Latest news with #RM880
New Straits Times
4 days ago
- New Straits Times
Frozen chickens: RM880,000 tax fraud attempt stopped at Padang Besar checkpoint
KANGAR: The Customs Department foiled a tax and halal certificate fraud attempt involving 55,572kg of frozen chicken worth more than RM880,000 after intercepting two lorries that had attempted to re-enter Malaysia late last month. The incident occurred around 3.20pm on July 26 when officers stopped the lorries at the Padang Besar Immigration, Customs, Quarantine and Security (ICQs) Complex as they tried to re-enter the country, despite being declared as outbound to Thailand. Perlis Customs director Ismail Hashim said the scam was detected when officers inspected the Customs declaration forms submitted by the lorry drivers. "In this case, the parties involved misused Customs Form K1, which is meant for imported goods, by declaring the frozen chicken as imports from Thailand. "However, earlier observations revealed that they had actually used Form K8, which is for goods in transit. The goods came from Penang and were supposedly en route to Thailand," he told reporters at the Perlis Customs office today. He said the drivers were caught turning back into Malaysia while presenting Form K1 at the checkpoint, falsely declaring that the chicken was imported from the neighbouring country. Ismail said the false declaration was made to obtain a 20 per cent import tax exemption typically granted to goods originating from Southeast Asian countries. "The goods were turned around directly at the checkpoint and re-entered Malaysia. This clearly shows an attempt to evade import duties by manipulating the declaration process," he said. Investigations also found that the origin of the frozen chicken was not Thailand, as claimed, but another Asian nation not eligible for the Asean import tax exemption. Ismail said five individuals, including the lorry drivers, agents and the importer, have been detained to assist investigations. "They are being probed for offences including falsifying the country of origin, attempting to evade import duties, and failing to produce valid halal certification. "If the goods were truly from Thailand, they would be accompanied by halal certification and veterinary documents, as required by regulations," he said. Frozen chicken imports are subject to a permit under Item 1, Part I, Third Schedule of the Customs (Prohibition of Imports) Order 2023. The seized goods, weighing a total of 55,572kg, are valued at RM883,580, with estimated unpaid taxes amounting to RM166,716. Authorities also confiscated the two lorries involved, valued at about RM240,000. The case is being investigated under Section 133(1)(a) of the Customs Act 1967, which carries a penalty of up to RM500,000, imprisonment for up to seven years, or both upon conviction.
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Rakyat Post
18-07-2025
- Automotive
- Rakyat Post
[Watch] Should You Take A 5-Year Or 9-Year Car Loan? It's All About Your Spending Habits
Subscribe to our FREE Here's a question that keeps Malaysian car buyers up at night: Should I torture myself with higher monthly payments for five years, or stretch it out to nine and risk paying more interest? Financial expert Faiz Azmi (@financialfaiz) has been fielding this exact question on TikTok, and his answer might surprise you. It's not about the math – it's about knowing yourself. If you're someone who struggles to save money consistently, just go with the 5-year loan, Faiz says bluntly. Where the Math Gets Interesting Pay it off quickly and avoid dragging out your debt. Fair enough. But here's where it gets interesting. For those who can actually stick to a budget and invest the difference, the 9-year option might be the smarter play. Using a top-spec Perodua Bezza as an example, Faiz breaks down the numbers: 5-year loan: RM880 monthly payments 9-year loan: RM584 monthly payments The difference: RM296 every month The RM296 Question That RM296 difference is where things get spicy. Imagine saving that RM296 every month for 9 years, with compound interest working in your favour, Faiz explains. The growth could be substantial. He's not wrong. Even without getting into specific investment returns, that's over RM31,000 in raw savings over the loan period – money that could be working for you instead of sitting in a bank account earning peanuts. Beyond Car Loans: The SSPN Play Faiz also throws in a curveball: Malaysia's National Education Savings Scheme (SSPN). With If you're in the 24% to 25% tax bracket, that RM8,000 deduction saves you about RM2,000 in taxes, he notes. But this strategy only works if you actually invest or save that difference. If you're the type who sees extra money as shopping money, you're better off with the 5-year plan. The Personality-First Approach If you can't control your spending, don't even think about the 9-year option, Faiz warns. Just pay off the debt quickly and avoid the temptation to blow money. The guy's got a point. Financial flexibility is only valuable if you use it wisely. It's refreshingly honest advice in a world full of one-size-fits-all financial tips. Sometimes the best financial strategy is the one that works with your personality, not against it. READ MORE : READ MORE : READ MORE : Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
New Straits Times
09-05-2025
- Business
- New Straits Times
Bank Rakyat issues RM1bil sukuk via SPV
KUALA LUMPUR: Bank Rakyat has issued RM1 billion Islamic medium-term notes via special purpose vehicle (SPV) Imtiaz Sukuk II Bhd. The issuance was made through the book-building process on April 24 under the senior sukuk wakalah programme of up to RM10 billion, which has been assigned a rating of AA2 by RAM Rating Services Bhd. Bank Rakyat said in a statement that it is made in two tranches comprising RM120 million for a five-year tranche and RM880 million for a seven-year tranche. The bank garnered a respectable demand for its senior sukuk wakalah with a final bid-to-cover ratio of 1.98 times the final issue size. The proceeds from the senior sukuk wakalah will be used for Syariah-compliant purposes. This includes working capital requirements, capital expenditure, general investments, providing financing and other general corporate purposes. Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd have been appointed as the joint lead managers for the sukuk wakalah.
