logo
Finance Ministry: More than 1,800 items exempted under SST, triple the number under GST

Finance Ministry: More than 1,800 items exempted under SST, triple the number under GST

Malay Mail17 hours ago
KUALA LUMPUR, Aug 20 — The Finance Ministry (MOF) said the Sales and Service Tax (SST) covers a larger number of exempted or zero-rated items compared to the former Goods and Services Tax (GST).
In a Parliamentary written reply, it explained that 1,826 items are exempted under the SST, more than triple the 607 items that were tax-free under GST before it was abolished in 2018.
'The items exempted under both SST and GST include a wide range of essential goods commonly used by the public,' the ministry wrote.
'These cover unprocessed food such as chicken, beef, mutton, fish, vegetables, local fruits and rice, as well as processed food including flour, sugar, salt, white bread, milk and palm cooking oil. Medicines and medical devices are also exempted, along with reading materials.'
It was responding to Segamat MP Yuneswaran Ramaraj, who sought clarification on the number of items exempted from tax under SST in comparison to GST.
It then said the livestock feed, basic construction materials, fertilisers, pesticides and agricultural or livestock machinery will not be subject to SST.
The ministry also explained that the service tax will apply to about 70 per cent of services in the economy, compared to 76 per cent under GST, based on the Malaysia Standard Industrial Classification Codes.
It said that several basic services will continue to remain exempted from service tax which include land and sea passenger transport such as school buses, express buses, LRT, trains and ferries, as well as air passenger transport under the Rural Air Services in Sabah and Sarawak.
'Other services such as prepaid telecommunications, food and beverage delivery through e-commerce, residential rental, residential maintenance and cleaning, water supply and electricity below 600 kilowatt-hours for households will not be taxed,' it said.
It added that measures have been put in place to minimise double taxation and reduce living costs, while still promoting sustainable economic growth.
According to the ministry, the larger list of exempted items and the smaller scope of taxable services under SST compared to GST reflect the government's concern for the welfare of Malaysians.
'This approach demonstrates the government's commitment to safeguarding public well-being while strengthening fiscal sustainability, in line with the principles of the Madani Economy framework,' it said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

PropertyGuru Verified Badge – tailored for Malaysia – introduced to curb scams
PropertyGuru Verified Badge – tailored for Malaysia – introduced to curb scams

The Sun

time8 hours ago

  • The Sun

PropertyGuru Verified Badge – tailored for Malaysia – introduced to curb scams

KUALA LUMPUR: PropertyGuru Malaysia has introduced the PropertyGuru Verified Badge for property agents on its platform, in partnership with the Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH), to curb property scams in the local market. PropertyGuru Malaysia country manager Kenneth Soh said the initiative is tailored for Malaysia, where consumer awareness remains lower compared with its other markets. 'This particular push is Malaysia-specific. The badge helps prevent scams by ensuring consumers can easily identify verified professionals with traceable details, giving them recourse if anything goes wrong,' he said at the official launch yesterday. He said Vietnam already has verified agents and listings, while Singapore's smaller market benefits from stronger consumer awareness, making risks more manageable. In contrast, many Malaysians are still unclear on how to verify an agent's licence. Soh said this gap has fuelled rental scams, one of the most common fraud tactics, where conmen pose as agents, show units booked on short-term rental platforms and disappear after collecting deposits. 'Scammers are getting more and more creative. By starting from the discovery stage, we want consumers to look for verified agents on PropertyGuru. We have their identify card, licence tag and phone number, so if anything happens, there is recourse. Without verification, consumers are often left with no way to trace the scammer,' he added. Soh said over 100 had already been verified on the day of its soft launch (Monday), and numbers are expected to rise quickly. PropertyGuru currently has close to 10,000 agents in Malaysia. 'Our target is to get as close to 100% as possible within the year, depending on submissions from our agent partners and the verification process through eKYC and licence checks,' he said. Kuala Lumpur Criminal Investigation Department head SAC Mohd Razali Mohd Idrus said property-related scams have become increasingly sophisticated, often involving impersonation of licensed agents to deceive unsuspecting buyers and tenants. 'Public awareness and preventive measures are critical. PDRM welcomes collaborative initiatives such as PropertyGuru's Verified Badge, which can help Malaysians make safer property decisions and reduce opportunities for market exploitation,' he said. The PropertyGuru Verified Badge is awarded to registered real estate negotiators, real estate agents and probationary estate agents with active licences via LPPEH which completes PropertyGuru's secure verification process. This process involves confirming agents' identity through eKYC, validating their professional licence details, verifying their registered contact information and acknowledging the Verified Badge terms. Once completed, the PropertyGuru Verified Badge will appear on the agent or negotiator's profile, listings, and search results, making it easier for property seekers to engage with legitimate professionals. According to the LPPEH, unlicensed individuals defrauded more than 1,500 victims, resulting in nearly RM60 million in losses between 2019 and 2023.

Hong Leong Bank Wins Three Awards at Asian Banking & Finance Retail Banking Awards, Affirming its Transformative Journey Towards Becoming the Best Run Bank in Malaysia
Hong Leong Bank Wins Three Awards at Asian Banking & Finance Retail Banking Awards, Affirming its Transformative Journey Towards Becoming the Best Run Bank in Malaysia

Malay Mail

time8 hours ago

  • Malay Mail

Hong Leong Bank Wins Three Awards at Asian Banking & Finance Retail Banking Awards, Affirming its Transformative Journey Towards Becoming the Best Run Bank in Malaysia

HLB's Head of SME Banking, Woon Siew Hoong [Pic 1, left] and HLB's Head of Cash Management, Alina Grace Tan Kui Kwoon [Pic 2, left] receiving their awards at the Asian Banking & Finance Retail Banking Awards 2025 KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 20 August 2025Hong Leong Bank ("HLB" or the "Bank") has won awards in three coveted categories at the Asian Banking & Finance ("ABF") Retail Banking Awards 2025, a testament to the significant progress the Bank has made in its 5 year bankwide transformation journey.A pivotal aspect of HLB's bankwide transformation and success story is its established leadership as a prominent SME bank. For the fourth consecutive year, HLB has been named the Best SME Bank in Malaysia by ABF. This recognition directly reflects the Bank's diverse product offerings, pioneering digital innovations, and personalized advisory services, all meticulously designed to cater to the varied needs of its customers. HLB's unwavering commitment to customer-centricity has translated into tangible success, with the Bank's SME loans and financing portfolios achieving an impressive 11.6% year-on-year ("y-o-y") growth, nearly double the industry average of 6.7%. This significant growth not only reinforces HLB's strong market position but also vividly demonstrates its dedication to providing a seamless banking experience through increased accessibility and convenience. The Bank achieves this through its extensive branch network, flexible out-of-branch account openings, and intuitive digital platforms, all serving as effective touchpoints to ensure a comprehensive and effortless banking journey for every its strong performance within the corporate banking sector, HLB has also been recognized as the Domestic Cash Management Bank of the Year. This award underscores how the Bank empowers its corporate and financial institution clients with sophisticated cash management solutions that streamline operations and enhance financial control, further contributing towards HLB's bankwide transformation plan. By leveraging the Bank's real-time API integration, businesses can automate fund transfers to beneficiaries on a same-day basis, eliminating manual intervention and ensuring timely access to funds. The Bank's cash consolidation services also enable clients to streamline cash management by centralizing funds into a single account for better liquidity oversight and easier reconciliation. This comprehensive suite of services has led to the Bank consistently managing over 700 corporate clients with their cash management needs, boasting a remarkable 95.52% customer retention rate and over 99% utilization rate of its cash management with its 5 year bankwide transformation plan, HLB has invested significantly in its digital capabilities, leading to the strategic implementation of AI, effective data management, and innovative digital banking solutions. This commitment to digital excellence culminated in the Bank winning the Digital Transformation of the Year award for its groundbreaking collections 2018, HLB has embarked on a pervasive transformation journey within its Collections team, fundamentally reshaping the collections process with an industry-first, fully integrated, web-based collections platform. The platform provides the Bank with a 360-degree view of its customers, strengthened by real-time information sharing, a predictive dialing system, an AI humanized voice bot, and secured remote working capabilities. These innovations have resulted in a 47% surge in monthly call volume and allowed 20% of HLB's collections officers to be redeployed to higher-value tasks, showcasing the tangible benefits of this digital Lam, HLB's Group Managing Director and CEO, commented, "This isn't just about winning awards; it's about reimagining the way we do banking. Two years ago, we set out on our bankwide transformation plan, and these three accolades prove that we are on the right track. This vision has defined our operating cadence, where we have reevaluated existing structures, reimagined the customer journey, and unleashed a wave of innovation throughout the Bank that is redefining what we can be to our customers. Looking ahead, we strive to continue on our transformation journey, implementing digital innovations while preserving that human touch to ensure we provide an elevated banking experience for all our customers."For more information on HLB's business banking solutions, please visit: Hashtag: #HongLeong #HLBB The issuer is solely responsible for the content of this announcement. About Hong Leong Bank Berhad Please visit

Known as China's logistics capital, Linyi has become a development hotspot of the private economy, said the Linyi City Government
Known as China's logistics capital, Linyi has become a development hotspot of the private economy, said the Linyi City Government

Malay Mail

time8 hours ago

  • Malay Mail

Known as China's logistics capital, Linyi has become a development hotspot of the private economy, said the Linyi City Government

LINYI, CHINA - Media OutReach Newswire - 20 August 2025 - Known as China's logistics capital, Linyi has become a development hotspot of the private economy. By the end of June, the city had cultivated over 1.54 million market entities, ranking second in Shandong province, according to statistics from the Linyi Municipal them, there were more than 1.53 million private market entities, accounting for 99.3 percent of the total, contributing over 90 percent of the city's business revenue, industrial tax revenue, and employment for residents. Private investment accounted for 75.9 percent, ranking third in the province, surpassing the provincial average by 14.3 percentage a major gathering for entrepreneurs from across China and abroad, the 2nd Linyi Entrepreneurs Convention was held in Linyi from Aug 18 to 20, with the tagline "choose Shandong, gather in Linyi for win-win future", showcasing the city's vibrant private economy and development potential to the an unprecedented scale, the event featured the release of Shandong top 100 private enterprises list. There were more than 900 attendees including representatives from local enterprises, leading figures of private enterprises, and renowned experts and scholars, gathering in Linyi to express their deep feelings for their hometown and discuss major development plans. It also highlighted new policies to support private businesses, offering both financial incentives and comprehensive is an important birthplace of Dongyi culture, an important part of Shandong culture, with the phoenix serving as its symbolic totem. The event introduced the Phoenix List to recognize and motivate local enterprises, symbolizing advancement and cultural event launched site visits to Linyi's 13 iconic industry value chains, ranging from food processing and modern medicine to agricultural machinery and high-end equipment. Activities like the "Linyi enterprise experience tour" and six matchmaking conferences were organized to foster collaboration along key industry value chains, aiming to boost investment, attract talent, and drive high-quality development in the private economy is the foundation of its development, and its entrepreneurs are the backbone of its growth. The Linyi Entrepreneurs Convention serves as a key platform for private business leaders to exchange ideas and innovate. Starting next year, Linyi will make the conference an annual event, aiming to create a distinctive symbol for the city's private sector, a shared celebration for its entrepreneurs, and a prestigious brand for the #Linyi The issuer is solely responsible for the content of this announcement. About The Linyi Municipal Publicity Department The Linyi Municipal Publicity Department is a key division within the Linyi Municipal Government, dedicated to advancing cultural development and fostering the construction of a spiritual civilization.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store