Latest news with #SoutheastAsia
Malay Mail
21 minutes 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
25 minutes 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
Yahoo
29 minutes ago
- Business
- Yahoo
Ringgit May Trade in 4.24-4.27 Range Vs. Dollar Next Week
The Malaysian ringgit is expected to trade between 4.24 and 4.27 against the dollar next week, as rising geopolitical tensions and tariff uncertainty keep the dollar supported, Kenanga said.
CNA
30 minutes ago
- Politics
- CNA
Thai PM to meet army commander to defuse political crisis
BANGKOK: Thai Prime Minister Paetongtarn Shinawatra will on Friday (Jun 20) visit an army commander she called an "opponent" in a leaked phone call as she battles to defuse a crisis threatening to topple her government. The 38-year-old leader, in office for less than a year, was forced to make a public apology on Thursday as anger flared over the call with former Cambodian leader Hun Sen that appeared online. Her main coalition partner, the conservative Bhumjaithai party, pulled out on Wednesday saying she had insulted the country and the army, putting her government on the point of collapse. There was better news for Paetongtarn, daughter of controversial billionaire ex-PM Thaksin Shinawatra, on Friday as another important coalition partner, the conservative Democrat Party, pledged to stay. "The Democrat Party will remain in the government to help resolve the challenges the country is currently facing," the party said in a statement. Another coalition party, Chartthaipattana, said late on Thursday that it would not withdraw, after urgent talks on the crisis with the Democrats and the United Thai Nation (UTN) party. With the departure of Bhumjaithai, the government led by Paetongtarn's Pheu Thai party now holds a razor-thin majority in parliament. Losing another major partner would likely see the government collapse, plunging the kindgom into fresh political instability as it grapples with a stuttering economy and US President Donald Trump's threatened trade tariffs. APOLOGY Paetongtarn will travel to Thailand's northeast on Friday to patch things up with Lieutenant General Boonsin Padklang, the commander of the forces in northeast Thailand, where the border clashes took place. She referred to Boonsin as her "opponent" in the leaked call with Hun Sen, in which the two leaders discussed the ongoing border dispute. Thailand has formally protested to Cambodia about the leak, calling it a breach of diplomatic protocol that had damaged trust between the two sides. Paetongtarn was criticised as being weak and deferential in the call with Hun Sen, a veteran politician known as a wily operator, but her comments about the army commander were potentially the most damaging to her. Thailand's armed forces have long played a powerful role in the kingdom's politics and politicians are usually careful not to antagonise them. When she made her public apology for the leaked call on Thursday, Paetongtarn did so standing in front of army and police chiefs, in a show of unity. There were small street protests on Thursday and calls from across the political spectrum for her to quit or announce an election, but her apology and backing from some of her coalition partners appear to have shored up her position for now. But with a tiny majority she remains vulnerable, not least because of the awkward nature of her coalition. Paetongtarn took office in August last year at the head of an uneasy alliance between Pheu Thai and a group of conservative, pro-military parties whose members have spent much of the past 20 years battling against her father. Thaksin, twice elected PM, was thrown out in a military coup in 2006, and the bitter tussle between the conservative, royalist establishment and the political movement he founded has dominated Thai politics throughout that time. Former Manchester City owner Thaksin, 75, still enjoys huge support from the rural base whose lives he transformed with populist policies in the early 2000s.
Malay Mail
36 minutes ago
- Business
- Malay Mail
Malaysia trims deficit to 4.1pc, aims lower as Anwar eyes investor trust, stronger economy
PUTRAJAYA, June 20 — Prime Minister Datuk Seri Anwar Ibrahim said the government is committed to consistently reducing the country's fiscal deficit to ensure a more sustainable economy and to maintain investor confidence. Anwar, who is also the Finance Minister, said the fiscal deficit was at 5.5 per cent when he assumed leadership in 2022. It was reduced to 4.1 per cent in 2024, with a projection of 3.8 per cent for this year. 'Some people ask why we want to reduce the deficit so much. Why not just give more to the people? But if we don't do it this way, investor confidence will not be there. 'For me, the foremost responsibility of leadership and economic management is to implement policies that we believe are good — that is what matters most. 'Secondly, with investor confidence, we can solve many issues related to national revenue, job opportunities, and overall development,' he said at the Finance Ministry's monthly assembly here today. — Bernama
