Latest news with #Tax
Daily Express
11 hours ago
- Business
- Daily Express
Study impact of Sales and Services Tax : Planters
Published on: Friday, June 20, 2025 Published on: Fri, Jun 20, 2025 Text Size: Dr Charles also criticised the lack of stakeholder consultation in policy formulation. Kota Kinabalu: The government should first set up a special emergency team to study what will actually happen if they go ahead with the Sales and Services Tax (SST) instead of rushing into, said former Vice Chairman of the Incorporated Society of Planters Dr Charles Chow Kok Cheng. 'The government has a limited window to act with foresight and fairness. First, it should delay the SST expansion until an Emergency Taskforce comprising the Malaysian Palm Oil Board, industry bodies, economists and smallholder representatives can model the full fiscal and economic impact,' Chow said in his analysis of the policy changes. Advertisement He said the SST expansion, which will take effect on July 1, imposes an additional 5 per cent tax on fresh fruit bunches, palm kernel oil, palm fatty acid distillates, empty fruit bunches and other palm-based derivatives. 'Combined with existing levies including a 15 per cent windfall profit tax and export duties of up to 8 per cent, the measures could eliminate up to 11 per cent of industry earnings,' he said. Subscribe or LOG IN to access this article. Support Independant Journalism Subscribe to Daily Express Malaysia Access to DE E-Paper Access to DE E-Paper Exclusive News Exclusive News Invites to special events Invites to special events Giveaways & Rewards 1-Year Most Popular (Income Tax Deductible) Explore Plans Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Filipino Times
4 days ago
- Filipino Times
Thousands of smuggling attempts foiled in Saudi Arabia in just two weeks
More than 2,100 smuggling cases were intercepted across Saudi Arabia in a two-week period, according to the Zakat, Tax, and Customs Authority (ZATCA). The seizures were made at various land, sea, and air customs ports throughout the Kingdom. Authorities confiscated 234 types of illegal drugs, including hashish, cocaine, heroin, shabu, and Captagon pills. In addition, 311 other banned substances were found. Officials also stopped attempts to bring in 3,316 units of tobacco and its derivatives. They further seized 132 types of cash and eight kinds of weapons and related materials. ZATCA confirmed it is working closely with other government agencies to tighten customs inspections and ensure the safety and protection of the public. The agency said its goal is to secure the Kingdom's borders from illegal activities and maintain public order. The authority encouraged all residents in Saudi Arabia to report any suspected smuggling activities. Reports can be made by calling 1910 (or +9661910 from abroad) or by emailing [email protected]. All reports are treated confidentially, and those who provide correct information may be eligible for a financial reward.
Saudi Gazette
5 days ago
- Saudi Gazette
Customs authorities record 2,126 contraband seizures in 2 weeks
Saudi Gazette report RIYADH — The Zakat, Tax, and Customs Authority revealed the seizure of 2,126 smuggling cases at land, sea, and air customs ports across Saudi Arabia during the period of two weeks. The seized items include 234 types of narcotics, such as hashish, cocaine, heroin, shabu, and Captagon pills, in addition to 311 prohibited substances. The Customs authorities at the ports have also foiled attempt to smuggle 3,316 tobacco and tobacco derivatives, along with 132 types of cash, and eight types of weapons and related supplies. The authority affirmed its continued efforts, in cooperation and coordination with all its partners from relevant agencies, to tighten customs control over the Kingdom's imports and exports so as to ensure the security and protection of society. The authority called on all members of the Saudi society to contribute to combating smuggling to protect society and the national economy, by contacting it over the number designated for security reports 1910 or the international number 009661910 or via email 1910@ The authority receives reports related to smuggling crimes and violations of the provisions of the Unified Customs Law through these channels, in complete confidentiality, with a financial reward granted to the reporter if the information in the report is correct.
New Straits Times
5 days ago
- Business
- New Straits Times
MAICCI: SST expansion a strategic window for business readiness
KUALA LUMPUR: The expansion of the Sales and Service Tax (SST) beginning July 1, 2025, is seen as a timely and strategic move that provides businesses, particularly women-led enterprises, with the clarity and space to strengthen operations and build long-term resilience. Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) Women's Wing Head, Dr Hemala AP Sivam, said the government's decision reflects an inclusive and responsive approach to policymaking that balances fiscal goals with the practical needs of the business community. "This move allows businesses, especially those led by women, to review their operations, reskill their workforce, and realign themselves to meet future demands," she said in a statement to Bernama today. Hemala, who is also the food manufacturer APS Manja Sdn Bhd's executive director, said the revised SST framework offers a crucial opportunity for micro, small and medium enterprises (MSMEs), manufacturers and women entrepreneurs to strengthen internal capabilities and prepare for regulatory changes. "It is a chance to optimise cash flow, invest in automation, and adopt digital tools. For women entrepreneurs balancing both economic and caregiving responsibilities, this period offers the policy clarity and structured space they need to grow sustainably," she said. The government will implement the SST revision and expansion starting July 1 to enhance national revenue and broaden the tax base in support of long-term fiscal sustainability. Finance Minister II Datuk Seri Amir Hamzah Azizan said the Sales Tax rate will remain unchanged for essential goods, while a rate of either five or 10 per cent will apply to non-essential or discretionary items. The Service Tax will be expanded to cover additional sectors such as rental and leasing, construction, finance, private healthcare, education, and beauty services. Selective exemptions will be introduced to avoid double taxation and to ensure that essential services for Malaysians are not burdened. Hemala urged businesses to use the current period to strengthen compliance mechanisms and engage with relevant ministries, chambers of commerce, and entrepreneurial networks to ensure effective implementation. "This is not just a tax revision, it is a catalyst for dialogue, innovation and strategic transformation. We support the government's efforts to ensure the SST framework remains transparent, equitable, and aligned with national development goals," she said. Hemala also stressed the importance of inclusive policies that address the unique challenges faced by women entrepreneurs, particularly in rural and underserved areas. "With targeted support, digital access and capacity-building initiatives, women-led enterprises can become a vital force in strengthening Malaysia's economic resilience," she added.
The Sun
5 days ago
- Business
- The Sun
SST expansion a strategic window for business readiness, says MAICCI Women's Wing Head
KUALA LUMPUR: The expansion of the Sales and Service Tax (SST) beginning July 1, 2025, is seen as a timely and strategic move that provides businesses, particularly women-led enterprises, with the clarity and space to strengthen operations and build long-term resilience. Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) Women's Wing Head, Dr Hemala AP Sivam, said the government's decision reflects an inclusive and responsive approach to policymaking that balances fiscal goals with the practical needs of the business community. 'This move allows businesses, especially those led by women, to review their operations, reskill their workforce, and realign themselves to meet future demands,' she said in a statement to Bernama today. Hemala, who is also the food manufacturer APS Manja Sdn Bhd's executive director, said the revised SST framework offers a crucial opportunity for micro, small and medium enterprises (MSMEs), manufacturers and women entrepreneurs to strengthen internal capabilities and prepare for regulatory changes. 'It is a chance to optimise cash flow, invest in automation, and adopt digital tools. For women entrepreneurs balancing both economic and caregiving responsibilities, this period offers the policy clarity and structured space they need to grow sustainably,' she said. The government will implement the SST revision and expansion starting July 1 to enhance national revenue and broaden the tax base in support of long-term fiscal sustainability. Finance Minister II Datuk Seri Amir Hamzah Azizan said the Sales Tax rate will remain unchanged for essential goods, while a rate of either five or 10 per cent will apply to non-essential or discretionary items. The Service Tax will be expanded to cover additional sectors such as rental and leasing, construction, finance, private healthcare, education, and beauty services. Selective exemptions will be introduced to avoid double taxation and to ensure that essential services for Malaysians are not burdened. Hemala urged businesses to use the current period to strengthen compliance mechanisms and engage with relevant ministries, chambers of commerce, and entrepreneurial networks to ensure effective implementation. 'This is not just a tax revision, it is a catalyst for dialogue, innovation and strategic transformation. We support the government's efforts to ensure the SST framework remains transparent, equitable, and aligned with national development goals,' she said. Hemala also stressed the importance of inclusive policies that address the unique challenges faced by women entrepreneurs, particularly in rural and underserved areas. 'With targeted support, digital access and capacity-building initiatives, women-led enterprises can become a vital force in strengthening Malaysia's economic resilience,' she added.
