Latest news with #AUFAMARDHIAH
Malaysian Reserve
13-06-2025
- Business
- Malaysian Reserve
Selangor to explore new waste-to-energy site as daily trash hits 8,000 tonnes
by AUFA MARDHIAH SELANGOR is planning to expand its waste-to-energy (WTE) capacity as the state now generates up to 8,000 tonnes of waste a day, more than double the current treatment capacity at the Jeram plant. Mentri Besar Datuk Seri Amirudin Shari said the state is looking at Tanjung 12 as a potential new site. 'We are also looking into merging the federal government's project in Jeram with the state-led WTE plan in Rawang,' he said at a press conference today. The Jeram plant, developed by the federal government through the Ministry of Housing and Local Government (KPKT) was initially meant to handle 1,000 tonnes for Kuala Lumpur, but it now processes about 3,500 tonnes. However, with the state's growing waste volume, there is an urgent need to develop more WTE facilities. Meanwhile, the Rawang WTE project has faced public objections due to its location near residential areas. 'We aim to integrate Rawang's (KPKT-managed) and Selangor's WTE projects for a more cohesive approach, though funding and hosts differ. If a mutual understanding can be reached, the outcome could be significantly better,' he said. Amirudin added that public hearings have been held and the state will continue engaging with stakeholders. He also clarified that the development order (KM) has not yet been obtained as the project is still in its early environmental impact assessment (EIA) phase. 'The submission hasn't reached that level. The EIA process will take at least one to two years,' he said. Despite the complexities, Amirudin emphasised that sustainable waste management remains a priority and that transparent consultations will continue as the state works towards long-term solutions.
Malaysian Reserve
10-06-2025
- Business
- Malaysian Reserve
Petronas offers career support, reskilling as it trims workforce
By AUFA MARDHIAH PETROLIAM Nasional Bhd (Petronas) will provide strong support for employees affected by its upcoming job cuts, as part of its plan to restructure the company for the future. 'This undertaking will require workforce adjustments, with an estimation of 10% reduction of the total workforce. While this is a very difficult decision, it is a necessary one to ensure Petronas can continue to grow and serve the nation. 'Petronas is committed to managing this process fairly, objectively, and systematically,' it said in a statement. Affected employees will receive a market-competitive separation package that goes beyond the legal minimum, along with access to career coaching, emotional support, medical assistance, upskilling programmes, and financial planning guidance. To ensure a smooth and responsible transition, the company is working closely with the Ministry of Human Resources, including the Department of Labour and the Department of Industrial Relations, to comply with all regulatory requirements. Additionally, Petronas is also collaborating with the Social Security Organisation (Perkeso) through the MyFutureJobs platform to help match eligible employees with new job opportunities. At the same time, it is engaging with various government-linked companies to identify possible job placements within their organisations. For those interested in starting their own businesses, Petronas' Innovation Garage will offer an entrepreneurship programme to help employees explore new ventures. The support measures are part of Petronas' broader transformation into a more agile and integrated energy company. By investing in a future-ready, high-performing workforce, the company aims to stay competitive while expanding into cleaner and more reliable energy solutions. Petronas said while the move is difficult, the company believes that it is necessary to ensure long-term growth and continued service to the nation.
Malaysian Reserve
10-06-2025
- Business
- Malaysian Reserve
Anwar: Reforms must be gradual amid political realities
by AUFA MARDHIAH PRIME Minister (PM) Datuk Seri Anwar Ibrahim has defended the government's gradual pace of reforms, citing the political realities of leading a coalition without a parliamentary majority. Speaking at the launch of the International Centre for Education in Islamic Finance University's (Inceif) International Centre for Research and Innovation in Islamic Economics (i-RISE Centre) today, Anwar said Malaysia's current political structure demands wisdom and consensus-building, rather than abrupt changes that risk destabilising the administration. 'We have 82 seats under Pakatan Harapan (PH) — not even a simple majority. So yes, it has to be done with 'hikmah' (wisdom),' he said. He also stressed the importance of cross-party consensus, especially among coalition partners such as UMNO and Barisan Nasional (BN), to ensure sustained reform momentum. 'We must get consensus between the key parties…that's how we embark on support for alternative programmes like INCEIF or i-RISE,' he added. Responding to criticism from those demanding faster reforms, Anwar cautioned that rushed moves could backfire under current political constraints. He also pointed to the broader failures in Muslim-majority countries, stating that the problem lies not in the absence of Islamic principles, but in endemic corruption and abuse of power. 'The flaw is not that we lack Islamic instruments — it's that they are blatantly corrupted,' he said. Despite the challenges, Anwar reaffirmed his administration's commitment to consistent progress. 'Every month and every year, there must be some progression. There is no turning back,' he said.
Malaysian Reserve
10-06-2025
- Business
- Malaysian Reserve
Anwar: Islamic economics must prioritise governance, real-world impact
by AUFA MARDHIAH PRIME Minister (PM) Datuk Seri Anwar Ibrahim is urging scholars and practitioners to re-centre Islamic economics around good governance, clear policy frameworks and tangible impact, instead of relying solely on halal compliance or anti-'riba' rhetoric. He further emphasised that said Islamic economics must address structural flaws in Muslim countries, particularly those related to wealth leakage and systemic inefficiencies. 'Our countries are not poor. Poverty exists because of the abuse of power and endemic corruption. 'If we ignore governance, Islamic economics risks becoming hollow,' he said at the launch of the International Centre for Research and Innovation in Islamic Economics (i-RISE) in Kuala Lumpur today. He stressed that governance and macroeconomic policy should be treated as core pillars of Islamic economic thinking — not afterthoughts — and urged i-RISE to lead in this area. 'You can talk about trillion-dollar halal industries, but if we cannot even break into new markets or support Malaysian business interests, the numbers are meaningless,' he added. Anwar also noted that the halal sector must evolve beyond product certification to include active participation in global value chains and joint ventures. True sustainability in Islamic economics must reflect values of justice and compassion, rather than adopt surface-level environmental goals. He called on scholars to integrate issues such as artificial intelligence (AI), energy transition and digital transformation into the Islamic economic discourse, stating that these are no longer optional fields of study. 'This is not just about Islamic versus conventional finance. We need to build an inclusive, humane and future-ready economic system rooted in our moral and spiritual principles,' he said. He also urged the International Centre for Education in Islamic Finance (Inceif) and i-RISE to position themselves as drivers of both national strategy and global Islamic economic leadership. i-RISE is the latest Centre of Excellence under the ISRA Institute, complementing two existing entities — the Centre of Excellence for Islamic Social Finance (CoEISF) and the Centre of Excellence for Applied Shariah in Economics and Finance (CASHiEF). It is designed to go beyond conventional academic research by positioning itself as a national and global platform for innovation, policy engagement and multisectoral collaboration in Islamic economics. The initiative is supported by the Islamic Economics Research and Innovation Fund (IERIF), a strategic fund introduced under the national budgets for 2024 and 2025. Administered by the Ministry of Finance (MOF), the fund has so far channelled over RM12 million into high-impact research and academic programmes, including projects on micro-takaful for underserved communities and ethical labour market reforms.
Malaysian Reserve
09-06-2025
- Business
- Malaysian Reserve
SST expands from July, but essentials stay tax-free
by AUFA MARDHIAH STARTING July 1, 2025, the government will expand the Sales and Service Tax (SST) to include more luxury goods and service sectors — but essential items and key services for Malaysians will remain tax-free. 'To ensure the majority of the people are not affected by the SST review, the MADANI Government is taking a targeted approach to ensure basic goods and services are not taxed. 'In addition, various facilities are also provided to reduce the impact on micro, small and medium enterprises (MSMEs),' said the Finance Minister 2, Datuk Seri Amir Hamzah Azizan (picture), in a statement. The move is part of efforts to strengthen the country's finances without raising the cost of living for most people. Under the updated rules, essential goods like rice, vegetables, cooking oil, medicine, books, pet food, cement, sand, and farming supplies will continue to be exempt from sales tax. According to the ministry, this is to protect the cost of living and keep inflation under control. However, some non-essential and luxury items will now be taxed. A 5% sales tax will apply to things like king crab, truffle mushrooms, imported fruits, essential oils, silk fabrics, and industrial machinery. Premium items such as racing bicycles and antique artwork will be taxed at 10%. The service tax will also be extended to six new sectors — rental and leasing, construction, financial services, private healthcare, education, and beauty services. The tax rates will range from 6% to 8%, depending on the type of service and revenue earned. For rental and leasing services, an 8% tax will be charged only if the company earns more than RM500,000 a year. Exemptions include residential property rentals, reading materials, overseas leasing, and MSMEs earning below the threshold. Construction services will face a 6% tax if the provider earns over RM1.5 million a year. Housing projects and public facilities are exempt, and B2B transactions may also qualify for relief to avoid double taxation. In finance, only services with fees or commissions will be taxed at 8%. Basic services like savings accounts, interest charges, and Islamic financing will remain tax-free. Other exemptions include forex gains, remittances, and life or medical insurance brokerage. Private healthcare will only be taxed for non-Malaysians at a 6% rate. Malaysians will remain exempt from both public and private healthcare costs, including traditional treatments and allied health services such as physiotherapy, audiology, and speech therapy. In education, private schools that charge more than RM60,000 per student per year will be taxed. However, Malaysian students in all education levels will not be affected. Special exemption will also be given to students with disabilities. Beauty services like facials and hairstyling will be taxed at 8%, but only if the business earns more than RM500,000 annually. The government will give companies time to adjust and has promised no penalties for non-compliance until the end of 2025. 'The additional revenue from this improved SST will support further enhancements in public services, particularly in expanding cash assistance to the people and improving infrastructure and service delivery nationwide,' he said further. Businesses are encouraged to check if they fall under the new tax rules and to consult the Royal Malaysian Customs Department for guidance. The measure forms part of the government's broader MADANI economic framework aimed at strengthening Malaysia's social safety net and promoting targeted taxation without increasing the cost of living for the general public.
