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No reason to hike sugar price, finance ministry tells MSM Malaysia
No reason to hike sugar price, finance ministry tells MSM Malaysia

Free Malaysia Today

time13 hours ago

  • Business
  • Free Malaysia Today

No reason to hike sugar price, finance ministry tells MSM Malaysia

MSM Malaysia is one of two sugar refineries in the country, the other being Central Sugars Refinery Sdn Bhd. (Bernama pic) PETALING JAYA : The finance ministry has urged sugar manufacturer and refinery MSM Malaysia to refrain from hiking the price of white sugar once the revised sales and service tax (SST) takes effect next month. The ministry said that MSM Malaysia was eligible to apply for tax exemptions for raw sugar and was benefitting from monthly incentives from the government to ensure stable supply and prices. 'Refiners and manufacturers of sugar in Malaysia can seek exemption on their upstream costs. This is provided for under Item 1, Column (2), Schedule B of the Sales Tax (Persons Exempted from Payment of Tax) Order. 'Therefore, there should not be any increase in price for refined sugar,' it said in a statement today. MSM Malaysia is one of two sugar refineries in the country, the other being Central Sugars Refinery Sdn Bhd. The ministry also reiterated that white sugar would remain untaxed in the new SST scheme as it falls under the category of essential goods, to avoid inflating the cost of living for the majority. Yesterday, MSM Malaysia's group CEO Syed Feizal Syed Mohammad said that the new 5% SST on raw sugar was expected to put pressure on input costs and push up refined sugar prices for industrial buyers. He said MSM was seeking clarification from the government regarding the new tax scheme, which kicks in on July 1, The Edge Malaysia reported.

4 most overpriced burger chains in the US
4 most overpriced burger chains in the US

Daily Mail​

timea day ago

  • Business
  • Daily Mail​

4 most overpriced burger chains in the US

Fast-food is no longer as affordable as it used to be, with inflation hitting a record high. Personal finance outlet FinanceBuzz recently revealed the price increases of multiple burger chains over the past decade. The rate of inflation at fast food restaurants seen since 2014 is as follows: McDonald's - 100%, Popeyes - 86%, Taco Bell - 81%, Chipotle - 75%, Jimmy John's - 62%, Arby's, Burger King, Chick-fil-A and Wendy's - 55%, Panera - 54%, Subway and Starbucks - 39%. Historically, fast-food restaurants increased prices by about 2% annually, however since 2022 things changed. McDonald's What better way to start off with a classic! Five years ago, a cheeseburger at McDonald's cost $1. Today, that price has doubled, if not more. According to the Victoria Advocate, that same burger is now $3.15 in South Texas. That reveals a 215% increase. Earlier in the year, a McDonald's restaurant was blasted for its "outrageous" pricing after someone paid more than $7 for an Egg McMuffin. Reddit users also complained about the increased prices with one slamming a $13 Quarter Pounder meal and a $12 Big Mac meal. This has caused frustration amongst the food chain's customers with some even stating that they will not be returning. Five Guys Five Guys drew attention for it high prices earlier in the year where customers claimed they were out of control as it cost $24 for one person. The order, a bacon cheeseburger meal with a regular soda and a small fry, was nearly $22 before tip. '5 guys is the most overpriced burger in the market. I never order from there unless I have a 50% Uber eats discount,' one X user posted in March. 'It's just not worth it at full price.' A burger, fries and soda at Five Guys will cost you $20 on average, according to MoneyGeek, Wendy's Back in February, Wendy's made headlines when its CEO Kirk Tanner announced a new idea to investors which involved 'surge pricing.' That meant that based on demand, menu prices would increase depending on the time of day you would visit the restaurant. Customers would therefore be charged more if they visited during the lunchtime or dinner rush, meaning at least $1 more for a burger. Burger King Three years ago, Burger King customers could get a Whopper meal with a small drink and small fries for $5 with a coupon. Now, that same meal runs for $6.99, though it does come with large sides instead. Family meal deals also saw a big increase. In 2021, $13 would get you three Whoppers, three cheeseburgers, and three small fries. Today, the price has reached $19.99 with medium-sized fries.

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