Latest news with #913
BusinessToday
3 hours ago
- Business
- BusinessToday
FCPO Stalls Below RM4,000
FCPO edged up just RM8 to close Monday at RM3,925, after trading in a narrow range between RM3,913 and RM3,954. The session ended with a mildly bearish candle pattern, suggesting persistent uncertainty amid weak market sentiment. RHB Investment Bank Bhd has reiterated a negative trading bias on crude palm oil futures (FCPO), advising traders to maintain short positions as prices continue to hover below key resistance levels. The house noted that the broader trend remains downbeat, with prices still below both the 50-day and 200-day simple moving averages. Momentum indicators remain soft, as the Relative Strength Index (RSI) continues to trend below the 50% mark, reflecting weak upward strength. Unless FCPO decisively breaks above RM4,000, the bearish outlook is expected to hold. The investment bank recommended that traders who initiated short positions at RM4,328 on April 4 should continue holding, while setting a stop-loss threshold at RM4,000 to manage risks. Support is pegged at RM3,700 and RM3,500, with resistance levels seen at RM4,000 and RM4,100 if prices rebound. Related
Business Recorder
16-05-2025
- Business
- Business Recorder
Budget 2025-26: KCCI urges govt to expand tax net, targets 4.6mn unregistered entities
Frustrated by the rising tax burden on already compliant businesses, Pakistan's business community has called on the government to expand the tax net by bringing 4.6 million identified but unregistered industrial and commercial entities into the tax net, instead of imposing additional duties on the existing taxpayers. The demand was made through budget proposals submitted by the Karachi Chamber of Commerce and Industry (KCCI) to the Ministry of Finance ahead of the federal budget for fiscal year 2025-26. KCCI noted that several businesses and individuals remain outside the tax net, despite being traceable through official data such as electricity and gas connections, vehicle and property registrations, travel and banking records. This gap results in an unfair tax regime, KCCI argues, overburdening compliant taxpayers and contributing to revenue shortfalls. 'For instance, data from the National Electric Power Regulatory Authority (Nepra) till June 2024, indicates that there are 4.6 million commercial and industrial electricity connections, while only 396,383 entities are registered for sales tax.' Budget FY26: Sindh CM takes step aimed at finalising proposals, allocations 'This indicates the untapped potential within the system,' the business chamber highlighted in its proposals. KCCI urged the government to utilise available datasets, such as electricity records from Wapda and KE, to identify and register these entities. The chamber was of the view that integrating them into the tax net would enhance revenue collection, reduce reliance on punitive measures like the Further Tax, and promote equity and compliance within the tax system. As of November 6, 2024, the Federal Board of Revenue (FBR) had received 5.215 million tax returns, showing a 76% year-on-year increase from 2.959 million filed during the same period in 2023. However, despite this improvement in compliance, the FBR collected Rs9,309 billion during July-April FY2024-25—falling short of its Rs10,130 billion target by Rs821 billion. The government has already revised the FBR's annual target downward, from Rs12,913 billion to Rs12,334 billion for the ongoing fiscal year. PCDMA submits budget proposals to FBR Nonetheless, a shortfall exceeding Rs600 billion is projected for the full year. Provisional figures suggest that the tax collection target for the upcoming FY2025-26 will be raised to around Rs14,300 billion, making it imperative for the government to broaden the tax base. In addition to urging a crackdown on unregistered taxpayers, KCCI recommended targeted tax relief and policy adjustments to support growth across various sectors. Proposals include introducing reforms to revive the real economy, reinstating zero-rating for local supplies under the Export Facilitation Scheme (EFS), and abolishing taxes on shrimp broodstock to support seafood exports. The chamber also proposed reinstating zero-rating for gold, permitting gold exports with at least 20% value addition, and removing motorcycle and auto parts from the third schedule, classifying them as intermediate goods. Oil and gas sector tax proposals for Federal Budget 2025-26 For the tea industry, KCCI called for a review of existing policies and measures to curb revenue leakages. According to KCCI, these recommendations, if implemented, could ease the tax burden on compliant businesses, incentivise growth in key sectors, and help the government meet its ambitious revenue targets for the upcoming fiscal year. The federal government will present the next fiscal year's budget on June 2.
New Straits Times
15-05-2025
- New Straits Times
Three women face 106 corruption charges linked to driving test bribes
JOHOR BARU: Two former clerks and a driving licence candidate agent were charged at the Sessions Court here today with a total of 106 counts of accepting and abetting bribes related to the approval of computerised driving tests. Nuratika Natasha Mohd Salleh, 25, and Nurieta Ahmad Pale, 36, pleaded not guilty to a combined 53 charges of accepting bribes between August and October last year, while their former employer, agency owner Siti Norafidah Othman, 45, denied the 53 charges of abetting the offences. According to the charge sheet, Nuratika allegedly received RM48,741 through 29 online transactions from a 26-year-old woman as payment to ensure passing results for candidates in the first part of the computerised driving licence test. These transactions were reportedly conducted at a bank in Jalan Niaga 1, Kota Tinggi. Meanwhile, Nurieta was charged with receiving RM21,172 through 24 online transfers from Nuratika as a reward for providing similar favours. Her transactions took place at a bank in Bandar Penawar, also in Kota Tinggi. Siti Norafidah, who managed the agency supplying driving test candidates, was accused of abetting both former clerks in receiving the bribes totalling RM69,913. The payments were allegedly made via accounts at banks in Bandar Penawar and Felda Air Tawar. All charges fall under Section 16(a)(A) and Section 28(1)(c) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, punishable under Section 24(1) of the same Act. Convictions carry a maximum sentence of 20 years in prison and a fine of not less than five times the amount of the bribe, or RM10,000, whichever is higher. MACC deputy public prosecutor Fazal Lisam Abidin prosecuted, while Nuratika and Nurieta were represented by lawyers Syufri A. Samad and Naufal Amran, and Siti Norafidah was represented by Abdul Rahim Ali. Judge Datuk Ahmad Kamal Arifin Ismail granted bail of RM7,000 each to Nuratika and Nurieta, and RM10,000 to Siti Norafidah, with conditions including monthly reporting to the Johor MACC office and surrendering their passports. The court has set June 26 for document submission and further mention.
New Straits Times
15-05-2025
- New Straits Times
3 women charged with 106 graft counts over driving test bribe scheme
JOHOR BARU: Two former clerks and a driving licence candidate agent were charged at the Sessions Court here today with a total of 106 counts of accepting and abetting bribes related to the approval of computerised driving tests. Nuratika Natasha Mohd Salleh, 25, and Nurieta Ahmad Pale, 36, pleaded not guilty to a combined 53 charges of accepting bribes between August and October last year, while their former employer, agency owner Siti Norafidah Othman, 45, denied the 53 charges of abetting the offences. According to the charge sheet, Nuratika allegedly received RM48,741 through 29 online transactions from a 26-year-old woman as payment to ensure passing results for candidates in the first part of the computerised driving licence test. These transactions were reportedly conducted at a bank in Jalan Niaga 1, Kota Tinggi. Meanwhile, Nurieta was charged with receiving RM21,172 through 24 online transfers from Nuratika as a reward for providing similar favours. Her transactions took place at a bank in Bandar Penawar, also in Kota Tinggi. Siti Norafidah, who managed the agency supplying driving test candidates, was accused of abetting both former clerks in receiving the bribes totalling RM69,913. The payments were allegedly made via accounts at banks in Bandar Penawar and Felda Air Tawar. All charges fall under Section 16(a)(A) and Section 28(1)(c) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, punishable under Section 24(1) of the same Act. Convictions carry a maximum sentence of 20 years in prison and a fine of not less than five times the amount of the bribe, or RM10,000, whichever is higher. MACC deputy public prosecutor Fazal Lisam Abidin prosecuted, while Nuratika and Nurieta were represented by lawyers Syufri A. Samad and Naufal Amran, and Siti Norafidah was represented by Abdul Rahim Ali. Judge Datuk Ahmad Kamal Arifin Ismail granted bail of RM7,000 each to Nuratika and Nurieta, and RM10,000 to Siti Norafidah, with conditions including monthly reporting to the Johor MACC office and surrendering their passports. The court has set June 26 for document submission and further mention.
