BEIJING, April 18 — China’s Tencent has won a key approval to start selling the Nintendo Switch in the country, paving the way for the console to enter the world’s largest video games market two years after it was first released worldwide….
LONDON, April 15 — Britain’s main index lost ground today as miners and oil majors fell, more than offsetting gains in bank stocks. The FTSE 100 was 0.2 per cent lower, lagging its European and Asian counterparts, while the FTSE 250 added 0.2…
KUALA LUMPUR: Tax season may be one of the most stressful times for taxpayers, especially when there are changes to the tax system, but planning ahead and equipping oneself with knowledge is key to avoiding mistakes when the time comes to file income tax.
“My biggest tip for planning ahead is to go through the reliefs and see what changes are there from year to year. You cannot just assume things remain static year on year. For example, for Year of Assessment 2019, for the first time ever, they have reduced the effective relief for EPF (Employees Provident Fund) alone. But the combined EPF and life insurance relief has increased actually, to RM7,000,“ said RinggitPlus CEO Liew Ooi Hann (pix).
“This sounds very little but it affects a very large segment of the population, specifically the segment of the population who previously had been enjoying the full EPF tax relief but have no life insurance. If you earn above RM3,000 a month and you don’t have life insurance, you are actually slightly worse off this year than last year. But for people who do have life insurance, when combined with EPF they can maximise, the deductions are actually more,“ he told SunBiz in an interview.
Taxpayers should also look at ways to improve the way they are doing things for example, using the National Education Savings Scheme (SSPN) instead of a savings account or fixed deposit to save up for children’s education.
“Consider doing it in SSPN because in addition to getting a reasonable rate, you also get tax relief. If you’re investing in mutual fund, unit trust, you can do the same thing with the same provider but in a PRS scheme. So, switch to PRS. If you are already with an asset manager, most asset managers have a PRS version of the same investment,“ he said.
According to Liew, soft copies of receipts are acceptable thus he recommends taking photos of receipts so that a digital record is available if the receipts are misplaced.
Lee Hishammuddin Allen & Gledhill (LHAG) partner S. Saravana Kumar said the most important aspect of tax planning and preparation for YA2019 is knowledge, and staying up to date on tax matters is necessary to ensure tax compliance and avoid missing out on any available tax reliefs and rebates.
“One of the tax reliefs is an allowance of up to RM2,500 for lifestyle expenses, which includes purchasing reading materials, gadgets, gym memberships and internet subscription. Further, individuals may also claim for, among others,
insurance schemes, medical expenses and own education fee,“ he said.
Another aspect of good tax preparation and planning is good bookkeeping. Saravana advises taxpayers to keep records of relevant documents such as accounts, receipts and invoices as these are required as proof of tax reliefs claimed. Such documents should be kept for at least seven years.
KUALA LUMPUR, April 8 — Huawei has officially announced the arrival of the new P30 series of smartphones in Malaysia. Touted as smartphones that "rewrite the rules of photography", the new devices are available for pre-order immediately, and in…
WASHINGTON, April 4 — The White House is not expected to announce a date today for a trade summit between US President Donald Trump and Chinese President Xi Jinping, a senior administration official said, as negotiators for the two sides launch…
TOKYO: Oil prices slipped a second day today, with Brent edging down further from the US$70 mark after weekly US oil data showed a surprise build in crude inventories and record production.
Brent futures were down 3 cents at US$69.28 a barrel by 0603 GMT. Brent fell 6 cents on Wednesday, after touching US$69.96, highest since Nov 12, when it last traded above US$70.
US West Texas Intermediate (WTI) crude fell 8 cents, or 0.1%, to US$62.38 a barrel. The contract dropped 12 cents in the previous session after briefly hitting US$62.99, also the highest since November.
Global benchmark Brent has gained nearly 30% this year, while WTI has gained nearly 40%. Prices have been underpinned by tightening global supplies and signs of demand picking up.
“There is a clear bias to the upside with the supply restrictions,“ said Michael McCarthy, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by Opec and others, along with sanctions on Iran.
“And there’s a much-better-than-expected demand picture after the recent China and US PMI numbers, along with a potential kicker from any US-China trade agreement,“ he said.
The Caixin/Markit services purchasing managers’ index (PMI) rose to 54.4, the highest since January 2018 and up from February’s 51.1, a fourth-month low, a private business survey of China’s service sector showed on Wednesday.
Trade talks between the United States and China made “good headway” last week in Beijing and the two sides aim to bridge differences during further talks, White House economic adviser Larry Kudlow said on Wednesday.
Crude oil is also supported by an agreement between the Organisation of the Petroleum Exporting Countries (Opec) and allies such as Russia, a group known as Opec+, to reduce oil output by about 1.2 million bpd this year.
US pressure on Iran is increasing, with a senior Trump administration official saying earlier this week that Washington is considering more sanctions on the Middle Eastern country.
The refinery maintenance season is also drawing to a close and that will provide further demand for crude, said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.
“The physical market is very strong and we are now starting to trade post-turnaround barrels, which should mean physical markets strengthen and flat prices should follow,“ he said.
Still, crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration (EIA) said on Wednesday. Analysts had forecast a decrease of 425,000 barrels.
US crude production climbed 100,000 barrels per day (bpd) to a record 12.2 million bpd, after hovering around 12 million to 12.1 million bpd since mid-February, according to the EIA data.
KUALA LUMPUR, April 3 — The Malaysian Aviation Commission (Mavcom) has approved 53 applications of Air Traffic Rights (ATR) for the period of January 1 to March 31, 2019 (1Q) with AirAsia Group received the highest…
BRUSSELS, April 2 — The EU’s powerful anti-trust authority today said a tax break from Britain for unnamed multinationals was illegal under state aid rules, firing a shot at London amid Brexit chaos. The European Commission gave no indication of…