Latest news with #RM25mil
The Star
3 days ago
- Business
- The Star
Sukuk misuse case: Tan Sri to be quizzed soon following hospital discharge, says Azam
KUALA LUMPUR: A Tan Sri who is under investigation by the Malaysian Anti-Corruption Commission (MACC) over the alleged misappropriation of sukuk funds linked to a Klang Valley highway project is expected to be called in for questioning soon. The individual, who was recently discharged from hospital, is also being investigated for overseas asset ownership and high-stakes gambling activities involving millions of ringgit. MACC chief commissioner Tan Sri Azam Baki confirmed that the Tan Sri, who is believed to be a highway concession holder, had yet to give his statement due to recent medical treatment at a private hospital, reported Astro Awani. 'A statement has not yet been recorded from the Tan Sri, but I have been informed that doctors have recently allowed him to be discharged. My officers will be contacting him soon to arrange an appointment,' said Azam on Saturday (June 7). He added that while the individual is a key witness in the case, MACC has already recorded statements from 45 other witnesses, some of whom have been recalled to assist further in the investigation. 'He is indeed one of the individuals we have yet to question, but we already have testimonies from other witnesses. I cannot confirm whether additional witnesses will be required after his statement,' Azam said. According to sources, MACC had earlier obtained medical confirmation from the doctor regarding the Tan Sri's condition before proceeding to plan for his interview. The investigation centres around the suspected misappropriation of sukuk bonds intended for the construction of a highway. On June 3 last year, MACC disclosed that they had seized assets valued about RM143mil from the individual as part of the probe. This included luxury vehicles and properties owned by the Tan Sri, both locally and abroad, including in London and Switzerland. The seized assets comprised 14 personal bank accounts totalling RM4.5mil, eight company accounts with RM33mil, a luxury condominium and a parcel of land valued at RM24.5mil, nine luxury cars worth RM7.65mil, designer watches valued at around RM25mil, handbags worth RM3mil, jewellery and diamonds estimated at RM6mil, and four horses valued at RM400,000. Other seized items include high-end alcoholic beverages worth RM3mil, foreign assets estimated at over RM15mil, and gambling-related activities involving about RM20mil. Azam said asset declaration notices have been handed to the Tan Sri and other related parties.
The Star
4 days ago
- Business
- The Star
E-invoicing on hold – but don't relax
PETALING JAYA: Small businesses earning RM500,000 and below annually in Malaysia can breathe a sigh of relief following the Inland Revenue Board (LHDN) granting them a full exemption from implementing e-invoicing. However, trade groups say that those still required to adopt the system must use the postponed deadlines wisely and ready themselves for the rollout. Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer-general Datuk Koong Lin Loong said the exemptions are timely and a welcome relief. 'This is especially for micro-businesses like hawkers, petty traders and family-run businesses whose turnover is below RM500,000 annually,' he said, adding that the postponement for certain income brackets is also sufficient. 'Businesses will now have the time to familiarise themselves with the system. Upskill and find a way to work it out,' Koong said. On Thursday, the LHDN said taxpayers with an annual income or sales below RM500,000 are exempted from implementing the e-invoice system. It also said the implementation of e-invoicing for those earning between RM1mil and RM5mil has been postponed to Jan 1, 2026, while its implementation for those earning up to RM1mil is postponed to July 1, 2026. The e-invoicing initiative began in August 2024 for companies with an annual turnover or revenue of more than RM100mil. 'CLICK TO ENLARGE' The second phase started on Jan 1 this year for businesses with annual sales of between RM25mil and RM100mil. The third phase of the full implementation of e-invoicing was initially set to begin on July 1, involving all types of businesses. According to information from the LHDN's website, e-invoicing will enable near real-time validation and storage of transactions, catering to business-to-business, business-to-consumer and business-to-government transactions. Federation of Malaysian Business Associations vice-chairman Nivas Ragavan (pic) said many small businesses are still navigating digital transformation and the extension allows crucial breathing space. 'It allows small and medium enterprises (SMEs) to better understand compliance requirements, invest in suitable systems and train their staff without the pressure of a looming deadline. 'The revised timelines provide SMEs with a more realistic window for preparation,' he said. He said the additional time must be used effectively. 'It is important that the government, particularly the Inland Revenue Board and related agencies, work closely with SMEs to offer technical guidance and awareness programmes across the country,' he said. 'Dedicated grants or financial support schemes for micro and small and medium enterprises can be introduced to help them adopt the necessary systems and technologies for e-invoicing,' he added. Small and Medium Enterprises Association (Samenta) president Datuk William Ng said the exemption for those earning below RM500,000 annually will spare traders, hawkers and family-run shops from compliance burdens. 'The postponement of e-invoicing requirements for selected income brackets also gives SMEs the breathing space they need to prepare, upskill and adapt,' he said. Meanwhile, SME Association of Malaysia president Chin Chee Seong proposed for the e-invoicing exemption to also include those earning RM1mil annually and below. 'At least here, you can cover a bigger category of SMEs. If there is such a move, do inform us early,' he said, noting how some businesses, who are now exempted, had previously already prepared for the e-invoicing systems and features.
The Star
4 days ago
- Business
- The Star
Oasis sets the table for profit with Chef Wan deal
OASIS Harvest Corp Bhd's latest proposed acquisition of Metta Food & Lifestyle Sdn Bhd, which operates the famous Chef Wan banquet-themed chain of restaurants and cafes, is noteworthy. The first striking point is that the RM30.8mil price tag for Metta exceeds Oasis' current market capitalisation of RM25mil. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
The Star
5 days ago
- Business
- The Star
E-invoicing deadlines for businesses with revenue below RM5mil revised, says LHDN
KUALA LUMPUR: The Inland Revenue Board (LHDN) on Thursday (June 5) announced that the implementation phase for e-invoices for taxpayers with annual income or sales exceeding RM1mil but not exceeding RM5mil 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 RM1mil 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 RM5mil but not exceeding RM25mil coming into effect on July 1, 2025. LHDN noted that Phase 4 will involve taxpayers with annual incomes or sales exceeding RM1mil up to RM5mil and will begin on Jan 1, 2026 while Phase 5 will cover the income group of up to RM1mil 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 - Bernama
The Star
25-05-2025
- Business
- The Star
No fuel hike for Malaysians, but foreigners will pay more
JOHOR BARU: Foreigners will need to pay more for fuel under the fuel rationalisation exercise, says Prime Minister Datuk Seri Anwar Ibrahim. There are about four million foreigners in the country and they are enjoying about RM3bil to RM4bil in fuel subsidies. 'There was a suggestion to increase the price of fuel and give subsidies to locals. 'We have rejected this move. We will target the 5% who are ultra rich in Malaysia and also foreigners,' Anwar said in his winding-up address at the PKR national congress. He urged the public not to reject the fuel rationalisation exercise, as most of the people in the country would not be affected, pointing out that Malaysia has one of the highest subsidy rates. The Prime Minister also said that the government is prepared to review the implementation of the e-invoice system by the Inland Revenue Board (LHDN) to ensure it does not place an undue burden on small companies. The e-invoicing initiative began in August 2024 for companies with an annual turnover or revenue of more than RM100mil. The second phase started on Jan 1 this year for businesses with annual sales of between RM25mil and RM100mil. The third phase of the full implementation will begin on July 1, involving all types of businesses, including micro, small and medium enterprises.
