Latest news with #RM25
Focus Malaysia
2 hours ago
- Focus Malaysia
MACC seizes RM143m asset from highway concessionaire Tan Sri with luxury u/ground wine cellar
THE Malaysian Anti-Corruption Commission (MACC) has confirmed late last night (June 3) of having seized assets worth RM143 mil from a 'Tan Sri highway concessionaire in the Klang Valley' linked to the misuse of sukuk funds during an operation conducted last week. The seizures include 14 individual accounts totalling RM4.5 mil, eight company accounts totalling RM33 mil, luxury condominium and land worth RM24.5 mil, nine cars worth RM7.65 mil and 13 cars that have yet to be handed over to the investigation team, according to the graft buster's chief commissioner Tan Sri Azam Baki. Other items seized include luxury watches worth RM25 mil, handbags (RM3 mil), jewellery and diamonds (RM6 million), four horses (RM400,000), alcoholic beverages (RM3 mil), foreign assets worth more than RM15 million and around RM20 mil in gambling activities. 'Preliminary investigations detected misconduct between 2016 and 2020 involving approved sukuk funds of about RM1.35 bil with false claims of about RM360 mil and RM416 mil as well as RM50 mil in other bank facility loans,' he revealed in a statement. 'The RM1.67 bil highway project also failed to be completed according to schedule and investigations are focused on bribes worth RM12 mil paid to certain parties as inducement in facilitating the cash flow out and back to the suspect. 'Proceeds of the embezzled funds were believed to be used in money laundering activities.' Tan Sri suspect currently hospitalised Azam further stated that the parties involved were believed to have used professionals such as auditors, financial experts, engineers and shell companies as recipients of the money in a layered manner to embezzle the funds. 'Until now, the MACC has yet to take the Tan Sri's statement as he is still warded in a private hospital whereby the investigating officer will seek confirmation today (June 3) from the doctor on the Tan Sri's health status before recording his statement,' he revealed. 'Meanwhile, the number of witness statements stands at 45 whereby those whose statements had been previously recorded have been called back to provide further evidence.' Meanwhile, Azam also explained that the investigation team is also tracking down luxury vehicles and properties belonging to the Tan Sri, both domestically and abroad, including in London and Switzerland. Additionally, he said current investigation is also focused on the true value of luxury alcoholic beverages in the Tan Sri's possession with the possibility that the money has been transferred to other accounts. At the same time, a property declaration notice has also been served on the Tan Sri and other related parties. – June 4, 2025 Images: Malaysian Anti-Corruption Commission (MACC)
Borneo Post
2 hours ago
- Business
- Borneo Post
E-invoice delay for SMEs, stamp duty eased for jobs contracts
KOTA KINABALU (June 6): The government has announced key changes to the implementation of the e-invoicing system and the stamping of employment contracts following concerns raised by employers. The Inland Revenue Board (LHDN) announced that the implementation phase for e-invoices for taxpayers with annual income or sales exceeding RM1 million but not exceeding RM5 million has been postponed to Jan 1, 2026. In a statement, LHDN also announced that taxpayers with an annual income or sales below RM500,000 are exempted from the implementation of the e-Invoice system. 'The implementation phase for taxpayers with annual income or sales up to RM1 million has been postponed to July 1, 2026,' LHDN said. The board added that the decision was made after the government recognised the commitments of taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs), in meeting e-invoice legal requirements, which necessitate adequate preparation time and face numerous implementation challenges. The statement said that, in line with this decision, a new timeline for the e-invoice implementation phases has been established with Phase 3 targeting taxpayers with annual income or sales exceeding RM5 million but not exceeding RM25 million coming into effect on July 1, 2025. LHDN noted that Phase 4 will involve taxpayers with annual incomes or sales exceeding RM1 million up to RM5 million and will begin on Jan 1, 2026 while Phase 5 will cover the income group of up to RM1 million and will commence on July 1, 2026. The previously announced six-month grace period will also apply to these new phases, the agency said. It stressed that during this period, taxpayers will be permitted to issue consolidated e-invoices for all transactions, including self-billed e-invoices. Necessary details, it said, can be included in the 'Product or Service Description' field. 'If there is a request for an e-Invoice from the buyer, the seller is also allowed to issue only a consolidated e-Invoice without issuing one for each transaction,' the statement said. LHDN also said that during this grace period, no prosecution will be initiated under Section 120 of the Income Tax Act 1967 for non-compliance with e-Invoice regulations, provided taxpayers adhere to the consolidated e-Invoice requirements. 'Furthermore, starting Jan 1, 2026, taxpayers involved in e-Invoice implementation must issue an e-Invoice for every sale of goods or provision of services exceeding RM10,000, and consolidated e-Invoicing will no longer be permitted,' the statement added. To ease the burden on employers, the Ministry of Finance has agreed to exempt employment contracts executed before January 1, 2025, from stamp duty obligations. Starting January 1, 2026, all employment contracts between employers and employees must be stamped starting January 1, 2026. This directive is in line with the phased implementation of the Stamp Duty Self-Assessment System (STSDS) as outlined in the 2025 Budget. The IRB said it has already begun comprehensive stamp duty audit activities nationwide since January this year, following the issuance of the Stamp Duty Audit Framework (RKADS). 'Through the audit activities and compliance operations, one of the key findings has been that many employment contract documents between employers and employees have not been stamped as required under Item 4, First Schedule of the Stamp Act 1949, where the stamp duty is set at RM10,' according to a statement from IRB. This requirement is enforced based on the powers granted to the Minister of Finance under subsection 80(1A) of the Stamp Act 1949 and the authority to remit late stamping penalties provided to the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. In addition, employment contracts finalised from January 1, 2025, to December 31, 2025, will be subject to stamp duty. However, a remission of late stamping penalties will be granted, provided that the employment contracts are stamped on or before December 31, 2025. This relief is exercised under the powers of the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. According to the IRB, starting January 1, 2026, employment contracts finalised from that date onwards will be subject to stamp duty, and any delays in stamping will result in penalties being imposed. In light of these developments, the IRB urges all employers to review and update existing and upcoming employment contracts to ensure full compliance with stamping requirements as stipulated under the Stamp Act 1949.
New Straits Times
4 hours ago
- Business
- New Straits Times
Gadang, Cyberview end decade-long JV, cite regulatory impasse
KUALA LUMPUR: Gadang Holdings Bhd has mutually agreed to terminate a joint development agreement (JDA) with Cyberview Sdn Bhd, effectively ending a decade-long collaboration to develop a 49.17-hectare site in Cyberjaya. The decision follows a failure to secure planning approval for a revised final phase of the project, the group said in a filing to Bursa Malaysia today. The JDA, initially signed on May 23, 2014, involved Gadang's indirect subsidiary Hillstrand Development Sdn Bhd, with Cyberview's unit CSB Land Sdn Bhd joining the agreement in 2016. The development kicked off with Phase 1 in 2015 and has since seen the completion of Phases 1A through 3C. Phase 3D is on track for completion by December this year, but Phase 4, consisting of sub-phases 4A, 4B and 4C, remains undeveloped. Gadang said the proposed revision of Phase 4C, from commercial shop lots to serviced apartments, was key to unlocking an additional RM25 million in returns, a proposal Hillstrand Development supported, pending regulatory approval. "Despite multiple rounds of discussions and negotiations, the parties were unable to obtain the required regulatory approvals, particularly for Phase 4C," the group said, adding that all parties subsequently agreed to terminate the JDA. Hillstrand Development has incurred about RM40 million in development costs related to Phase 4. Under the terms of the termination, Cyberview and CSB Land have agreed to pay RM21 million as their portion of the shared common costs. Gadang said it would make a provision of about RM19 million for additional costs in its financial year ended May 31, 2025. This will be reflected in its fourth-quarter financial results, expected to be announced in July. The company added that the formal mutual termination agreement is expected to be completed in the fourth quarter of 2025.
New Straits Times
10 hours ago
- Business
- New Straits Times
SMEs hail e-Invoicing exemption as major relief
KUALA LUMPUR: The government's decision to permanently exempt small and medium enterprises (SMEs) from mandatory e-invoicing requirements is a "huge relief" for the small traders, the Small and Medium Enterprises Association of Malaysia (Samenta) said. The association praised the move, particularly the permanent exemption for micro-enterprises, the extended implementation timeline for SMEs, and the temporary waiver of liquefied petroleum gas (LPG) permit requirements for small food and beverage (F&B) traders. Its national president, Datuk William Ng, said the exemptions are not only timely but also reflect an understanding of the real challenges faced by small businesses on the ground. "We have provided input on both issues, and we are grateful that the government has shown genuine care and support for our most vulnerable enterprises," he said in a statement. The government has permanently exempted businesses earning below RM500,000 annually from the e-invoicing mandate. Ng said the exemption spares the smallest traders, hawkers and family-run shops, many operating without digital infrastructure, from compliance burdens that could have forced them to shut down or operate informally. Meanwhile, the postponement of e-invoicing requirements for businesses earning below RM5 million to Jan 1 next year provides SMEs the breathing space they need to prepare, upskill and adapt. Ng noted that the LPG permit temporary waiver, although a small administrative change, has significant implications for business continuity and the cost of living. He said the government's proactive stance has averted what could have become a national micro-business crisis. Under the earlier implementation schedule, businesses with annual revenues between RM500,000 and RM25 million were required to adopt e-invoicing by July 1, 2025, while those earning below RM500,000 were slated to comply by January 1, 2026. The Inland Revenue Board (LHDN), in a recent statement, said the revised decision was made in recognition of the commitments faced by Micro, Small, and Medium Enterprises (MSMEs) in complying with e-invoicing regulations that need sufficient time and face various implementation challenges.
The Sun
13 hours ago
- Business
- The Sun
E-invoice implementation for revenue below RM5 mln deferred to Jan 1, 2026
KUALA LUMPUR: The Inland Revenue Board (LHDN) announced that the implementation phase for e-invoices for taxpayers with annual income or sales exceeding RM1 million but not exceeding RM5 million has been postponed to Jan 1, 2026. In a statement here, LHDN also announced that taxpayers with an annual income or sales below RM500,000 are exempted from the implementation of the e-Invoice system. 'The implementation phase for taxpayers with annual income or sales up to RM1 million has been postponed to July 1, 2026,' LHDN said. The board added that the decision was made after the government recognised the commitments of taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs), in meeting e-invoice legal requirements, which necessitate adequate preparation time and face numerous implementation challenges. The statement said that, in line with this decision, a new timeline for the e-invoice implementation phases has been established with Phase 3 targeting taxpayers with annual income or sales exceeding RM5 million but not exceeding RM25 million coming into effect on July 1, 2025. LHDN noted that Phase 4 will involve taxpayers with annual incomes or sales exceeding RM1 million up to RM5 million and will begin on Jan 1, 2026 while Phase 5 will cover the income group of up to RM1 million and will commence on July 1, 2026. The previously announced six-month grace period will also apply to these new phases, the agency said. It stressed that during this period, taxpayers will be permitted to issue consolidated e-invoices for all transactions, including self-billed e-invoices. Necessary details, it said, can be included in the 'Product or Service Description' field. 'If there is a request for an e-Invoice from the buyer, the seller is also allowed to issue only a consolidated e-Invoice without issuing one for each transaction,' the statement said. LHDN also said that during this grace period, no prosecution will be initiated under Section 120 of the Income Tax Act 1967 for non-compliance with e-Invoice regulations, provided taxpayers adhere to the consolidated e-Invoice requirements. 'Furthermore, starting Jan 1, 2026, taxpayers involved in e-Invoice implementation must issue an e-Invoice for every sale of goods or provision of services exceeding RM10,000, and consolidated e-Invoicing will no longer be permitted,' the statement added. For any inquiries regarding the system's implementation, the public may contact LHDN offices, the e-Invoice Help Desk at 03-8682 8000, MyInvois Live Chat, email myinvois@ or submit a query through the MyInvois Customer Feedback Form at
