najib razak

 
 

Amid FGV director pay controversy, palm oil price hit by worst quarterly fall on record

KUALA LUMPUR, June 28 — The price of palm oil has now fallen for the longest period since tracking began, with the commodity grappling with both a continuing oversupply and weak global demand. According to Bloomberg, palm oil benchmark futures in…


Local institutions emerge as net buyers post-Raya

KUALA LUMPUR, June 16 — Local institutions emerged as net buyers of Malaysian equities post-Hari Raya celebrations, injecting RM139.2 million versus a net sell of RM306.72 million during last week’s holiday-shortened trading week. Bank Islam…


Ex-Celcom exec marked as favourite for TM’s CEO seat

KUALA LUMPUR, June 10 — Celcom’s former chief special projects officer, Datuk Noor Kamarul Anuar Nuruddin has emerged as a favourite for TM’s CEO, sources told NST. Three candidates have been shortlisted for the top job but sources say Noor…


Payments made overseas for work done in Malaysia are taxable

KUALA LUMPUR: Payments made overseas for work done or services rendered in Malaysia are taxable, said a tax expert.

“The fact that you paid it in Singapore (example) makes no difference to the taxability. People assume that the moment it is foreign, it’s (tax) exempt. Income earned overseas is exempt, but income earned in Malaysia is taxable even though it’s paid overseas,“ Axcelasia Inc group chairman Dr Veerinderjeet Singh told reporters at the Malaysian Tax Conference 2019 here this morning.

Earlier, Inland Revenue Board (IRB) CEO Datuk Seri Sabin Samitah said foreign donations are subjected to tax on a “case by case” basis.

Sabin declined to comment on the additional tax bill of around RM1.5 billion that IRB has slapped on former prime minister Datuk Seri Najib Razak.

“We’re bound by the secrecy provision and we’re not allowed to discuss individual tax matters with the public,“ said Sabin.


Foreign income earned in Malaysia is taxable

KUALA LUMPUR: Foreign income derived overseas is exempted from tax but foreign income derived from Malaysia is taxable, said a tax expert.

“The fact that you paid it in Singapore (example) makes no difference to the taxability. People assume that the moment it is foreign, it’s (tax) exempt. Income earned overseas is exempt, but income earned in Malaysia is taxable even though it’s paid overseas,“ Axcelasia Inc group chairman Dr Veerinderjeet Singh told reporters at the Malaysian Tax Conference 2019 here this morning.

Earlier, Inland Revenue Board (IRB) CEO Datuk Seri Sabin Samitah said foreign donations are subjected to tax on a “case by case” basis.

Sabin declined to comment on the additional tax bill of around RM1.5 billion that IRB has slapped on former prime minister Datuk Seri Najib Razak.

“We’re bound with the secrecy provision and we’re not allowed to discuss individual tax matters with the public,“ said Sabin.


Foreign donations taxable on case-by-case basis

KUALA LUMPUR: Foreign donations are subjected to tax on a “case-by-case” basis, said Inland Revenue Board (IRB) CEO Datuk Seri Sabin Samitah.

“I need to see the facts. I cannot generalise (whether foreign donations are taxable). We have to look on a case by case basis,” Sabin said in response to the additional tax bill of around RM1.5 billion slapped on former prime minister Datuk Seri Najib Razak for the period of 2011-2017.

He declined to comment further, saying that IRB is bound by the secrecy provision.

“We’re not allowed to discuss individual tax matters with the public,“ he told reporters at the Malaysian Tax Conference 2019 today.

Meanwhile, Axcelasia Inc group chairman Dr Veerinderjeet Singh said there is no law that states that foreign donations are not taxable.

“Just because something is a donation, doesn’t mean it’s exempt. I cannot find any section in the law which gives you an exemption. Terminology is not the way out,” he stressed.

Najib insisted that the foreign political donations from foreign countries were not subjected to local tax laws, saying that he will seek a review of the “very unjust” action.

Veerinderjeet said at the end of the day, the IRB has to establish its facts first, otherwise it would not raise an assessment on Najib.

Interestingly, he pointed out that Malaysian tax laws state that tax is payable notwithstanding an appeal.

“Our tax laws say even though you appeal, you must make the payment of the tax. But you can also have good lawyers who go to court and get a stay of proceedings in terms of delaying the payment. That’s possible.”

Earlier in his keynote address, Sabin said those who have fully decided to not comply with the existing tax laws, IRB will not hesitate to use the full force of the law, in order to uphold the integrity and fairness of the tax system.

“On one hand, we (IRB) pledge to make fulfilling tax obligations an easy task. On the flip side, IRB will show no fear or favour in bringing individuals involved in tax crimes to justice,” said Sabin.

He said the changing outlook in the international tax arena requires IRB to be adaptive to this change. With the existence of creative practices in evading and avoiding taxes, there is a need to not only protect the tax revenue of the country, but also to combat any tax crime at the international level.

“Being a member of the OECD Global Forum allows IRB to be abreast with the latest developments at the international front, making it easier to design tax laws and policies which move along this evolvement.”

For most tax authorities, he said audits are an important means of determining broader compliance levels and shaping compliance.

“Be rest assured that IRB sees audits as a means of educating these group of people who do not comply and IRB fully adheres to the audit framework in place. In fact, we have taken a stand to further reduce disruptions caused to taxpayers by focusing on desk audits and limiting the time-frame of audits to two years of assessment, unless there is an issue of willful evasion or avoidance.”

IRB collected direct tax of RM137.04 billion last year, an increase of 11.13% compared with the amount collected in 2017. He said IRB’s performance throughout the years has always reflected a positive correlation to the country’s gross domestic product.

“For 2019, we have been entrusted to deliver RM147 billion to the government. We are on track in terms of delivering the target set, and will work towards meeting it by the end of the year.”


FGV Holdings bleeds RM1.1b in 2018

KUALA LUMPUR, Feb 28 — FGV Holdings Bhd (formerly Felda Global Ventures) booked a net loss of RM1.08 billion in the financial year ending December 31, 2018, it said in a Bursa Malaysia filing today. FGV had recorded a net profit of RM403 million…


Dr M: Malaysia may resume ECRL project

Mahathir

KUALA LUMPUR (Jan 2): Prime Minister Tun Dr Mahathir Mohamad said the East Coast Rail Link (ECRL) project may be downsized, provided that China agree to do so. In a recent interview with Sin Chew Daily, Dr Mahathir said the government is still in negotiation with China on the ECRL project, and has not found any good solution to resolve this issue, but both parties did not set any deadline for this negotiation. “What we are trying to do is, ensuring that China will not lose money, while we don’t needRead More


Government to takeover EDL for RM1.3b

PETALING JAYA: Government to take over Eastern Dispersal Link (EDL) from Malaysian Resources Corp Bhd for RM1.3 billion.

The amount is about 16% lower than its RM1.55 billion valuation.

To recap, toll collections at the EDL have been abolished since Jan 1, 2018 pending disposal of the highway by MRCB Southern Link, a unit of MRCB. The expressway has an outstanding debt of RM1.02 billion.

Former Prime Minister Datuk Seri Najib Razak had announced that toll collection would be abolished at EDL, along with the Batu Tiga and Sungai Rasau toll plazas on the Federal Highway in the Klang Valley, and at Bukit Kayu Hitam in Kedah, in his Budget 2018 speech.


Najib arrives at MACC for questioning over IPIC deal

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PUTRAJAYA (Oct 24): Former prime minister Datuk Seri Najib Razak has arrived at the Malaysian Anti-Corruption Commission (MACC) headquarters here for questioning over 1Malaysia Development Bhd’s (1MDB) dealings with International Petroleum Investment Company (IPIC). Najib and former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah were summoned by the MACC to be at the headquarters at 2pm. Najib, clad in his trademark blue suit, arrived at 1.55pm. At press time, Mohd Irwan Serigar had not arrived at the premises. Bernama reported yesterday that the duo is expected to be chargedRead More