Malaysian Businesses Up Against April 1, 2015 Implementation Deadline for Goods and Services Tax Compliance
AUSTIN, Texas and KUALA LUMPUR, February 25, 2015 -- Epicor Software Corporation, a global leader in business software solutions, today announced that Mieco Chipboard Berhad Sdn Bhd ("Mieco") has selected the next-generation enterprise resource planning (ERP) suite, Epicor ERP 10, in preparation for Goods and Services Tax (GST) compliance taking effect in Malaysia on April 1, 2015. Mieco is an investment holding company engaged in manufacturing, marketing, and sales of chipboards, widely utilized for office and home furniture, wall panels, worktops, interior decoration applications and many others.
With the implementation of GST scheduled to take place in less than three months, 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 (Malaysian Ringgit).
MIECO commissioned its first production line in 1976, making it the pioneer in particleboard manufacturing in Malaysia using rubber wood, or now known as tropical oak wood. MIECO 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 located in Semambu, Gebeng and Kechau Tui, Pahang with a combined capacity of more than 900,000 cubic meters per annum. MIECO has the single largest particleboard line in the Asia-Pacific region, located at its latest plant in Kechau Tui.
Eric Wong, the Financial Controller of Meico Chipboard Berhad underlined that Mieco chose the Epicor ERP 10 solution because it was able to assist them to achieve full GST compliance and the corporations' business goals in the most efficient manner. "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," said Wong.
"Among the main features we were looking for was a solution that was user-friendly, with a well-structured yet open architecture, which is able to provide relevant and real-time insights to department team leaders. After much contemplation, we decided to go ahead with Epicor ERP 10 as it was the best choice for us in meeting our compliance needs as well as business goals in the most cost-efficient manner."
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 the key features in the Epicor ERP system which relates to Malaysian taxation includes 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 many others. Epicor is already being used in 100 countries and helps companies meet various tax regimes in Malaysia, Thailand, Indonesia, Philippines and Singapore.
Epicor foresees companies struggling to meet GST compliance, with the effective date just three months away -- a relatively short amount of time for testing, training, and debugging new accounting systems and software.
Craig Charlton, senior vice president, Epicor Asia Pacific Operations, underscored that Epicor has already provided seamless transition for numerous companies in the Asian region and has confidence in its award-winning ERP software. "While there is anxiety among Malaysian companies in the run-up to April 2015," said Charlton. "Our ERP solution is already configured in accordance to Malaysia's GST requirements and it is simple enough that most of our customers can do it themselves with just a few training sessions and instructions provided by Epicor."
About Epicor Software Corporation
Epicor Software Corporation is a global leader delivering inspired business software solutions to the manufacturing, distribution, retail and services industries. With over 40 years of experience serving small, midmarket and larger enterprises, Epicor has more than 20,000 customers in over 150 countries. Epicor enterprise resource planning (ERP), retail management software, supply chain management (SCM), and human capital management (HCM) enable companies to drive increased efficiency and improve profitability. With a history of innovation, industry expertise and passion for excellence, Epicor provides the single point of accountability that local, regional and global businesses demand. The Company's headquarters are located in Austin, Texas, with offices and affiliates worldwide. For more information, visit www.epicor.com .
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