MyEG rolls out tax monitoring system to 30 more cities in Indonesia

KUALA LUMPUR (Jan 13): My EG Services Bhd (MyEG) announced today that its Indonesian associate PT Cartenz Inti Utama has secured additional government mandates to roll out its tax monitoring system to 30 more cities, marking an expansion to the programme that is already actively underway in Jakarta.

It did not disclose the value of the contract.

Since unveiling the joint venture in 2018, the group has started the implementation of real-time monitoring of business transactions for tax computation purposes, with installations in retail merchant premises presently ongoing in Jakarta under a pilot programme offered at no charge.

In a statement today, MyEG said following the successful commencement of the implementation in Jakarta, the group has recently been contracted by the governments of seven other provinces in Indonesia to deploy, on a chargeable basis, the tax monitoring system to cover a total of 30 cities.

Pilot installations have since commenced across these seven provinces.

"This has exceeded our initial targets. We now believe that our Indonesian roll-out will be faster and require lower capital expenditure than our previous expectations," said MyEG managing director TS Wong.

"The expansion of the tax monitoring system to more regions in Indonesia represents an important milestone for MyEG, not only in the strengthening of its position as the leading e-government services provider in Indonesia, but also in the widening of its footprint in the country's retail sector," he added.

MyEG shares closed unchanged at RM1.12 today, bringing a market capitalisation of RM4.04 billion.