MyEG working on new domestic projects

My EG Services is among the five Malaysian companies on Forbes

KUALA LUMPUR: MyEG Services has been working on a Sales and Service Tax (SST) system which the new government could use to reduce leakages when the SST is launched in September and also a new module for foreign workers, says CIMB Equities Research.

In its research note issued on Monday, it said the company was also looking to launch a new remittance service for foreign workers but the timing of the launch has not been announced yet. 

“We understand MyEG is also looking to launch e-government services in Bangladesh,” it said.

CIMB Research said the Pakatan Harapan government should decide in the next one to two months whether to use MyEG’s SST system. 

When MyEG mooted the GSTM project in 2010, it was initially meant to track SST on a live basis but it was changed to GSTM when the goods and services tax (GST) was introduced in April 2015. 

MyEG’s SST system could be used to track SST on a live basis and reduce leakages, it said.

CIMB Research pointed that as for the foreign workers, My EG recently submitted a proposal to the new government for a new module.

“If successful, we understand the company will become a ‘one stop centre’. Not much is known about this new module but we understand it could be a major revenue generator for the group. We have not assumed any potential earnings from this proposed new module,” it said.

Meanwhile, the proposed remittance services for foreign workers could be an exciting revenue contributor for the company in the near future. 

While there are no details on the service charge fees yet, the research house understands MyEG could get a flat fee for every remittance transaction.