Taxable Malaysian businesses fast approaching the day of reckoning
Epicor ERP 10 helps with full GST compliance, while aligning to business goals
AUSTIN, Texas-based Epicor Software Corp said that Kuala Lumpur-based Mieco Chipboard Bhd has selected its Epicor ERP 10 enterprise resource planning (ERP) suite in preparation for the Goods and Services Tax (GST) that will come into effect in Malaysia on April 1. Financial terms were not disclosed.
Mieco is an investment holding company engaged in the manufacturing, marketing, and sales of chipboards used for office and home furniture, wall panels, worktops, interior decoration applications and others, Epicor said in a statement.
With the implementation of GST just around the corner, taxable Malaysian businesses are fast approaching the day of reckoning when the new tax system goes into effect.
The preparation for the registration of the GST has been a key highlight during the final months of 2014 for companies with an annual turnover of RM500,000 (US$137,000).
Mieco commissioned its first production line in 1976, making it the pioneer in particleboard manufacturing in Malaysia using rubber wood, now known as tropical oak wood, Epicor said.
It was the first company in Malaysia wood-panel industry to receive the prestigious BS EN ISO 14001:1996 Environmental Management System accredited by Lloyd's Register Quality Assurance, and has also attained the certification for the Occupational Health and Safety Management System 18001:1999.
The company has three factories in the state of Pahang, with a combined capacity of more than 900,000 cubic metres per annum. It also has the single largest particleboard line in the Asia Pacific region, located at its latest plant, Epicor said.
Meico financial controller Eric Wong said his company chose the Epicor ERP 10 solution because it was able to help in achieving full GST compliance, while aligning to its business goals.
“Prior to confirming the selection of Epicor, we had spent a fair amount of resources to identify key GST impact points to help us determine the requirements for complete compliance.
“Among the main features we were looking for was a solution that was user-friendly, with a well-structured yet open architecture, and which is able to provide relevant and real-time insights to department team leaders,” Wong added.
Built on a 100% service-oriented architecture and Microsoft technology, Epicor ERP is an end-to-end, industry-specific enterprise software solution for business that provides complete freedom of choice in deployment – on-premises, hosted or in the cloud as a Software-as-a-Service (SaaS) solution.
Among its key features that relate to Malaysian taxation are the recording and reporting of input and output GST, claim-back of GST on invoices, automatic reporting for government GST returns, creation of GST audit file, and others.
Epicor is already being used in 100 countries and helps companies meet various tax regimes in Malaysia, Thailand, Indonesia, Philippines and Singapore, the company said.
Craig Charlton (pic), senior vice president of Epicor’s Asia Pacific operations, said the company has already provided seamless transition for numerous companies in the Asian region.
“While there is anxiety among Malaysian companies in the run-up to April 2015, our ERP solution is already configured in accordance with Malaysia’s GST requirements.
“[Yet] it is simple enough that most of our customers can do it themselves with just a few training sessions and instructions provided by Epicor,” he claimed.
Disrupt: Batten down the hatches, gonna be a bad year
GST fears stalling IT spend in Malaysia: Barracuda Networks
Portek uses Epicor ERP to streamline ops across four countries
Why and how adaptive ERP is key to your business success
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.