Latest news with #MinistryOfFinance
Malay Mail
11 hours ago
- Business
- Malay Mail
No reason for price hike as refined sugar remains exempt from SST, Finance Ministry tells MSM
KUALA LUMPUR, June 20 — 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. 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. '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. — Bernama
Malay Mail
12 hours ago
- Business
- Malay Mail
Finance Ministry: No reason for sugar price hike as refined sugar remains exempt from SST
KUALA LUMPUR, June 20 — 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. 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. '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. — Bernama
Zawya
2 days ago
- Business
- Zawya
UAE participates in the 46th Ministerial Council meeting of the OPEC Fund for International Development in Vienna
Assessing progress in the implementation of the Fund's plans and projects Highlighting the challenges of the evolving global development landscape Exploring ways to enhance South-South cooperation Mohamed bin Hadi Al Hussaini: The flexibility of the OPEC Fund's development solutions is key to effectively adapting to global challenges Vienna: The United Arab Emirates, represented by the Ministry of Finance, participated today in the 46th session of the Ministerial Council of the OPEC Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the OPEC Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund. The meeting discussed the OPEC Fund's Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund's plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities. Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the OPEC Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries' needs. Flexible Development Solutions In his speech during the meeting, H.E. Mohamed bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund's journey toward expanding its operations and enhancing its resilience and adaptability. He stated: 'This year marks the 49th anniversary of the OPEC Fund's founding, reflecting the strength of its founding vision and its pioneering role in promoting sustainable development across the Global South. Over the past year, the Fund has demonstrated outstanding institutional performance, driven by a clear approach under the 2030 Strategic Framework, enabling it to effectively respond to rapidly evolving conditions and deliver flexible and actionable development solutions across various sectors.' He added: 'We recognise that the global development landscape is undergoing significant changes, with governments across our regions facing multiple challenges—from food security and energy provision to climate change adaptation and job creation. Amidst these challenges, the pressure on the development finance system is growing at an unprecedented pace. In this context, the OPEC Fund can play a central role in supporting countries by advancing South-South cooperation and offering financial solutions that span a wide range of sectors and instruments, in addition to its strong global credibility.' Advancing Development Efforts The OPEC Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between OPEC member countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across sectors such as agriculture, education, energy, health, and transport. Since its inception, the Fund has committed over USD 27 billion to support more than 4,000 development projects with a total estimated cost exceeding USD 200 billion across more than 125 countries.
Malay Mail
2 days ago
- Business
- Malay Mail
RON97 price rises by seven sen, RON95 unchanged, diesel up in Peninsular Malaysia
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
Zawya
2 days ago
- Business
- Zawya
Jordan: Local revenues rise by $270mln in first third of 2025 to $4bln
AMMAN — The public finance data on Tuesday showed an increase in local revenues by about JD192.7 million during the first four months of 2025 to reach JD3.307 billion, compared with JD3.115 billion for the same period last year. Tax revenues during the January-April period of 2025 amounted to JD2.451 billion, and general tax collections on goods and services amounted to JD1.4 billion, the Jordan News Agency, Petra, reported. The data revealed that taxes on income and profits amounted to JD937.4 million, real estate sale tax reached JD33.2 million, while taxes on trade and international transactions stood at JD80.2 million. Non-tax revenues amounted to JD856.1 million during the first four months of 2025, the data showed. The general budget recorded a fiscal deficit, after grants, that reached JD469.2 million during the first four months of 2025, compared with a financial deficit of JD345.1 million during the same period of 2024. The increase in the deficit came as a result of the increase in capital spending within the allocations estimated in the general budget law by JD84 million compared with the same period last year. According to the public finance data, the general budget without grants, recorded a fiscal deficit of up to JD490.8 million against a fiscal deficit of JD405.9 million during the same period of 2024. The ratio of government debt to GDP is forecast to decline at the end of June to hover around its rates at the end of last year, after the Ministry of Finance repays the Eurobonds worth $1 billion that mature next June, Petra reported.
