Latest news with #NationalTaxConference
The Sun
05-08-2025
- Business
- The Sun
Malaysia studies UWO and monthly pension proposals for financial reform
KUALA LUMPUR: The government is carefully evaluating proposals for the Unexplained Wealth Order (UWO) and monthly pension schemes before implementation, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. Speaking at the 2025 National Tax Conference, he stressed the need for thorough study to avoid unintended consequences. 'We will look at good ideas before execution, and I have received suggestions to explore. We will study the matter first and understand the issues involved,' he told reporters. The UWO, previously advocated by former Klang MP Charles Santiago, aims to hold elites accountable for unexplained wealth. On pension reforms, Amir Hamzah highlighted concerns over retirees exhausting lump-sum EPF withdrawals prematurely. 'Many tend to spend the money quickly, leaving insufficient savings in old age,' he said. The proposed monthly pension system targets new EPF contributors, separating funds into retirement savings and pension payouts. The 13th Malaysia Plan outlines this dual-component approach to ensure sustainable post-retirement income. The government remains committed to refining practical implementation methods for both initiatives. - Bernama
New Straits Times
05-08-2025
- Business
- New Straits Times
Govt weighs unexplained wealth order, no green light yet: Amir Hamzah
KUALA LUMPUR: The government is not ready to make any final decision regarding the implementation of the Unexplained Wealth Order (UWO), although he acknowledges that the proposal is being seriously studied. Finance Minister II Datuk Seri Amir Hamzah Azizan said the proposal is one of the ideas that deserves attention but requires thorough research before any action is taken. "We cannot rush into implementing it. I have received the proposal to assess the implementation of the UWO, and we will look into it seriously. "However, for now, the government is not ready to make a final decision," he said at the 2025 National Tax Conference. Recently, former Klang MP Charles Santiago called on the government to introduce legislation enabling the issuance of UWOs, highlighting it as a necessary tool to combat illicit wealth accumulation and systemic corruption among the elite. Amir Hamzah said any new policy, including UWO, must go through a research and in-depth understanding process to evaluate its implications on the economy and the public at large. "We do not want to implement a policy that ultimately brings negative or unintended consequences. What's important is to fully understand the implications before making any decision," he added. On the implementation of tax on high-value goods, he said the government always adopts a targeted approach to ensure that the tax burden falls only on those who can afford it. "For example, when we expanded the Sales and Services Tax (SST), we carefully examined which segments could bear the tax burden. Basic goods widely used by the public are exempted from SST, while tax is only imposed on non-essential or luxury items." He added that in the healthcare sector, taxes are imposed on foreigners receiving treatment in Malaysia, while in the education sector, tax is only applied to high-income groups above the age threshold of 60.
New Straits Times
05-08-2025
- Business
- New Straits Times
Malaysia marks milestone in tax reform with e-invoice rollout
KUALA LUMPUR: The successful implementation of e-invoice by the Inland Revenue Board marks a major milestone in the country's tax transformation journey, said Finance Minister II Datuk Seri Amir Hamzah Azizan. "This initiative is not merely a technological upgrade, it is a foundational shift in how we monitor, manage, and engage with taxpayer information in real time," he said at the National Tax Conference here today. He said the system creates an environment of increased transparency for both practitioners and administrators, reduces compliance costs, curbs leakages, and enhances audit effectiveness. It also aligns with the government's broader digitalisation agenda and promotes operational efficiency for businesses of all sizes, ultimately building a more robust and accountable tax ecosystem. He noted that the tax landscape today extends far beyond the traditional objectives of compliance and collection, and has evolved into a dynamic space defined by trust, transparency, and transformation. "As professionals who are both custodians and enablers of tax policy and administration, we understand that modern tax systems must do more than generate revenue. "They must inspire public confidence, encourage voluntary compliance, and support national development in an increasingly complex and interconnected global economy," he said. Amir Hamzah also highlighted Malaysia's commitment to implementing the Global Minimum Tax through the Organisation for Economic Co-operation and Development's related framework. He described it as a proactive alignment with international tax standards and a step towards safeguarding Malaysia's taxing rights. "It also represents a crucial step in addressing base erosion and profit shifting, ensuring that large multinational enterprises contribute their fair share to the jurisdictions in which they operate," he said. He added that these key reforms are not just policy shifts, but strategic moves to future-proof the tax system. By embracing innovation and aligning with global frameworks, he said Malaysia is reinforcing its competitiveness, protecting fiscal sovereignty, and cultivating a level playing field that supports sustainable economic growth. "As tax professionals and public administrators, we each play a critical role in ensuring that these reforms are implemented effectively and with integrity." "Our shared commitment to capacity building, stakeholder engagement, and continuous improvement will determine the success of these initiatives," he said. "The policies we shape today, and the trust we foster among taxpayers, will influence not just the health of our fiscal system but also the trajectory of Malaysia's long-term development."
New Straits Times
05-08-2025
- Business
- New Straits Times
Govt weighs unexplained weath order, no green light yet: Amir Hamzah
KUALA LUMPUR: The government is not ready to make any final decision regarding the implementation of the Unexplained Wealth Order (UWO), although he acknowledges that the proposal is being seriously studied. Finance Minister II Datuk Seri Amir Hamzah Azizan said the proposal is one of the ideas that deserves attention but requires thorough research before any action is taken. "We cannot rush into implementing it. I have received the proposal to assess the implementation of the UWO, and we will look into it seriously. "However, for now, the government is not ready to make a final decision," he said at the 2025 National Tax Conference. Recently, former Klang MP Charles Santiago called on the government to introduce legislation enabling the issuance of UWOs, highlighting it as a necessary tool to combat illicit wealth accumulation and systemic corruption among the elite. Amir Hamzah said any new policy, including UWO, must go through a research and in-depth understanding process to evaluate its implications on the economy and the public at large. "We do not want to implement a policy that ultimately brings negative or unintended consequences. What's important is to fully understand the implications before making any decision," he added. On the implementation of tax on high-value goods, he said the government always adopts a targeted approach to ensure that the tax burden falls only on those who can afford it. "For example, when we expanded the Sales and Services Tax (SST), we carefully examined which segments could bear the tax burden. Basic goods widely used by the public are exempted from SST, while tax is only imposed on non-essential or luxury items." He added that in the healthcare sector, taxes are imposed on foreigners receiving treatment in Malaysia, while in the education sector, tax is only applied to high-income groups above the age threshold of 60.
Time of India
27-06-2025
- Politics
- Time of India
School Assembly news headlines for today June 28, 2025: From sports to education, check 20+ national & international news
School Assembly news headlines for today June 28, 2025: Welcome to today's school assembly news for June 28, 2025! Stay updated with important news from around the world and India. Prime Minister Modi sends greetings on the Rath Yatra festival, wishing joy and success to all. In sports, the Khelo India University Games 2025 will be held in Jaipur this November, bringing together 4,000 athletes from across the country. On the international front, tensions rise at the Thailand-Cambodia border after recent clashes. Meanwhile, India's office space demand grows by 11% in the second quarter of 2025, showing strong economic activity. These and many more national and international headlines will keep you informed and ready for your school assembly today Today's national news headlines in English for school assembly, June 28, 2025 PM Modi greets the nation on Rath Yatra, wishing joy and success for all. Two-day National Tax Conference to begin in Vadodara on June 28, focusing on economic reforms and tax policies. India's office space demand rises 11% in Q2 2025 amid strong leasing activity in major cities. Andhra Pradesh CM reviews Space Policy 4.0 aiming to attract ₹25,000 crore investment and create thousands of jobs. Maharashtra observes Social Justice Day, marking the 151st birth anniversary of Chhatrapati Shahu Maharaj with state-wide tributes. Today's international news headlines in English for school assembly, June 28, 2025 Tensions escalate at Thailand-Cambodia border after deadly clashes; leaders visit disputed areas to ease crisis. India criticizes Pakistan at the United Nations Security Council for promoting terrorism and human rights violations. Israel and Iran agree to a U.S.-backed ceasefire after a 12-day conflict sparked by missile strikes. U.S. Supreme Court allows deportation of migrants to third countries without hearings on safety concerns. Manny Pacquiao announces return to boxing at age 46, set to face WBC champion Mario Barrios in Las Vegas on July 19. Today's sports news headlines in English for school assembly, June 28, 2025 Homecoming for Nitish Rana as he joins Delhi for the upcoming Ranji Trophy season. Manny Pacquiao returns to boxing at age 46, set to face WBC champion Mario Barrios in Las Vegas on July 19. ICC introduces a stop clock in Test cricket to improve over rates during the 2025–27 World Test Championship cycle. India wins all three titles at the 2nd Asian Squash Doubles Championships, defeating Pakistan and Malaysia in thrilling finals. Neeraj Chopra clinches Ostrava Golden Spike 2025 title with an 85.29m throw. Today's education news headlines in English for school assembly, June 28, 2025 KCET 2025: KEA to hold UGCET seat allotment interaction to ease admission process, says Dr. MC Sudhakar. NIOS Class 10th Results 2025 to be released soon; students can download scorecards from official websites. DU panel's decision to drop proposed PG papers on Islam, Pakistan, and China sparks controversy. DoE expands Mission Mathematics program to Classes 6 and 7 from this academic session. CBSE offers two exams for Class 10th with the first test mandatory; students can improve performance in the second exam. Today's state news headlines in English for school assembly, June 28, 2025 Devotees witness Nabajouban Darshan at Puri temple as deities reappear ahead of Rath Yatra after Anasara observance period. Zamorin of Kozhikode, K C Ramachandran Raja, passes away at 93 in Bengaluru; final rites scheduled for June 27. Cloudbursts and flash floods in Himachal Pradesh and Jammu & Kashmir kill seven; IMD issues red alert for heavy rain in Kerala. Maharashtra marks Chhatrapati Shahu Maharaj's 151st birth anniversary as Social Justice Day with tributes by top state leaders. Andhra Pradesh Chief Minister reviews Space Policy 4.0 aiming to attract ₹25,000 crore investment and boost jobs in the space sector. Top business and economic news headlines for June 28, 2025 India's office market grows 11% in Q2 2025, with 17.8 million sq. ft. leased across top seven cities, showing strong demand despite global challenges. RBI states Indian economy remains strong as interest rate cuts and financial easing support smooth credit flow amid global pressures. RBI panel member signals possibility of future rate cuts despite June policy shift to neutral stance. Top 18 Indian states to spend ₹1 trillion on women-focused pre-poll welfare schemes in FY26, impacting capital expenditure. Crude oil prices rise as U.S. stockpiles drop by 5.8 million barrels, indicating higher demand in global markets. Daily word and thought of the day for school assembly, June 28, 2025 Word of the Day Perseverance (noun)Meaning: Steadfastness in doing something despite difficulty or delay in achieving Sentence: "With perseverance, she completed the marathon even when she felt like giving up." Thought of the Day "The future belongs to those who believe in the beauty of their dreams."— Eleanor Roosevelt For more informative articles on historical and upcoming events from around the world, please visit Indiatimes Events.
