Latest news with #FreeTrade
The Star
2 days ago
- Business
- The Star
Towards fairer govt tender bids
A safeguard: Since 2023, the TCC has been required for taxpayers or bidders applying for government procurement, initially limited to supplies and services. Tax Compliance Certificate now across all procurements PETALING JAYA: Companies bidding for government tenders must now include a Tax Compliance Certificate (TCC) from the Inland Revenue Board (LHDN) for all jobs, including supplies, services and physical works. The mandate has been standardised across various procurement categories. 'The requirement of a TCC as a mandatory supporting document for government procurement comes into effect on July 1, 2025,' said a Treasury circular signed by the Finance Ministry's secretary of the government procurement division, Datuk Norison Ramli. Government agencies must ensure bidders include the TCC in their tender documents. The circular added that, like local companies, this requirement also applies to foreign countries, including those with which Malaysia has a Free Trade Agreement. 'No exemption is given to bidders operating out of Free Trade zones or industrial zones governed by the Free Zones Act 1990,' read the circular. The ministry stated that if the TCC document is missing, non-compliant, expired or fake, the supplier's bid will be disqualified from further evaluation. For bids that closed before July 1 or are currently being finalised, a compliant TCC must be submitted before the Letter of Acceptance is issued. In such cases, a Letter of Intent will be given to the company, which then has seven days to submit the TCC. If a company fails to provide the TCC, the approving authority will choose another supplier and decide on the next steps. The circular stated that the implementation aligns with the government's goals for fiscal consolidation – policies aimed at reducing deficits and debt to ensure financial stability – revenue sustainability, and encouraging voluntary tax compliance among taxpayers. Since 2023, the TCC has been required for taxpayers or bidders applying for government procurement, initially limited to supplies and services, as announced in Budget 2022. Building on its positive impact, the Finance Ministry, in collaboration with the LHDN, extended the TCC to physical works and consulting services through a six-month pilot project from Oct 1, 2024 to March 31, 2025. This effort entailed the participation of the Public Works Department and the Drainage and Irrigation Department. Given the positive reception from participating government agencies, the circular stated that the TCC submission process is now standardised across all procurement categories and implemented by all ministries and departments. The circular was addressed to the Chief Secretary to the Government, Public Service Department director-general, the Attorney General, the Auditor-General, as well as the chief secretaries of all ministries. The TCC issued by the LHDN serves as an official confirmation that the taxpayer has fulfilled their income tax obligations, which includes the timely submission of tax returns and the payment of any outstanding taxes. In October last year, Bernama quoted LHDN Revenue Collection assistant director Nooraini Mat Ali, stating that new taxpayers or bidders must obtain the TCC by checking their Tax Identification Number via the e-Daftar application at the MyTax portal. She said the TCC is aimed at taxpayers, including individual business owners, cooperatives, trusts, unit trusts, limited liability partnerships, real estate investment trusts, and property trust funds. Enquiries about obtaining the TCC can be directed to tcc@
Mint
25-07-2025
- Business
- Mint
OYO's Ritesh Agarwal says India-UK FTA deal game-changer for startups, jobs, AI growth
OYO Rooms founder and CEO Ritesh Agarwal hailed the India-UK FTA deal, stating that the agreement is likely to be a game-changer for startups, jobs, AI growth. 'The India- UK FTA is a major step forward— other industries travel, services and startups are going to see a major uplift. As one of the fastest growing investors in the UK with 220+ hotels in 65+ UK cities and £50m investment in premium expansion, it means more jobs (1,000+ planned), smarter AI innovation, and a stronger role in local communities,' the OYO founder said in a clip posted on Instagram. The OYO rooms founder was among the eight other business tycoons, including Bharti Enterprises chairman Sunil Mittal, Vedanta Resources Chairman Anil Agarwal, others who attended the signing of the historic deal between India and the UK. India and the UK, on Thursday, July 25, signed a landmark free trade agreement, aimed at boosting goods and services trade between the two countries. It was signed by Piyush Goyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and UK prime minister Keir Starmer. The FTA will cut tariffs on most products traded between India and the United Kingdom. According to an official release, the deal also specified that the average tariff on UK products will fall from the current 15% to just 3%. The Free Trade deal will exempt at least 75,000 Indians working in the UK from social security payments for three years. Youth in IT, services, and education will gain from easier access to the UK's high-value markets. Union Minister Piyush Goyal said the FTA would allow duty-free access for 99 per cent of Indian exports, unlocking $23 billion in opportunities for labour-intensive sectors. India's seafood shrimp, tuna, fishmeal gets zero-duty entry to the UK's $5.4 billion marine market after the Free Trade deal comes into effect. The FTA will also make it easier for British firms to export whisky, gin, cosmetics, medical devices, cars and other products to India The Free Trade deal will also offer simplified customs, equal treatment and procurement access. MSMEs can now bid for the UK government contracts.
Time of India
25-07-2025
- Politics
- Time of India
Russia Seethes As Thailand-Cambodia Continue Fighting, Putin Aide Slams West
'From One Chaiwala To Another': PM Modi's Viral Moment With Indian-Origin Tea Seller In UK Prime Minister Narendra Modi and UK Prime Minister Keir Starmer shared a warm moment over 'Chai Pe Charcha' at Chequers after signing the India-UK Free Trade deal. A tea server, dressed in traditional attire, served Assam tea with Kerala masala, saying, 'from one chaiwala to another,' a remark that went viral. Modi and Starmer displayed a strong rapport during their joint press meet and also engaged with members of the Buckingham Street Cricket Hub in London. Modi later met King Charles III to discuss India-UK relations, including trade, investment, Vision 2035, education, health, Yoga, Ayurveda, and environmental sustainability.#modiukvisit #keirstarmer #indiaukfta #chaipecharcha #brewingstrongerties #indiandiplomacy #cricketdiplomacy #vision2035 #tradeagreement #globalrelations #toi #toibharat 223 views | 3 hours ago
Forbes
25-07-2025
- Business
- Forbes
China Market Update: Profit Taking Caps Strong Week For China Markets, Week In Review
CLN Asian equities were lower overnight after a significant rally for the week. Hong Kong and Mainland China both closed lower, though the latter outperformed. Analysts cited profit taking after a strong week, though the looming August 1st tariff deadline also likely weighed on sentiment. China's Premier Li met with European leaders at the EU-China Business Symposium. European leaders cited industrial overcapacity as a primary concern. It is good, then, that addressing overcapacity, especially in autos and solar panels, has become a top priority for China's government. At the Summit, Premier is quoted by the South China Morning Post as having said, 'Amid rising protectionism and unilateralism, if China and Europe join hands in upholding free trade and multilateralism while deepening economic and trade collaboration, they can serve as a stabilizing anchor for economic globalization and the stability of global industrial and supply chains'. The deal with Japan is interesting as it involves a half-billion US dollar investment in the United States. We have advocated for some time that investment commitments are a superior alternative to tariffs as they do not punish US consumers and weigh on growth. Could this happen with China? We will see. Though, some security guardrails around the investments would have to be put in place. The America First Investment Plan memo provides for these guardrails, in theory, including a note that the US should consider employing what is basically a variable interest entity (VIE) structure for foreign investments. However, they did not call it that, of course. Semiconductor Manufacturing International (SMIC) gained +4.98% overnight as UBS issued callable bull/bear contracts (CBBCs) on the semiconductor stock in Hong Kong. UBS also issued new CBBCs for Meituan, Ping An, BYD, Hong Kong Exchanges & Clearing, and Tencent. Health care and industrials were the top-performing sectors in Hong Kong. Industrials continue to benefit from the perceived renewed infrastructure push in China, signified by the Tibet dam. However, not all were higher overnight as China Power Construction fell -3.10%, Inner Mongolia Baotou Steel fell -2.00%, and China Energy Engineering fell -9.60%. China will report industrial profits over the weekend. Internet stocks were mostly lower overnight. Alibaba fell -1.91% and Meituan fell -3.20%. Markets have mostly taken the instant commerce promotion rules in stride, as these stocks had a positive performance week. Profit taking was likely the culprit behind last night's price action. New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
Time of India
25-07-2025
- Business
- Time of India
'From One Chaiwala To Another': PM Modi's Viral Moment With Indian-Origin Tea Seller In UK
/ Jul 25, 2025, 06:30PM IST Prime Minister Narendra Modi and UK Prime Minister Keir Starmer shared a warm moment over 'Chai Pe Charcha' at Chequers after signing the India-UK Free Trade deal. A tea server, dressed in traditional attire, served Assam tea with Kerala masala, saying, 'from one chaiwala to another,' a remark that went viral. Modi and Starmer displayed a strong rapport during their joint press meet and also engaged with members of the Buckingham Street Cricket Hub in London. Modi later met King Charles III to discuss India-UK relations, including trade, investment, Vision 2035, education, health, Yoga, Ayurveda, and environmental sustainability.#modiukvisit #keirstarmer #indiaukfta #chaipecharcha #brewingstrongerties #indiandiplomacy #cricketdiplomacy #vision2035 #tradeagreement #globalrelations #toi #toibharat
