Now Business Traders do not just need to know GST, it is high time to brush up on “Mechanism to Compute Hike in Profit Margin”
The RM 40,000 fine on Burger King Franchisee is a loud slap for businesses. In view that most companies have increased their prices arbitrary in conjunction with GST implementation date, not knowing they will need to produce documentation tojustify such a price hike.
Indeed this Burger King’s case acted as a warning to traders, that to not only be aware of GST but also on notices issued by KPDNKK for documentation on profit hike mechanism. The mechanism is clearly stipulated in the 2014 released’s Price Control & Anti Profiteering (Mechanism to determine Unreasonably High Profit) Regulations 2014 .[br]
If it sounds greek to you, you are not alone!
Click Download the Gazette Order below now. (refer to page 33 for the computation mechanism). It is time to brush up on your business knowledge.