Latest news with #MinisterOfFinance
Malay Mail
5 days ago
- Business
- Malay Mail
TNB reviewing legal options after RM840m tax blow from IRB
KUALA LUMPUR, July 25 — Tenaga Nasional Bhd (TNB) has received a Notice of Additional Assessment for the Year of Assessment (YA) 2022 amounting to RM840.12 million, dated July 24, 2025, from the Inland Revenue Board. In a filing with Bursa Malaysia today, TNB said that in light of the Federal Court's decision relating to a similar Notice of Additional Assessment issued for YA 2018, it is currently evaluating its available legal options to address the matter. 'This evaluation takes into consideration that TNB has already submitted an application for Investment Allowance under Schedule 7B of the Income Tax Act 1967 (including those for YA 2022) to the Minister of Finance,' it added. — Bernama
Arabian Business
30-06-2025
- Business
- Arabian Business
Saudi Arabia extends cancellation of fines and exemption of penalties by 6 months
The Saudi Zakat, Tax, and Customs Authority (ZTCA) has extended the initiative to waive fines and exempt taxpayers from penalties for an additional six months, until December 31, 2025. The ZTCA, in a notice on its website, said the Minister of Finance has approved the extension to taxpayers under all Saudi tax laws, starting July 1 this year. #ZATCA has extended the Exemption of Fines Initiative December 31, 2025. — هيئة الزكاة والضريبة والجمارك (@Zatca_sa) June 27, 2025 This does not cover penalties for tax evasion violations, fines paid before the effective date of this initiative, or fines related to returns owed to the authority after June 30, 2025. 'The initiative offers relief from penalties associated with late registration, late payment, and late filing of returns. It also waives fines for correcting value-added tax (VAT) returns, fines for field violations related to electronic-invoicing regulations, and general VAT-related infractions,' said ZTCA. ZTCA is also offering taxpayers the option to pay their penalties in instalments. To avail of this, the taxpayer must submit a request to the authority for instalment payments. The request has to be submitted during the initiative's validity period and all payments must be paid within their due dates according to the plan approved by the authority. The requirements stipulate that taxpayers must submit all required returns to the authority that have not been previously submitted, correctly disclose all undisclosed taxes, and fully pay the principal tax debt related to the returns to be submitted or amended to correctly disclose outstanding tax liabilities. ZTCA urged taxpayers to review the details of the initiative and its provisions through the simplified guide, which is available on its website. It provides a detailed explanation of the features of the fine exemption decision, including clarification of the types of fines covered and the conditions for benefiting from the exemption associated with each type of fine.
Zawya
30-06-2025
- Business
- Zawya
Saudi Arabia extends tax penalty waiver initiative until end of 2025
RIYADH — The Saudi Zakat, Tax, and Customs Authority (ZTCA) announced that the minister of finance has approved extension of the initiative to waive fines and exempt taxpayers from penalties for a period of six months, starting July 1, 2025. This extension applies to taxpayers until December 31, 2025 under all Saudi tax laws. The authority said that the initiative offers relief from penalties associated with late registration, late payment, and late filing of returns. It also waives fines for correcting value-added tax (VAT) returns, fines for field violations related to electronic-invoicing regulations, and general VAT-related infractions. The eligibility requirements stipulate that t axpayers must meet registration requirements as outlined by the authority. They must also submit all required returns to the authority that have not been previously submitted, correctly disclose all undisclosed taxes, and fully pay the principal tax debt related to the returns to be submitted or amended to correctly disclose outstanding tax liabilities. Taxpayers may also submit a request to the authority for installment payments, provided the request is submitted during the initiative's validity period and all installments shall be paid within their due dates according to the installment plan approved by the authority. The ZTAC emphasized that the initiative does not cover penalties for tax evasion violations, fines paid before the effective date of this initiative, or fines related to returns owed to the authority after June 30, 2025. The authority called on taxpayers to review the details of the initiative and its provisions through the simplified guide for the initiative, available on its website. The guide provides a detailed explanation of the salient features of the fine exemption decision, including clarification of the types of fines covered, the conditions for benefiting from the exemption associated with each type of fine, and the steps for disbursing financial dues in installments. It also outlines the field control violations covered by the initiative, with illustrative examples. The ZTAC urged all taxpayers to seize the opportunity of extending grace period for the initiative, stressing its readiness to answer any inquiries via the Unified Call Center number 19993, available 24/7, or "Ask Zakat, Tax, and Customs" account on the X Zatca_Care platform, or the email address [email protected], or the live chat on the authority's website. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
28-06-2025
- Business
- Argaam
ZATCA extends penalty cancellation initiative until December 2025
The Zakat, Tax and Customs Authority (ZATCA) announced that the Minister of Finance decided to extend the penalty cancellation and financial sanction exemption initiative for taxpayers subject to tax regulations for an additional six months, starting from July 1, 2025. In a statement, the authority clarified that the initiative includes exempting taxpayers from penalties for late registration under all tax laws, late payment penalties, and late filing of tax returns under tax laws. This is in addition to penalties for correcting VAT returns, violations identified through field inspections related to e-invoicing compliance, and other general VAT-related penalties.
Zawya
25-06-2025
- Business
- Zawya
South Africa: National Assembly Approves the Public Pension and Related Payments Bill
The National Assembly, during its hybrid plenary sitting yesterday, approved the Public Sector Pension and Related Payments Bill. The Bill, introduced by the Minister of Finance as part of the 2025 Budget, proposes that public sector-related pension, post-retirement medical and other benefits in terms of statutory and collective agreement obligations become direct charges against the National Revenue Fund (NRF). This means the Bill will make it easier for the government to pay pensions and medical benefits to retired public servants, such as former presidents, Members of Parliament, military veterans, and other government employees. Instead of using the National Treasury's budget, these payments will now be made directly from the NRF – the central account for government funds. The current payment system makes it difficult for National Treasury to pay the benefits, as there are administrative requirements to track which department each retired claimant worked in, causing delays and complications. The new Bill will fix this by simplifying how and where the payments come from. In line with the requirements of the Money Bills Amendment Procedure and Related Matters Act, the Standing Committee on Appropriations held public hearings and submissions were received from key stakeholders, including the Financial and Fiscal Commission, which supported the Bill's intent but raised concerns regarding fiscal transparency and the clear delineation of responsibilities between the government, the Government Employees Pension Fund and public servants. The Parliamentary Budget Office agreed with the Bill and said Parliament should always have a chance to approve any changes. The Congress of South African Trade Unions fully supported the Bill, saying it protects pensions and respects worker agreements. While the Standing Committee supports the Bill, it raised its concern with a clause that says if Parliament does not approve or reject changes to the list of benefits within three months, those changes will automatically become law. The committee does not agree with this and asked the Minister of Finance to remove that clause in the next round of changes. The committee further recommended that the Minister of Finance report back to Parliament in writing on the concerns raised and that the committee should be kept informed and involved in all future decisions about these pensions. The NA adopted the Bill and it will now be sent to the National Council of Provinces for concurrence. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
