Latest news with #FinanceMinistry
Bloomberg
16 minutes ago
- Business
- Bloomberg
Japan Set to Cut Super-Long Bond Issuance by More Than Expected
Japan is planning to cut the issuance of super-long bonds this year by more than earlier reported, after record levels of volatility in super-long yields in recent months stoked market concerns. The Finance Ministry proposed reducing the issuance of 20-, 30- and 40-year bonds by a total of ¥3.2 trillion ($22 billion) through the end of March 2026, according to a plan presented by the ministry during a meeting with primary dealers on Friday.
The Star
44 minutes ago
- Business
- The Star
SST on commercial rental will impact retail sector, says MRCA
PETALING JAYA: The Malaysian Retail Chain Association (MRCA) has called on the government to postpone the implementation of the 8% sales and service tax (SST) on rental and leasing services, due to come into effect on July 1. MRCA said while it recognises the government's intention to broaden the national tax base and enhance fiscal sustainability through targeted measures, extending SST to commercial rental presents considerable challenges to retailers operating physical outlets. ALSO READ: Expanded SST comes into effect July 1 "The additional cost burden comes at a time when many businesses are already contending with rising operational expenses, including minimum wage adjustments, stamping of employee contracts and heightened regulatory compliance," it said in a statement on Friday (June 20). "In the context of the supply chain from manufacturers and distributors to retailers, the increased cost of doing business is expected to translate into higher end prices for consumers," it added. ALSO READ: Expanded SST will add RM5bil to national coffers in 2025, RM10bil in 2026 MRCA said retailers across the board may find it increasingly difficult to absorb these additional expenses, particularly with a weaker consumer sentiment amid expectations of gradual government subsidy removal. MRCA said it will continue to engage with the Finance Ministry and relevant agencies to ensure that policy implementation remains balanced, transparent and conducive to the sustainable growth of the retail sector.
United News of India
an hour ago
- Business
- United News of India
Canada to adjust counter-tariffs on US steel-aluminium tariffs from July 21
Ottawa, June 20 (UNI) The Canadian federal government will adjust its counter-tariffs on US steel and aluminium products beginning July 21, aligning the measures with progress made in broader trade negotiations, the Finance Ministry said on Thursday. "While the government negotiates a new economic and security partnership with the United States, we will ensure workers and industry are protected against the unjust and unprovoked American tariffs," the ministry said in a statement. "We will take the time we need to negotiate the best deal for Canada," Prime Minister Mark Carney was quoted as saying in the release. UNI/XINHUA ANV PRS
Malaysiakini
2 hours ago
- Business
- Malaysiakini
Refined sugar stays tax-free under SST revision
Refined sugar (or commonly known as white sugar) remains tax-free under the revised sales and service tax (SST) that will take effect on July 1, 2025, said the Finance Ministry. The ministry said in a statement today that raw sugar used in the production of refined sugar would be subject to a five percent sales tax.
New Straits Times
3 hours ago
- Business
- New Straits Times
Anwar: Reforms paying off as Malaysia rises in global rankings
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim today highlighted Malaysia's improving economic trajectory, citing robust growth, lower unemployment, and renewed investor confidence. He attributed these positive developments to a series of fiscal reforms and targeted policies, while firmly dismissing allegations of economic mismanagement by the government. Speaking at the Finance Ministry's monthly assembly, he said the latest data told a story of recovery, reform, and resilience. Malaysia has climbed 11 spots to rank 23rd in the 2025 IMD World Competitiveness Ranking — its highest position since 2020 — with notable gains in economic performance, government efficiency, and business competitiveness. The country's gross domestic product (GDP) expanded by 5.1 per cent in 2024, exceeding the 3.5 per cent recorded in 2023 and surpassing official projections. The unemployment rate fell to 3 per cent in April 2025 — the lowest in a decade. The ringgit also posted significant gains, emerging as one of Asia's top-performing currencies. It appreciated by 5.2 per cent against the US dollar and strengthened against regional currencies such as the Indonesian rupiah and Chinese renminbi. Anwar said that Malaysia's fiscal reforms had received commendation from the International Monetary Fund (IMF), which described the Fiscal Responsibility Act 2023 as a major milestone. The fiscal deficit has been reduced from 5.5 per cent in 2022 to 4.1 per cent in 2024, with a target of 3.8 per cent for 2025. Federal borrowing has also decreased, with new debt issuance falling from RM100 billion in 2022 to RM85 billion in 2024. This, Anwar said, had enabled the government to sustain public services while maintaining fiscal discipline. He stressed that the reforms were undertaken without placing undue burden on the public. The government had broadened the tax base and restructured subsidies to ensure more effective support and service delivery. Eighty-five per cent of households were unaffected by electricity tariff adjustments, while diesel subsidies for logistics vehicles were maintained to prevent a knock-on effect on prices. Inflation remained contained at 1.8 per cent in 2024. The adjustment to the Sales and Service Tax (SST), effective from July 1, excludes essential goods. Analysts have forecast only a marginal inflationary impact of 0.25 per cent. With improved fiscal space, the government has been able to boost allocations for public assistance and essential services. A record RM13 billion was channelled to the SARA and STR cash aid programmes this year, benefiting nine million recipients. Funding for education and healthcare was also raised to RM64 billion and RM45 billion, respectively. "This nation inherited a burdensome fiscal structure — ballooning debt, a narrow revenue base, and untargeted subsidies that disproportionately benefited the wealthy and foreign nationals. "Whether we liked it or not, reform was essential. Since the Madani government took office, we have embraced bold, corrective policies to restore our fiscal foundation and uplift the people's lives," he said.
