Fuel prices unchanged

KUALA LUMPUR: The retail prices of RON97 and RON95 petrol nationwide will remain unchanged at RM3.07 and RM2.05 per litre respectively, from June 12 to 18.
In a statement today, the Finance Ministry said the retail price of diesel in Peninsular Malaysia would also remain at RM2.74 per litre, while in Sabah, Sarawak and Labuan, the price would stay at RM2.15 per litre for the same period.
"The weekly retail pricing of petroleum products is determined using the Automatic Pricing Mechanism (APM) formula, taking into account current global crude oil market trends.
"The government will continue to monitor global oil price movements and take appropriate measures to safeguard the welfare and well-being of the people," it said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

BusinessToday

an hour ago

• BusinessToday

Malaysians Need To Earn Average RM4000 To Introduce GST, Says Anwar

Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim said the reintroduction of the Goods and Services Tax (GST) remains unsuitable for now, citing the rakyat's low income threshold as a key concern. Speaking during the Finance Ministry's monthly assembly, Anwar explained that although GST is recognised as an efficient and transparent taxation mechanism, it imposes a comprehensive financial burden — particularly on low-income earners. 'We postponed (GST) because the income of the people was still too low. My opinion at the time was that people with an income of RM2,000 were still affected although we gave some exemptions,' he said. He highlighted how even though basic necessities such as sugar and rice may be exempt, GST still applies indirectly when people purchase other goods or use public transport. 'It is comprehensive,' he noted. The government, according to Anwar, would only revisit GST implementation when the average household income reaches a more reasonable level — at least RM4,000 a month. 'Let the people's income increase first… maybe at that time we can (implement it). Right now, there are people earning RM1,700 or RM2,000,' he said. For now, the government is focused on a more targeted Sales and Service Tax (SST) system. He said tax revenue collected through SST will be channelled into core public sectors such as education and healthcare. 'The allocation for the Ministry of Education from RM58 billion in 2024 has increased to RM64 billion this year. Similarly, for the Ministry of Health, RM41 billion last year… we are adding RM4 billion to make it RM45 billion,' Anwar said. GST was introduced on Apr 1, 2015, with a standard rate of 6%, but was later repealed on Sept 1, 2018, following widespread criticism over its impact on consumers, particularly those from lower income brackets. It was replaced with the SST system. On 9 June, the government announced a targeted review of the Sales Tax rate and an expanded scope for the Service Tax, effective 1 July, aimed at strengthening Malaysia's fiscal position by increasing revenue while protecting essential goods from new taxes. Stressing the importance of macroeconomic balance, Anwar also acknowledged a gap in policy communication. He urged government members to better explain ongoing fisc Related

The Star

4 hours ago

• The Star

‘Make use of SST grace period'

PETALING JAYA: Companies are required to make retrospective Sales and Service Tax (SST) payments during the grace period, even if the tax was not collected from customers. This obligation arises once firms meet the SST threshold requirements, as stipulated by the Sales Tax Act 2018 and the Service Tax Act 2018. A Finance Ministry spokesman explained that the law deems firms taxable even before registration. 'The grace period until Dec 31 means no prosecution or penalties if registration is completed voluntarily within this time,' the spokesman said. However, companies must still account for and pay the tax owed for past periods during which they were liable but unregistered. The spokesman noted that the Customs Department may assess retrospective tax liability from the date a company meets registration requirements. 'This includes SST on sales or services provided, regardless of whether the tax was collected from customers,' added the spokesman. ALSO READ: Gradual implementation less challenging on businesses, say traders The government announced on June 9 that Sales Tax rates would be revised and the scope of Service Tax would expand, effective July 1. Essential goods' Sales Tax remains unchanged, while a 5% or 10% rate applies to discretionary and non-essential goods. New services like leasing or rental, construction, financial services, private healthcare, education and beauty services are now included under Service Tax. The SST registration threshold varies according to sector – ranging from RM500,000 to RM1.5mil in turnover within 12 months. The expanded SST takes effect on July 1, with a grace period until the end of the year, allowing time for compliance without penalties. Despite the grace period, tax experts say the SST obligations remain. Christine Koh, a partner at Owen KLCA PLT, said businesses should conduct an early review of goods and services to identify taxable items or services. 'Monthly turnover should be tracked, and register yourselves once the threshold is breached.' She also advised updating invoicing and accounting systems, and training finance and sales teams on SST procedures. Koh noted that businesses that have not registered can do so in August and start charging from Sept 1, with separate registration numbers for Sales and Service Tax. 'For instance, a manufacturer registered for Sales Tax must register separately for Service Tax if they earn RM800,000 from rentals,' she said. KPMG Malaysia's Indirect Tax head, Ng Sue Lynn, said businesses with multiple income streams should begin identifying all taxable services and classifying them under the appropriate groups. 'Different taxable services need to be reported in their respective categories accordingly, and may be subject to different Service Tax rates. They may also be eligible for different exemptions.'Proper segregation of income streams supports accurate tax compliance and helps manage risks,' Ng said. 'Businesses are encouraged to assess their operations early, engage with customers and suppliers to reduce disputes, and document compliance efforts to demonstrate due diligence,' she said.

New Straits Times

17 hours ago

• New Straits Times

MSM's response to ministry's clarification on new levy on raw sugar

KUALA LUMPUR: MSM Malaysia Holdings Bhd (MSM) welcomes the timely clarification by the Finance Ministry today regarding the sales and service tax (SST) treatment of raw sugar imports. The ministry's statement confirms that while a 5.0 per cent SST will apply to raw sugar, a key input for refined sugar production, refiners may apply for tax exemptions under prescribed conditions. This clarification follows MSM highlighting the potential significant cost pressures arising from the expanded SST regime during its annual general meeting (AGM) on Thursday. The group had said the input cost increases could impact refined sugar pricing, which could push up prices of refined sugar for industrial buyers. MSM, in a statement today, said the ministry's prompt attention to the matter is especially important in the current challenging operating landscape, where retail sugar prices have remained capped at RM2.85 per kilogramme since 2011, despite significant increases in global raw sugar prices in recent years. MSM group chief executive officer Syed Feizal Syed Mohammad said the ministry's confirmation of an exemption application mechanism provides much-needed clarity and flexibility for refiners like MSM. "This enables us to proactively manage input costs and mitigates immediate pressure on refined sugar prices, while continuing to fulfil our role in the national sugar supply chain under the existing retail price framework," he added. The group remains committed to working closely with the government and all stakeholders to ensure minimal disruption to the supply chain and stable pricing for essential food industries. While input cost management remains a priority, MSM assures customers and partners of its relentless focus on operational efficiency and fair pricing. "We are confident that the exemption mechanism will contribute positively to safeguarding the competitiveness of Malaysia's food manufacturing sector," the company said.