President, Enterprise and
International Products at NetSuite. "Thanks to our end-to-end cloud
solution's global financial consolidation and automatic updates,
companies can confidently enter new geographies, safe in the
knowledge that NetSuite has done the heavy lifting to ensure that
they can effortlessly navigate and comply with new and future
taxation regulation."
What NetSuite Customers Need to Know about Malaysia's New GST
On April 1st, 2015, a
new Goods and Services Tax will go into effect in Malaysia with a standard rate of six percent,
replacing the country's previous consumption taxes which consisted
of a sales and service tax. After many years of discussion in the
Malaysian parliament, the new tax system was finally implemented
with the primary objective of diversifying the government's revenue
sources, and to put in place a more broad-based and progressive
indirect tax system. The majority of local and international small,
midsized and enterprise companies doing business in Malaysia will then need to begin paying and
accounting for the new tax. Companies reporting annual revenue in
excess of 500,000 Malaysian Ringgit
(around US$138,000) had to register
for the GST by 28 February, 2015. As
of the beginning of April, all of these companies will be required
to report their monthly sales and purchases and submit to GST
audits.
The Association of Southeast Asian Nations (ASEAN) is a
political and economic organisation comprising 10 nations –
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma), the
Philippines, Singapore,
Thailand and Vietnam. ASEAN member countries have pledged
to create a single unified market with a free flow of goods and
services so that companies can more easily engage in cross-border
business. A key part of that transition is for nations, including
Malaysia, to harmonise some of
their laws and their regulatory environments in order to achieve
more consistency from country to country. This is also another
driver for Malaysia's adoption of
GST since many of its neighbours have already adopted similar
taxation systems.
NetSuite Customers Can Easily Comply with Malaysia's GST
NetSuite customers already doing business in Malaysia or planning to enter the market can
rely on their NetSuite cloud business management software to
automatically handle GST calculation and reporting. All that is
then required for them to fully comply with the new tax are reports
specific to Malaysia's GST, which
are now available through an additional functionality in two
NetSuite SuiteApps:
- The GST 03 return for Malaysia
is available via NetSuite's International Tax Report SuiteApp.
- The Malaysia GST audit file is available via NetSuite's Tax
Audit SuiteApp.
Both SuiteApps are available free of charge and can be installed
and enabled from a NetSuite account. Existing users of the
International Tax Reports and Tax Audit Files SuiteApps will
automatically receive updates containing the new functionality for
Malaysia's GST, while new users
can simply install the two SuiteApps in their NetSuite instance and
can then start benefiting from those new reports as soon as the GST
comes into effect.
"Our support for Malaysia's new
impending GST is the latest demonstration of NetSuite's ongoing
deep commitment to and investment in the Asia-Pacific region," said Reginald Singh, Vice President and General
Manager, NetSuite Asia. "Everything we do – from opening new,
larger Asia headquarters in Singapore to hiring new regional executive
talent and to supporting the new taxation requirements in
Malaysia – is all focused on
helping our customers to transform their businesses with NetSuite.
We at NetSuite continue to ensure that our customers, wherever they
do business in the world, are fully future-proofed in advance of
regulatory and taxation changes within and across diverse
markets."
Today, approximately 24,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of enterprise-class
cloud ERP suites for divisions of large enterprises and mid-sized
organisations seeking to upgrade their antiquated client/server ERP
systems. NetSuite continues its success in delivering the best
cloud ERP/financial suites to businesses around the world, enabling
them to lower IT costs significantly while increasing productivity,
as the global adoption of the cloud accelerates. To learn more
about NetSuite and NetSuite's customer success, please register for
SuiteWorld 2015 at www.netsuitesuiteworld.com.
For more information about NetSuite please visit
www.netsuite.com.au.
Follow @NetSuiteAPAC on Twitter for NetSuite news and real-time
updates.
NOTE: NetSuite and the NetSuite logo are registered service
marks of NetSuite Inc.
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SOURCE NetSuite Inc.