In Malaysia’s Budget 2014 speech, the implementation of Goods and Service Tax (GST) was perhaps the hottest topic. To be introduced in April 2015, it will replace Malaysia’s Sales tax (10%) and Service tax (6%). Under GST, most of the goods and services (except basic necessities) will be charged a tax rate of 6% at every stage of the supply chain. The question now on everyone’s mind – How will life be after GST? To identify the most likely effects, we must first understand the different implementations of GST and their mechanisms.
Types of GST There will be three different categories of goods & services under the GST scheme in Malaysia. They are:
I. Standard-Rated GST
Goods and services in this category will be charged a tax rate of 6% at every stage of the supply chain. The tax is billed and collected by businesses and paid to the government. Every party except the final consumer can claim back credits on the GST they already paid (known as input tax). Examples of the goods in this category are cloth, car and fruits. The following diagram shows how Standard-Rated GST works: - See more at: http://loanstreet.com.my/learnin ... thash.iaRvP5VG.dpuf
II.Zero-Rated GST
Goods and services in this category will be charged a GST rate of 0%. This means that GST is not charged to the final consumer. But businesses CAN claim back credits on their input tax. Examples of goods in this category are basic food item (meats, fish and cooking oil) and first 200 unit of electricity per month. The following diagram shows how zero-rated GST works, assuming the final product is zero-rated but the raw materials are standard rated: - See more at: http://loanstreet.com.my/learnin ... thash.iaRvP5VG.dpuf
III.Exempt-Rated GST
Goods and services that fall in this category will be non-taxable and are not subject to GST at the output stage. This means that GST is not charged to the final consumer. But it also means that businesses, particularly the final party in the supply chain (before the final consumer) CANNOT claim back credits on their input tax even if they might have incurred it earlier on. Examples of goods in this category are residential property and health care services. The following diagram will give a clearer picture on how Exempt-Rated GST works: - See more at: http://loanstreet.com.my/learnin ... thash.iaRvP5VG.dpuf
Conclusion GST is a progressive tax regime that will supplant the Sales Tax and Service Tax in Malaysia in the near future. Understanding its mechanisms will help us to better gauge its potential impact on our lives and prepare for it. Finally, if you would like to know GST’s potential impact on house property prices and home loans, look no further than Loanstreet’s explanation of how GST will impact property prices. - See more at: http://loanstreet.com.my/learnin ... thash.iaRvP5VG.dpuf
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Sunday, November 1, 2015
Saturday, October 31, 2015
Malaysia E-Goverment Services (MyEG - 0138)
MY E.G. Services Berhad (“MYEG”) is a concessionaire for Malaysian Electronic-Government (“E-Government”) MSC Flagship Application. MYEG builds, operates and owns the electronic channel to deliver services from various Government agencies to Malaysia citizens and businesses.
First wave of solutions deployed in our early years (2000 to 2010) were for the Government to Citizen (“G2C”) and Government/Enterprise Solution (“GES”) business categories. Over the past 5 years MYEG has invested in and is currently deploying our next generation technologies based on The Internet of Things (“IoT”) solutions. We believe that the deployment of IoT coupled with big data analytics will bring significant improvements to our overall quality of life. Our environment will increasingly anticipate our needs as opposed to responding to our actions.
MYEG implements cutting edge IoT solutions that is being deployed on a nationwide scale for the first time anywhere in the world.
MYEG implements cutting edge IoT solutions that is being deployed on a nationwide scale for the first time anywhere in the world.
The company was incorporated in Malaysia as a private limited company under the Act on 17 February 2000 as IT. Marvel Sdn. Bhd. They subsequently changed their name to My E.G. Dot Com Sdn Bhd on 20 March 2000 before assuming the name, My E.G. Services Sdn Bhd, on 13 October 2001.
On 13 April 2005, the company changed its status to a public limited company and assumed its present name, My E.G. Services Berhad, in conjunction with the listing on the MESDAQ Market. On 7 January 2009, they successfully completed their transfer listing to the Main Board of Bursa Malaysia Securities Berhad.
My E.G. are engaged in the business of development and implementation of E-Government services and the provision of other related services for the E-Government Initiative as well as investment holding. Their current services include the electronic delivery
On 13 April 2005, the company changed its status to a public limited company and assumed its present name, My E.G. Services Berhad, in conjunction with the listing on the MESDAQ Market. On 7 January 2009, they successfully completed their transfer listing to the Main Board of Bursa Malaysia Securities Berhad.
My E.G. are engaged in the business of development and implementation of E-Government services and the provision of other related services for the E-Government Initiative as well as investment holding. Their current services include the electronic delivery
- Driver and vehicle registration,
- Licensing and summons
- Renewal of insurance & road tax
- Utility bill payments,
- Renewal of foreign workers permit
- Vehicle ownership transfer services
- Custom's on-line service tax monitoring,
The principal activities of our subsidiaries are as follows:
% effective | Issued & | |||
Date / Country | equity | paid-up | ||
Subsidiaries | of incorporation | interest | capital | Principal activities |
RM | ||||
GVSB | 28.10.2002/ Malaysia | 100.0 | 50,000 | Provision of software solutions and maintenance services |
SPEED | 23.11.1998/ Malaysia | 100.0 | 9,250,000 | Provision of business of creating, implementing and operating electronic business activities including electronic commerce delivery services, multimedia related activities and other computerized or electronic services |
MECSB | 17.8.2007/ Malaysia | 100.0 | 50,000 | Provision of auto insurance intermediary services |
MYEG CAP | 09.01.2012/ Malaysia | 100.0 | 2 | Investment holding |
IPIDATO | 02.03.2012/ Malaysia | 100.0 | 2 | Development and organising online debate network and related activities |
Associate | ||||
MINT | 04.12.2009/ Malaysia | 40.0 | 1,000,000 | Provision of software and hardware solutions and related services |
Key People
Board of Directors
Name/Title | Current Board Membership |
---|
Norraesah binti Mohamad, 67Executive Chairman | Penang Bridge Sdn. Bhd., Adventa Bhd., Malaysia France Institute Sdn. Bhd., Embunaz Ventures Sdn. Bhd., Penaga Sarna Jiwa Sdn. Bhd., Pharmasafe Laboratories Sdn. Bhd., Embunaz Care Sdn. Bhd., Kestronics (M) Sdn. Bhd., Sri Nobel Sdn. Bhd., KESM Test (M) Sdn. Bhd., Malaysian Genomics Resource Centre Bhd., Utusan Melayu (Malaysia) Bhd., My E.G. Services Bhd., World Islamic Economic Forum Foundation |
Thean Soon Wong, 43Managing Director & Director | Myweb, Inc.com, My E.G. Services Bhd. |
Munir Shah bin Mustapha, 51Executive Director | My E.G. Services Bhd., Longstore Logistics (M) Sdn. Bhd. |
Mohammed Jimmy Wong bin Abdullah, 51Independent Non-Executive Director | My E.G. Services Bhd. |
Fook Ai Ng, 66Independent Non-Executive Director | SHC Capital Asia Ltd., China Financial Services Ltd., Sunshine 100 China Holdings Ltd., AEC Edu Group Pte Ltd., Rockstead Capital Pte Ltd., New Asia Assets Pte Ltd., Asia Cable TV Pte Ltd., Mercur Business Control Asia Pte Ltd., SHC Investments Ltd. (Singapore), Dalian Business Institute Ltd., Shandong Yuancheng Cable TV Co. Ltd., China MobileNet Ltd., Savant Infocomm Pte Ltd., Asia Wind Group Ltd., Asia Clean Energy Pte Ltd., My E.G. Services Bhd. |
Muhammad Rais bin Abdul Karim, 68Independent Non-Executive Director | Goodyear Malaysia Bhd., Yakin IT Sdn. Bhd., My E.G. Services Bhd., Malaysian Directors Academy |
Shamsul Anuar bin Nasarah, 47Independent Non-Executive Director | My E.G. Services Bhd., Perbadanan Tabung Pendidikan Tinggi Nasional |
Ownership
Mutual Funds that own MYEG
Candriam Equities L - Emerging Markets | 6,700,000 | 0.56% | -300,000 | 0.85% | 07/31/15 |
City National Rochdale Emerging Markets Fund | 8,737,800 | 0.73% | +2,032,600 | 0.97% | 03/31/15 |
DFA Emerging Markets Small Cap Series | 6,637,600 | 0.55% | 0 | 0.08% | 07/31/15 |
Driehaus Emerging Markets Small Cap Growth Fund | 5,670,961 | 0.47% | +1,274,261 | 0.63% | 07/31/15 |
Laudus International MarketMasters Fund | 6,172,200 | 0.51% | 0 | 0.21% | 07/31/15 |
Legg Mason Western Asset Southeast Asia Special Situation | 10,745,600 | 0.89% | -1,330,000 | 5.65% | 08/31/15 |
Manulife Global Fund - Asian Small Cap Equity Fund | 7,045,000 | 0.59% | +3,264,000 | 1.09% | 12/31/14 |
Mawer Global Small Cap Fund | 12,047,900 | 1.00% | -6,173,400 | 0.63% | 06/30/15 |
Utilico Emerging Markets Ltd. (Top 10 Holdings) | 74,207,940 | 6.17% | -450,836 | 7.80% | 09/30/15 |
Vanguard Total International Stock Index Fund | 6,655,200 | 0.55% | +6,655,200 | 0.00% | 09/30/15 |
Institutions that own MYEG
Kumpulan Wang Persaraan | 77,400,500 | 6.44% | +390,000 | 0.71% | 10/26/15 |
ICM Investment Management Ltd. | 64,349,000 | 5.35% | -276,300 | 5.81% | 10/21/15 |
Mawer Investment Management Ltd. | 57,887,000 | 4.82% | -3,417,400 | 0.23% | 01/30/14 |
Dimensional Fund Advisors LP | 11,893,000 | 0.99% | +254,800 | 0.00% | 07/31/15 |
Western Asset Management Co. Pte Ltd. | 10,745,600 | 0.89% | -1,330,000 | 3.01% | 08/31/15 |
Candriam Belgium SA | 9,600,000 | 0.80% | -600,000 | 0.01% | 08/31/15 |
City National Rochdale LLC | 8,737,800 | 0.73% | +2,032,600 | 0.05% | 03/31/15 |
Eastspring Investments Bhd. | 8,673,400 | 0.72% | -5,743,600 | 0.28% | 03/31/15 |
Standard Life Investments Ltd. | 8,493,600 | 0.71% | +6,413,400 | 0.01% | 06/30/15 |
The Vanguard Group, Inc. | 7,964,500 | 0.66% | +7,964,500 | 0.00% | 09/30/15 |
Corporate Milestone
Year | Milestones |
---|---|
February 2013 | Soft launch of its new service, the "foreign workers working permit renewal" or FWWWPR |
January, 2013 | Launch of Bantuan Lesen 1Malaysia (BLIM) programme wherein MYEG was appointed as the sole manager of the government's initiative to encourage motorcyclist to be licensed. |
October 2012 | Make the Pitch ended. Winners: Fashion Valet (Fashion Valet Sdn Bhd) and Cloudstat (Cloustat.me Sdn Bhd) Investment in Winners: RM RM1,500,000.00 |
August 2012 | Commercialization of JPJ Voluntary Ownership Transfer |
July 2012 | Second season for Make the Pitch was launched. |
June 2012 | Commercialization PDRM Traffic Offences Photo Query. |
January 2012 | Make the Pitch season 1 ended. Winners : Voucheres ; (New Era Strategic Thinking Sdn Bhd) Masatu (Agmo Studio Sdn Bhd), Scoxx (Scoxx Sdn Bhd) Total Investment : RM900,000.00 |
January 2012 | Launched JPJ's Temporary Ownership Transfer. |
November 2011 | For CDL, synchronised license expiry date according to date of birth. |
October 2011 | Launched a television reality show called "Make the Pitch". A TV reality show which searches for innovative ideas from Malaysian entrepreneurs which then matches them with potential investors. |
September 2011 | Participated in Jabatan Pengangkutan Jalan (JPJ), handholding programmes which was intended to create awareness amongst the Malaysian public especially in the rural areas. |
September 2011 | MYEG was also recognized by Forbes as one of the 'Best Companies under USD1Billion in Asia' for the second consecutive year. |
April 2011 | A new corporate office was set up in Bandar Utama. |
February 2011 | On line service for MyKad Replacement Application |
January 2011 | Launched PDRM's new summons email alert. |
December 2010 | Ranked amongst the Top 100 Public Listed Companies in Malaysian Corporate Governance Index 2010 published by Minority Shareholder Watchdog Group. |
June 2010 | A new Customer Service Centre was set up in Bandar Utama |
June 2010 | Commercialization of online renewal of Foreign Maid Work Permit |
March 2010 | Commercialization of online application of MY Kad replacement & online renewal of foreign maid work permit. |
February 2010 | Completed the disposal of PDX. Net Sdn. Bhd |
January 2009 | Transfer of the listing and quotation of the entire enlarged issued and paid-up share capital of MYEG from the Mesdaq Market to the Main Board of Bursa Malaysia Securities Berhad |
April 2008 | Commercialization of online renewal of insurance and road tax |
October 2007 | Completed the acquisition of Fidelity Radiance Sdn Bhd |
July 2007 | Completed the acquisition of mySPEED.com Sdn Bhd |
May 2007 | Commercialisation of online transactional services for Jabatan Pendaftaran Negara (JPN) |
April 2007 | Commercialisation of online renewal services for Competent Driving License (CDL) |
January 2007 | Listed on the MESDAQ Market of Bursa Malaysia Securities Berhad |
September 2005 | Commercialisation of online transactional services for JIM |
May 2005 | Commenced development of software application for Jabatan Insolvensi Malaysia's (JIM) online transactional services |
March 2005 | Commercialisation of renewal of trader's licence, permits and assessment services for DBKL |
January 2005 | Sponsor for the Islam Hadhari portal which was launched by the Prime Minister of Malaysia. |
April 2003 | Online payment of PDRM summons launched |
February 2003 | Issuance of Learner's Driving Licence (LDL) was launched |
January 2003 | Signed agreement with the Government for the electronic delivery of PDRM summons and information services |
May 2002 | Commenced development of software application for the electronic delivery of Dewan Bandaraya Kuala Lumpur (DBKL) compound, licensing, assessment and information services |
April 2002 | Commenced development of software application for the electronic delivery of Polis Diraja Malaysia (PDRM) summons and information services |
November 2001 | Launched online driving theory test service |
July 2001 | Commencement of tax free period for 5-year period from 18 July 2001 onwards |
August 2000 | Granted MSC Status by MDC |
Signed acquiring bank agreement with RHB Bank Bhd as the acquiring bank for the electronic delivery of driver and vehicle registration, licensing and summons services, utility bill payments and Ministry of Health online information system | |
Signed service level agreement with PDX.com Sdn Bhd, the Gateway Provider for the electronic delivery of driver and vehicle registration, licensing and summons services, utility bill payments and Ministry of Health online information system | |
May 2000 | Signed agreement with the Government for the electronic delivery of driver and vehicle registration, licensing and summon services and utility bill payments |
March 2000 | Commenced development of software applications for the electronic delivery of driver and vehicle registration, licensing and summons services, utility bill payments and Ministry of Health online information system – Phase 1 |
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