THE goods and services tax (GST) is to be implemented in Malaysia from Jan 1, 2007. In this connection, some wish that the Prime Minister will announce in Budget 2006 that the implementation date will be deferred. Listed companies are concerned that their resources will be over-stretched as they cope with the changes to financial reporting standards at the same time.
My experience with GST implementation for companies, some of which are already IFRS-compliant, reveals that abnormal workload arises and often, conflicting commitments.