Latest news with #B40
Time Out
2 days ago
- Automotive
- Time Out
With bid greenlit, Thailand revs in F1 pole position
Ever since whispers began about Thailand becoming the next host of the world's premier motorsport, momentum has been building at full throttle. Now, following Prime Minister Paetongtarn Shinawatra's headline-grabbing appearance at Circuit de Monaco, that dream is gaining serious traction. With the Thai cabinet approving a B40 billion bid to host a Grand Prix in Bangkok, the chequered flag is now one step closer. According to Tourism and Sports Minister Sorawong Thienthong, the high-octane bid would secure the country's spot on the F1 world stage for five action-packed years from when it comes to where the rubber will meet the road, government spokesman Jirayu Houngsub revealed that the race is set to take place in and around Krung Thep Aphiwat Central Terminal. The 5.7 km street circuit will wind from Chatuchak Park to the terminal, with additional sections running through the Mo Chit 2 bus terminal, Chatuchak Market area, Queen Sirikit Park and the PTT Plc headquarters. Hosting the event would require the entire area to be shut down for five days each year to allow for race preparations. While that may cause temporary disruptions for nearby residents, the government is confident the economic payoff would be well worth it, with officials estimating the event could break even within its first year. While the 24-race calendar is locked in years ahead, Formula 1 CEO Stefano Domenicali has hinted that shake-ups are coming and the kingdom is racing up the ranks as a serious contender for a coveted spot on the grid. Right now, Singapore is the only Southeast Asian nation on the global racing map. Each year, the Singapore Grand Prix ignites the city with three adrenaline-charged days packed with high-speed practice runs, nail-biting qualifying and race-day drama. But this event is more than just a race. It's a worldwide spectacle that turbocharges tourism, floods the spotlight on the host city and delivers massive economic windfalls. For Thailand, joining this elite calendar isn't just a dream; it's a shot to claim pole position and roar into the global spotlight like never before.
Malaysiakini
2 days ago
- Business
- Malaysiakini
Economists warn SST on imported fruits may raise local prices, burden B40
Economists and consumer groups have raised concerns that the government's move to expand the sales and service tax (SST) on imported fruits may have unintended consequences. They said the tax expansion could result in an unintentional spike in local fruit prices that would ultimately affect low-income households, despite Putrajaya's assurance that the effect will be minimal on the B40 group as they are not major consumers of imported produce.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
SST expansion to have minimal impact on SMEs, say economists
Small and medium contractors are not expected to be burdened by the expanded scope of the service tax, thanks to the RM1.5 million threshold. PETALING JAYA : Exemptions for certain services and a higher threshold value will minimise the impact of the sales and service tax's (SST) expansion on small and medium-sized enterprises (SMEs), according to economists. Aimi Zulhazmi Rashid said this allows operators such as clinic owners and small contractors to ensure their businesses remain sustainable, even as the SST's scope expands from July 1. The Universiti Kuala Lumpur academic said customers, mostly from the B40 and M40 groups, will also benefit from the absence of any increase or only minimal increases in the service tax. 'Therefore, SMEs should not take advantage of consumers after July 1. Use this exemption to provide good and affordable services,' he told FMT. Ahmed Razman Abdul Latiff of Putra Business School agreed that the government's move would only impact large companies. 'It is more focussed on large private businesses, and the majority of their customers are not from the B40 group,' he said. Last week, the finance ministry announced that zero tax rates would remain for essential goods, while a rate of 5% to 10% would be imposed on non-essential items from July 1. However, services directly impacting Malaysians such as public and some private healthcare will continue to be exempted from the service tax. Effective July 1, the scope of the service tax will be expanded to cover rental, leasing, construction, financial services, and private healthcare and education services. Under the new tax regime, a 6% service tax will be imposed on construction services for infrastructure, commercial and industrial buildings if the taxable value exceeds RM1.5 million annually. AdChoices ADVERTISING The same rate applies to private healthcare, traditional and complementary medicine, and allied health services provided to foreigners, on service providers exceeding the RM1.5 million threshold. Malaysian citizens are exempt from paying service tax for public and private healthcare services, traditional and complementary medicine practices, homeopathy, chiropractic treatment and osteopathy. Treasury secretary-general Johan Mahmood Merican said the RM1.5 million threshold value will ensure that SMEs such as restaurant operators, contractors and clinics are not affected by the expansion. 'We can assist in terms of administrative management,' he said in an interview with FMT. Johan also emphasised that the SST's expansion is important to strengthen the country's fiscal position by increasing revenue to improve its social safety net without burdening the general public. Class F Bumiputera Contractors Association president Tukiman Radion said although his members are expected to be unaffected by the service tax's expansion, there are still concerns about ripple effects. 'We are worried that building material shops will take the opportunity to raise prices. If that happens, everyone will be affected,' he said. 'So we hope specific monitoring is carried out to prevent this.'
Free Malaysia Today
4 days ago
- General
- Free Malaysia Today
67.3% of SPM applicants earn places in public varsities, polytechnics
The higher education ministry said 150,557 SPM students, who applied through the UPUOnline system, were chosen based on the principle of meritocracy. (Bernama pic) PETALING JAYA : About 67.3% of the 223,624 applicants who sat for the Sijil Pelajaran Malaysia examination last year have earned places in institutions of higher learning. The higher education ministry said these 150,557 students, who applied through the UPUOnline system, were chosen based on the principle of meritocracy, Bernama reported. All those who qualified were ranked from the highest to the lowest merit score. 'Of the total, 86,589 applicants were offered places at public universities, 42,058 at polytechnics, 20,427 at community colleges and 1,483 at institutions under the Mara higher education division. 'A total of 17,693 applicants received offers under the special pathway, comprising 16,189 from the B40 group, 590 persons with disabilities, 593 athletes and 321 Orang Asli,' it said in a statement. The ministry also said 43 applicants from institutions under the social welfare department were offered places at higher education institutions. A total of 349 academic programmes were offered this year, comprising 41 certificate-level, 55 foundation, 252 diploma and one bachelor's degree programme. Applicants who did not receive an offer may submit an appeal via UPUOnline within 10 days, starting today until 5pm on June 25.
Barnama
4 days ago
- Business
- Barnama
Govt To Modernise Fisheries Sector For B40 Fishermen
KUALA LUMPUR, June 16 (Bernama) -- The government will implement various new initiatives to elevate the dignity of the country's fisheries sector to a more modern and competitive level, said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu. He said that among the initiatives involved were the upgrading of technology and facilities, strengthening the entrepreneurial ecosystem and comprehensive support for industry players. "This is important so that the fisheries sector is not only able to generate sustainable income, but also guarantees a more dignified, more sustainable and more prosperous future, especially for fishermen among the B40," Mohamad said via his Facebook page.
