Latest news with #AmirHamzah
The Star
13 hours ago
- Business
- The Star
‘RON95 subsidy cut first'
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, says Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. 'For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. 'A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel and other fuels.' ALSO READ: 'RON95 rationalisation to proceed' Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition' where he was a panellist alongside Deputy Energy Transition and Water Transfor-mation Minister Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd, Bernama reported. He also emphasised that subsidy rationalisation is a critical step toward establishing a strong foundation for sustainable mechanisms and policy frameworks. 'As a result, we can expect the introduction of structured measures, including climate action frameworks, robust measurement tools and ultimately, the implementation of a carbon tax to support these initiatives. 'If we want this transition to be sustainable and impactful, the entire system must respond. It cannot be driven by isolated announcements or standalone policies. 'The challenge for the government is to tie everything together coherently and effectively,' Amir Hamzah added. On Monday, Prime Minister Datuk Seri Anwar Ibrahim said the adjustments involving the price of RON95 petrol would not affect 85% to 90% of the population. Anwar said the government's move towards subsidy rationalisation is a critical step to ensure national resources are channelled effectively to benefit the lower-income group.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
US tariff talks progressing well, says Anwar
Prime Minister Anwar Ibrahim delivering his keynote address at the 38th Asia Pacific Roundtable in Kuala Lumpur today. KUALA LUMPUR : Prime Minister Anwar Ibrahim says meetings in Washington to discuss the tariffs imposed on Malaysian exports are progressing well. Anwar said he had received positive updates from investment, trade and industry minister Tengku Zafrul Aziz and finance minister II Amir Hamzah Azizan after their meeting with US secretary of commerce Howard Lutnick yesterday. 'I received text messages from (them) and they said the meeting went excellently,' he said during his keynote address at the 38th Asia Pacific Roundtable here. Tengku Zafrul travelled to Washington yesterday to continue negotiations on the tariffs imposed on Malaysian goods. He previously said that discussions would focus on three key areas: reducing the current 24% tariff rate, addressing non-tariff barriers, and narrowing the trade imbalance between Malaysia and the US. Malaysian exports to the US face a 24% tariff unless an agreement is reached before a 90-day suspension expires on July 8. Anwar said Malaysia had consistently stressed the importance of regional cooperation in addressing trade challenges, particularly through Asean 'We always emphasise that to secure what is fair for Malaysia, we must present our case through Asean,' he said. 'I urge my colleagues in Asean to do the same. Present a united bilateral position to remain a credible and constructive partner.' Anwar acknowledged that the imposition of unilateral tariffs by the US presented a significant challenge to Malaysia and the region, particularly given the interconnected nature of global supply chains. He stressed that international trade should be governed by transparent rules and legitimate, inclusive legal frameworks, not unilateral tariffs or 'coercive economic measures'. Anwar also warned that disruptions in trade and supply chains could have detrimental effects on businesses and hamper economic growth, further undermining efforts to enhance the region's socio-economic development. He affirmed that Malaysia would continue to engage constructively with global partners including the US, China, European Union, and India to promote both national and regional interests. 'Malaysia's strategy of active non-alignment is a deliberate and principled approach aimed at maximising strategic flexibility, preserving decision-making autonomy, and engaging all partners on our own terms,' he said.
The Star
3 days ago
- Business
- The Star
Amir Hamzah: RON95 subsidy cut to come first, carbon tax expected in 2026
KUALA LUMPUR: The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. "As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. "One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled "Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd . - Bernama
Borneo Post
3 days ago
- Business
- Borneo Post
Amir Hamzah: RON95 subsidy cut to come first, carbon tax expected in 2026
Amir Hamzah says the government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026. – Bernama photo KUALA LUMPUR (June 17): The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd. He also emphasised that subsidy rationalisation is a critical step toward establishing a strong foundation for building sustainable mechanisms and policy frameworks. 'As a result, we can expect the introduction of structured measures, including climate action frameworks, robust measurement tools, and ultimately, the implementation of a carbon tax to support these initiatives. 'If we want this transition to be sustainable and impactful, the entire system must respond. It cannot be driven by isolated announcements or standalone policies. The challenge for the government is to tie everything together coherently and effectively,' Amir Hamzah added. Yesterday, Prime Minister Datuk Seri Anwar Ibrahim said the adjustments involving the price of RON95 petrol would not affect 85 to 90 per cent of the population. Anwar said the government's move towards subsidy rationalisation is a critical step to ensure national resources are channelled effectively to benefit the lower-income group. Amir Hamzah economy Energy Asia RON95 subsidy rationalisation
Malay Mail
3 days ago
- Business
- Malay Mail
Govt to prioritise RON95 subsidy reform before carbon tax rollout in 2026
KUALA LUMPUR, June 17 — The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd. MORE TO COME
