najib razak

 
 

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


Boustead: Alleged land conspiracy involved 200 acres in Selangor

PETALING JAYA: The land transactions named in businessman Deepak Jaikishan’s lawsuit involves three pieces of freehold land measuring 200 acres in Selangor that were acquired for RM130 million cash, said Boustead Holdings Bhd.

In a filing with Bursa Malaysia, Boustead said in December 2012, it acquired two plots of land measuring 96.825 acres and 81.085 acres in Kapar, Klang as well as a plot of land measuring 22.09 acres in Bukit Raja, Petaling.

The acquisitions were made by its wholly owned subsidiary Bakti Wira Development Sdn Bhd and Astacanggih Sdn Bhd.

Boustead also explained that Bakti Wira had acquired an 80% stake in Astacanggih for RM30 million cash from Prestige Dimension Sdn Bhd and other minority shareholders in December 2012.

“The purchase consideration for both acquisitions were arrived at on a willing seller and willing buyer basis with reference to the market value of the freehold lands as appraised by an independent valuer,” it said.

It added that the acquisitions, which were announced on Dec 27, 2012 and Jan 3, 2013, contained information on the rationale and benefits, risks and effects, industry outlook and prospects, and approvals required for both transactions.

To recap, Boustead and Bakti Wira are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by Deepak, for damages of more than RM676 million over alleged conspiracy in land transactions.

Boustead is the third defendant and Bakti Wira the fourth defendant in the suit, which was filed in court on Oct 12.

In the writ of summons, Deepak is alleging tort of conspiracy, conspiracy to defraud, tort of conversion and/or undue influence by the defendants in some past acquisitions of shares and land.

He is also claiming for the return of the shares in Astacanggih; declaration that certain past transactions are null and void; and declaration of his rights over certain land.

Yesterday, Boustead and Bakti Wira denied the allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

It said that the group has at all times observed good corporate governance and ethical business practices in the companies’ dealings and had given due commercial considerations before entering into the transactions.

On Friday, Boustead’s share price fell 1.17% or 2 sen to close at RM1.69 with 107,900 shares traded.


Boustead Holdings down 1.75% on Deepak’s lawsuit

PETALING JAYA: Boustead Holdings Bhd’s share price fell as much as much as 1.75% to RM1.68 this morning after denying allegations made in the lawsuit against it by businessman Deepak Jaikishan.

At 11.02am the stock was trading at RM1.69 with 23,000 shares done.

The group and its wholly-owned subsidiary Bakti Wira Development Sdn Bhd, who are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by Deepak, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

In a filing with Bursa Malaysia yesterday, the group said it has at all times observed good corporate governance and ethical business practices in the companies' dealings and given due commercial considerations before entering into the transactions mentioned in the statement of claims.

The board also said the plaintiff's claims are untenable and are therefore positive that the companies will prevail in this litigation.

Deepak is suing for damages of more than RM676 million over alleged conspiracy in land transactions.

He is also claiming for the return of the shares in a company Astacanggih Sdn Bhd, which was acquired by Boustead and Bakti Wira; declaration that certain past transactions are null and void; and declaration of his rights over certain land.


Boustead, unit deny claims in businessman Deepak’s lawsuit

PETALING JAYA: Boustead Holdings Bhd and its wholly-owned subsidiary Bakti Wira Development Sdn Bhd, who are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by businessman Deepak Jaikishan, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

In a filing with Bursa Malaysia today, the group said it has at all times observed good corporate governance and ethical business practices in the companies' dealings and given due commercial considerations before entering into the transactions mentioned in the statement of claims.

“The directors of both Boustead and Bakti Wira believe that the plaintiff's claims are untenable and are therefore positive that the companies will prevail in this litigation,” Boustead told Bursa Malaysia.

Deepak is suing for damages of more than RM676 million over alleged conspiracy in land transactions.

Boustead is the third defendant and Bakti Wira the fourth defendant in the suit, which was filed in the Court on Oct 12.
In the writ of summons, Deepak is alleging tort of conspiracy, conspiracy to defraud, tort of conversion and/or undue influence by the defendants in some past acquisitions of shares and land.

He is also claiming for the return of the shares in a company Astacanggih Sdn Bhd, which was acquired by Boustead and Bakti Wira; declaration that certain past transactions are null and void; and declaration of his rights over certain land.

Boustead and Bakti Wira have 14 days from the date of receipt of the writ of summons to enter their appearance in the suit. The matter has been fixed for case management on Nov 14, 2018.

On Bursa Malaysia today, Boustead ended 1 sen or 0.6% lower at RM1.71 on 12,600 shares done.