Latest news with #MOF
Daily Express
6 hours ago
- Business
- Daily Express
No reason for price hike as refined sugar remains exempt from SST, Finance Ministry tells MSM
Published on: Friday, June 20, 2025 Published on: Fri, Jun 20, 2025 By: Bernama Text Size: Packets of sugar are stacked on shelves at a supermarket in Kuala Lumpur October 16, 2024. — Picture by Firdaus Latif Kuala Lumpur: 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 Ministry of Finance (MOF). The MOF said in a statement today that raw sugar used in the production of refined sugar would be subject to a five per cent sales tax. Advertisement 'However, as previously announced, manufacturers such as MSM Malaysia Holdings Bhd are eligible to apply for tax exemption on their raw materials and inputs. 'Hence, there is no reason for any increase in the price of refined sugar — especially since sugar refiners like MSM continue to receive monthly incentives from the government to ensure supply and price stability,' the MOF said. The MOF said this to clarify a statement issued by MSM regarding the impact of the sales tax revision on raw sugar. The ministry said the Madani Government has taken a targeted approach by not imposing taxes on essential goods such as sugar, salt, chicken, eggs, meat, fish, vegetables, cooking oil and rice. Advertisement 'This is to ensure that the majority of the people will not be affected by the SST revision,' it said. The MOF said sugar refiners and manufacturers in Malaysia can apply to the Royal Malaysian Customs Department for tax exemptions as provided for under Item 1, Column (2), Schedule B of the Sales Tax (Persons Exempt from Payment of Tax) Order. Yesterday, it was reported that national refined sugar producer MSM is reviewing the five per cent extension of SST involving raw sugar and is seeking further clarification from the government to monitor the impact on the prices of regulated goods. According to the MSM group chief executive officer, the retail price of sugar in Malaysia has been capped at RM2.85 per kilogramme since 2011, despite the global raw sugar price increasing in recent years. He said that if the tax was imposed on raw sugar, the country's refined sugar producers could pass on the cost to the industry. 'However, we cannot do that for sugar because it is under price control,' he said, adding that 75 to 80 per cent of MSM's production costs come from raw sugar. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
10 hours ago
- Business
- The Sun
Refined sugar or white sugar remains tax-free under SST revision
KUALA LUMPUR: 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 Ministry of Finance (MOF). The MOF said in a statement today that raw sugar used in the production of refined sugar would be subject to a five per cent sales tax. 'However, as previously announced, manufacturers such as MSM Malaysia Holdings Bhd are eligible to apply for tax exemption on their raw materials and inputs. 'Hence, there is no reason for any increase in the price of refined sugar — especially since sugar refiners like MSM continue to receive monthly incentives from the government to ensure supply and price stability,' the MOF said. The MOF said this to clarify a statement issued by MSM regarding the impact of the sales tax revision on raw sugar.
Barnama
10 hours ago
- Business
- Barnama
Refined Sugar Or White Sugar Remains Tax-Free Under SST Revision
KUALA LUMPUR, June 20 (Bernama) -- 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 Ministry of Finance (MOF). The MOF said in a statement today that raw sugar used in the production of refined sugar would be subject to a five per cent sales tax. 'However, as previously announced, manufacturers such as MSM Malaysia Holdings Bhd are eligible to apply for tax exemption on their raw materials and inputs.
The Sun
10 hours ago
- Business
- The Sun
Refined sugar remains tax-free under SST revision
KUALA LUMPUR: 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 Ministry of Finance (MOF). The MOF said in a statement today that raw sugar used in the production of refined sugar would be subject to a five per cent sales tax. 'However, as previously announced, manufacturers such as MSM Malaysia Holdings Bhd are eligible to apply for tax exemption on their raw materials and inputs. 'Hence, there is no reason for any increase in the price of refined sugar — especially since sugar refiners like MSM continue to receive monthly incentives from the government to ensure supply and price stability,' the MOF said. The MOF said this to clarify a statement issued by MSM regarding the impact of the sales tax revision on raw sugar.
Borneo Post
2 days ago
- Business
- Borneo Post
RON97 price up seven sen, RON95 unchanged
In a statement today, MOF says the retail price of diesel in Sabah, Sarawak and Labuan remains at RM2.15 per litre, while in Peninsular Malaysia it will rise by seven sen per litre, from RM2.74 to RM2.81, during the same period. – Bernama photo KUALA LUMPUR (June 18): The retail price of RON97 petrol will increase by seven sen per litre, from RM3.07 to RM3.14, for the period from June 19 to 25, while that of RON95 remains unchanged at RM2.05 per litre. In a statement today, the Ministry of Finance (MOF) said the retail price of diesel in Sabah, Sarawak and Labuan remains at RM2.15 per litre, while in Peninsular Malaysia it will rise by seven sen per litre, from RM2.74 to RM2.81, during the same period. 'In line with the increase in global oil market prices, the government has set the retail price of RON97 petrol at RM3.14 per litre, while the retail price of diesel in Peninsular Malaysia is RM2.81 per litre. 'The diesel price in Peninsular Malaysia remains lower compared to the floated price of RM3.35 per litre on June 10, 2024,' the statement said. MOF said the prices were set based on the weekly retail pricing of petroleum products using the Automatic Pricing Mechanism (APM) formula. It said the government will continue to monitor the impact of changes in global crude oil prices and take appropriate measures to ensure the welfare and well-being of the people are safeguarded. – Bernama diesel MoF petrol price RON95 RON97
