UCS 2019 Entrepreneurship Carnival and Tax Literacy Day

PUNCAK ALAM, 11 April 2019: UCS 2019 Entrepreneurship Carnival and Tax Literacy Day was held today at DK 500, UiTM Selangor (UCS), Puncak Alam Campus. The carnival was jointly organised by the Faculty of Accountancy UiTM Selangor, UCS Rector Office, Perbadanan Nasional and Inland Revenue Board of Malaysia.

The Carnival was officiated by Pn. Rozina Shaik Osman Merican, Director, Corporate Service Department on behalf of the Director General of Inland Revenue Board of Malaysia. En Mazlan Ibrahim, Head of Franchise Development of Perbadanan Nasional and Associate Professor Dr Wan Kamil Wan Mohamad, Deputy Rector iCARE of UiTM Selangor were also present during the event.

UCS 2019 Entrepreneurship Carnival  and Tax Literacy Day was initiated by the ACUiTM Centre of Taxologists (ACT), a research cluster under the auspices of Research, Industry, Community, Alumni and Entrepreneurship (RICAEN) Department of the Faculty of Accountancy.

The Carnival also involved several lecturers from clusters other than Taxation. It is organised as an effort towards establishing a collaboration between universities and industries aimed at producing more franchise entrepreneurs among students as well as to raise awareness about the responsibility of paying taxes among entrepreneurs through the Special Voluntary Disclosure Program (SVDP) in line with the proposal mentioned in the Budget 2019 for the period January to June 2019.

The programmes and activities that were planned for this Carnival will benefit not only UiTM students and staffs but also students from neighbouring schools and community members in Puncak Alam.

Collaboration projects involving UiTM and the industry are crucial to lecturers and students. Perbadanan Nasional (PNS) is an agency owned by the Ministry of Finance whom is mandated to spearhead the development of the franchise industry in Malaysia.

The main aim of PNS is to increase more franchise entrepreneurs especially among the final semester students. This is also in line with one of the main objectives of PNS which is to develop local products and to expand them abroad.

In addition, as a government agency responsible for ensuring that all taxpayers adhere to their duties, the collaborative effort from IRBM will provide exposure on awareness and responsibility to pay taxes among students, entrepreneurs including lecturers.

This exposure is needed to enhance awareness about tax collection money and why it is vital so that the government is able to implement various forms of programs for the benefit of the rakyat.

Universiti Teknologi MARA have won the Entrepreneurial University of the Year award for three consecutive years, hence, nurturing entrepreneurship culture among students is even more crucial now under current economic landscape.

As highlighted by the Deputy Rector iCARE of UiTM Selangor, Associate Professor Dr Wan Kamil Wan Mohamad in his speech, “In order for us to have entrepreneurs and future entrepreneurs with sufficient knowledge on tax as well as high level of awareness on their duty to pay tax, educational and awareness program such as this Carnival is therefore, imperative.

Thus, through this Carnival the students can enhance their knowledge and raise their awareness on the Malaysian tax system along with their legal duties to pay tax.”

As competition for employment is becoming tougher, more entrepreneurs and franchisees are needed among graduates. There should be a shift in the mind-set from looking for a job and becoming an employee, to creating job for others and becoming an employer.

The franchise industry has significantly contributed to job creations in Malaysia. In this regard, PNS is the lead agency that facilitates the participation of Bumiputra in the franchise industry through franchisee financing scheme for startup or business expansion in Malaysia.

The Carnival was packed with fun and informative activities. A briefing session was conducted to those who aspire to become future entrepreneurs, where they could seek information from PNS on various incentives and franchising opportunities made available to young entrepreneurs.

Moreover, a briefing by IRB on individual income tax was also held to educate participants on latest development and amendments after recent budget announcement. ‘Taxplorace’ activity was organised for students by the IRB team to educate students in a fun and engaging way. Apart from that, a tax kiosk was organised by Faculty of Accountancy and representatives from IRB to facilitate UiTM staffs and residents of Puncak Alam with their e-filing.

Collaboration between universities and industries are indeed necessary so that the program can be carried out comprehensively. This is to ensure that important messages about the program can be disseminated to all participants regarding the opportunities to venture into the franchise business, also to enhance the awareness of paying taxes for eligible individuals and entrepreneurs in order to assist in increasing the tax collection done by the IRB.

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