KUALA LUMPUR: Texchem Resources Bhd says the implementation of the Goods and Services Tax (GST) next year will benefit its restaurant business as it can claim input tax from the Customs Department.
“Currently, we collect a six per cent sales tax for the government. After April 2015, we will continue to collect the six per cent for the government but this time, we can claim input tax credit.
“This will go straight to our bottom line. Since we have an extensive chain of food and beverage outlets, the amount of input tax claims will be substantial,” said its executive chairman Tan Sri Fumihiko Konishi.
The six per cent GST that will be charged from April 1 is termed as “output tax” while the ingredients purchased and overheads incurred by a restaurant owner is known as “input tax”.
Next year, Texchem expects its restaurant division to achieve RM300 million in sales as it adds Yoshinoya Beef Bowl, Doutor Coffee and Hanamaru Udon to its stable.
Meanwhile, Konishi said the sale of a 28 per cent stake in Sushi King to Asia Yoshinoya International Sdn Bhd for RM102.2 million would pave the way for Texchem to bring in new brands to Malaysia.
“Yoshinoya operates more than 1,800 restaurants in Japan. With this deal, we can leverage on each other’s expertise to expand,” he said, after opening the Tim Ho Wan outlet, here, yesterday.
Texchem has teamed up with a Malaysian company, owned by Angel Chong and Kelvin Khoo to form a 51:49 partnership in Dim Sum Delight Sdn Bhd, which operates Tim Ho Wan, a popular dim sum outlet.
Konishi said the joint venture has set aside RM15 million to open to 10 outlets in Malaysia over the next three years.