These entire terrible things lead the country to the downfall of our currency. At this moment, the current Ringgit is RM3.61 compared to 1USD and that sucks. With all the terrible things happening in the country, it will cause investors to run. No businessmen are going to invest in a falling economy.
More bad news is coming for internet marketers in Malaysia. In the coming April, there is going to be taxation everywhere with the implementation of GST. With GST, the highest tax is going to be imported goods and foreign currency. Even the MEPS service will have GST.
The Effects to Internet Marketers
You might ask, what are all these things matters to me as an internet marketer? The main impact is the high currency conversion. As an internet marketer, we use US dollars in everyday transaction for example, the web host and domain name for starters. High impact is expected for new marketers so spend your investment wisely.
Ebay and Amazon resellers also need to watch out. If you are buying products as stocks, you are entitled for the 6% of GST. Try dropshipping instead. By drop ship, you don’t have to buy the product yourself. You only have to advertise them.
Many internet marketers are also shoppers because they are expert in cheap deals and they know where to find cheap stuff. Well, nowadays they are not as cheap as you think. All items will cost more than what you are bargaining for.
For those who are already earning income and quite successful, you can smile a bit because the US currency is quite high right now. The only problem is the percentage that the bank will take from you. I am not sure if the currency is GST taxable but for now it is not. Enjoy the high currency exchange at the time being.
Another problem that is going to cost you money is the local internet marketers. That means that all your currency is in Ringgit and you sell locally on your website, Facebook page and any other alternatives for local market only. This type of business must be registered with GST. One guy on Facebook says he currently has more than 20 websites running. That’s gonna be sucks.
The only good news is that you must register with GST is ONLY when your income is more than RM200,000. If you earn less than that, you can breathe now. Honestly speaking, I hate registering for any online business because I think it is personal unless if you have mega website like Zalora, Ebay and Amazon.
The time finally comes for us the internet marketers to face our country’s legal system. Before this, we are enjoying our freedom from the back of our laptop and computer and earn small income just to live. Now the government is taking that away from us. Don’t blame the government. It means that you must work harder to maintain what you already have and don’t have.