Latest news with #TCC
The Star
a day ago
- Business
- The Star
‘Less leakages likely, but concrete reforms still needed'
PETALING JAYA: The Tax Compliance Certificate (TCC) will minimise leakages in government procurement, according to stakeholders. Thenesh Kannaa, executive director of tax advisory firm Tratax Sdn Bhd, said requiring a TCC before awarding contracts served as a measure to boost tax compliance, particularly among businesses seeking government contracts.
The Star
a day ago
- Business
- The Star
Towards fairer govt tender bids
A safeguard: Since 2023, the TCC has been required for taxpayers or bidders applying for government procurement, initially limited to supplies and services. Tax Compliance Certificate now across all procurements PETALING JAYA: Companies bidding for government tenders must now include a Tax Compliance Certificate (TCC) from the Inland Revenue Board (LHDN) for all jobs, including supplies, services and physical works. The mandate has been standardised across various procurement categories. 'The requirement of a TCC as a mandatory supporting document for government procurement comes into effect on July 1, 2025,' said a Treasury circular signed by the Finance Ministry's secretary of the government procurement division, Datuk Norison Ramli. Government agencies must ensure bidders include the TCC in their tender documents. The circular added that, like local companies, this requirement also applies to foreign countries, including those with which Malaysia has a Free Trade Agreement. 'No exemption is given to bidders operating out of Free Trade zones or industrial zones governed by the Free Zones Act 1990,' read the circular. The ministry stated that if the TCC document is missing, non-compliant, expired or fake, the supplier's bid will be disqualified from further evaluation. For bids that closed before July 1 or are currently being finalised, a compliant TCC must be submitted before the Letter of Acceptance is issued. In such cases, a Letter of Intent will be given to the company, which then has seven days to submit the TCC. If a company fails to provide the TCC, the approving authority will choose another supplier and decide on the next steps. The circular stated that the implementation aligns with the government's goals for fiscal consolidation – policies aimed at reducing deficits and debt to ensure financial stability – revenue sustainability, and encouraging voluntary tax compliance among taxpayers. Since 2023, the TCC has been required for taxpayers or bidders applying for government procurement, initially limited to supplies and services, as announced in Budget 2022. Building on its positive impact, the Finance Ministry, in collaboration with the LHDN, extended the TCC to physical works and consulting services through a six-month pilot project from Oct 1, 2024 to March 31, 2025. This effort entailed the participation of the Public Works Department and the Drainage and Irrigation Department. Given the positive reception from participating government agencies, the circular stated that the TCC submission process is now standardised across all procurement categories and implemented by all ministries and departments. The circular was addressed to the Chief Secretary to the Government, Public Service Department director-general, the Attorney General, the Auditor-General, as well as the chief secretaries of all ministries. The TCC issued by the LHDN serves as an official confirmation that the taxpayer has fulfilled their income tax obligations, which includes the timely submission of tax returns and the payment of any outstanding taxes. In October last year, Bernama quoted LHDN Revenue Collection assistant director Nooraini Mat Ali, stating that new taxpayers or bidders must obtain the TCC by checking their Tax Identification Number via the e-Daftar application at the MyTax portal. She said the TCC is aimed at taxpayers, including individual business owners, cooperatives, trusts, unit trusts, limited liability partnerships, real estate investment trusts, and property trust funds. Enquiries about obtaining the TCC can be directed to tcc@
Toronto Star
2 days ago
- Business
- Toronto Star
GalaChain, Through a Monumental Partnership with Shrapnel, Collaborates and Secures Access to China's Trusted Copyright Chain
SAN FRANCISCO and BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — Gala today announced GalaChain's position as the first foreign blockchain to collaborate with China's Trusted Copyright Chain (TCC), a breakthrough that gives roughly 600 million gamers a cross-border path to NFTs in the world's largest gaming market. Development of the cross-border bridge starts immediately, with full public launch targeted in Q1 2026. 'We are delighted to announce that Shrapnel has signed a cooperation agreement with Gala Games, a globally leading blockchain platform focused on the gaming sector, to establish a strategic partnership. Together, they will jointly invest in developing a large-scale FPS game targeting over 600 million Chinese gamers. This signing formally marks the beginning of a collaboration between the Gala Games Blockchain Platform and the Trusted Copyright Chain. This initiative will bridge the two major digital ecosystems, providing trusted digital infrastructure and professional services for the authentication, distribution, trading, and protection of digital assets in the global gaming industry,' said Xuan Hongliang, Director, National Operation Center of the Trusted Copyright Chain (TCC).
Business Insider
2 days ago
- Business
- Business Insider
GalaChain, Through Landmark Shrapnel Partnership, Secures Access to China's Trusted Copyright Chain
600 M-Gamer On-Ramp: GalaChain Secures TCC Access, Expands Gala Utility, and Welcomes Shrapnel Gala today announced GalaChain's position as the first foreign blockchain to collaborate with China's Trusted Copyright Chain (TCC), a breakthrough that gives roughly 600 million gamers a cross-border path to NFTs in the world's largest gaming market. Development of the cross-border bridge starts immediately, with full public launch targeted in Q1 2026. 'We are delighted to announce that Shrapnel has signed a cooperation agreement with Gala Games, a globally leading blockchain platform focused on the gaming sector, to establish a strategic partnership. Together, they will jointly invest in developing a large-scale FPS game targeting over 600 million Chinese gamers. This signing formally marks the beginning of a collaboration between the Gala Games Blockchain Platform and the Trusted Copyright Chain. This initiative will bridge the two major digital ecosystems, providing trusted digital infrastructure and professional services for the authentication, distribution, trading, and protection of digital assets in the global gaming industry,' said Xuan Hongliang, Director, National Operation Center of the Trusted Copyright Chain (TCC). Key Highlights Regulatory first: The bridge will be compliant with Chinese laws and regulations, including registration of NFTs inside China, unlocking a compliant path to ≈ 600 million gamers. Economic flywheel: Shrapnel assets moving between China and the rest of the world consume $GALA, with an on-chain dashboard to display usage. Shrapnel may use up to 10 percent of China's revenue for periodic $SHRAP repurchases on GalaChain to support ecosystem health, subject to market and regulatory conditions. Scaling GalaChain: Shrapnel network fees are powered by $GALA, materially expanding GalaChain ecosystem activity. Influencer alignment: Built-in invitation links (邀请链接) and invitation NFTs (邀请凭证) let Chinese content creators verify every wallet activation, badge claim, or play-test entry they facilitate. Each qualifying action consumes GALA, updates a public on-chain counter, and lets contributors pick up rewards. Developer momentum: AAA extraction shooter Shrapnel is migrating its entire economy from Avalanche to GalaChain. By moving its economy to GalaChain, Shrapnel gains faster finality, gas-efficient infrastructure with instant China compliance. Community participation: Community participation: A free commemorative Bridge Badge NFT will be dropped to all Gala wallets and Neon players, and a 72-hour public claim window welcomes newcomers. The badge guarantees first-wave Shrapnel play-test slots and becomes the first NFT mirrored on TCC. Executive Quotes Eric Schiermeyer, Founder & CEO, Gala Games 'We are honored to connect GalaChain to the Trusted Copyright Chain through our partnership with Shrapnel. Every cross‐chain transfer will consume GALA, reinforcing the network for players on both sides of the Pacific. Thanks to Shrapnel, we can now serve China's vast gaming community through a platform built for performance and regulatory readiness.' Ken Rossman, CEO, Neon Machine ' Through our groundbreaking partnership with GalaChain and the China Trusted Copyright Chain, we're empowering hundreds of millions of players in China and beyond with true ownership of their in-game assets. This collaboration unlocks player-driven economies that are regulated and compliant, ensuring seamless cross-market access. Shrapnel players around the world can now own, trade, and monetize their gear, creating a unified, transparent, and innovative gaming ecosystem without borders.' Resources & Press Kit: About GalaChain GalaChain is Gala's high-throughput Layer 1, purpose-built for entertainment, gaming, and DeFi. Secured by a global node network with 1 $GALA gas fees, the chain powers Gala's portfolio of AAA games, music drops, film premieres, DeFi apps, and other projects while offering developers turnkey APIs for wallets, royalties, and bridging, now including the new link to China's Trusted Copyright Chain. For more information, users can visit or follow Gala on X, Telegram, or Discord. About the Trusted Copyright Chain (TCC) The Trusted Copyright Chain is China's national blockchain for registering and trading licensed digital assets. Operated under the National Press and Publication Administration, TCC timestamps copyrights, enforces royalty splits, and settles transactions in renminbi, giving rights-holders a compliant pathway to reach China's 600-million-player market with digital asset ownership. About Neon Machine Neon Machine is an independent game studio behind Shrapnel, the first moddable premium shooter. Powered by GalaChain, Shrapnel pairs blockbuster visuals with true, on‐chain ownership of player‐generated gear and maps—delivering an open, creator‐driven economy. Source iResearch '2024 China Gaming Market Report' DISCLAIMER: The purchase or sale of any token or digital asset involves risk. The information in this press release is provided for informational purposes only, and we urge you to read this material carefully and ask us any follow-up questions that you may have before joining the GalaChain platform. You should also consult with your legal, accounting, or tax advisors regarding any applicable laws, rules, or regulations that might govern your purchase of the digital assets discussed in this press release or your participation in the GalaChain platform, and regarding the tax or other financial implications of any purchase or sale. By your purchase or sale of any digital assets or tokens offered by GalaChain, you agree to assume the risks of such participation, and GalaChain disclaims any liability thereof. Digital assets are unregulated in many jurisdictions and may be subject to price volatility. You should conduct your own due diligence. Nothing in this release constitutes financial advice or an offer to sell in any jurisdiction where such activity is prohibited. Contact Gala
Associated Press
23-07-2025
- Business
- Associated Press
Rafe Furst Returns to The Crypto Company as Chief Strategy Officer, Backing Vision With Bitcoin Investment Into The Company
MALIBU, CA - July 23, 2025 ( NEWMEDIAWIRE ) - The Crypto Company (OTCID: CRCW), a publicly traded blockchain and crypto-focused company, is proud to announce that Rafe Furst, one of the Company's original founders, has rejoined the Company as Chief Strategy Officer. In addition to taking on this key leadership role, Furst (through a related entity) is investing Bitcoin into the Company. Beginning with a master's degree in Artificial Intelligence from Stanford University in 1992, Rafe pivoted from research into the Silicon Valley startup world, eventually founding four innovative companies in Web 1.0 and Web 2.0 before venturing into Web3 with The Crypto Company. Rafe brings decades of experience at the intersection of emerging technology, systems design, and strategic venture building. His return signals a renewed focus on long-term innovation and growth for TCC. 'Having Rafe back is more than symbolic - it's catalytic,' said Ron Levy, CEO of The Crypto Company. 'He brings a rare mix of technical fluency, entrepreneurial track record, and deep crypto-native insight. His personal investment underscores his conviction that TCC is uniquely positioned in the next wave of blockchain and crypto adoption.' Furst is also known for his work in early-stage venture capital and has been an early investor in dozens of companies, helped pioneer equity crowdfunding, and authored influential essays on decision theory and decentralized systems. Furst was the initial seed capital investor in one of the largest online poker sites in the world. Furst has also recently published a #1 Amazon Bestseller, The Future of Venture Capital (foreword by Tim Draper). He is also a World Series of Poker Champion - an achievement that mirrors his disciplined, probabilistic approach to business strategy. In his new role, Furst will define and lead the implementation of the Company's crypto treasury strategy. 'Returning to The Crypto Company feels like picking up a conversation that never ended,' said Furst. 'I believe we're approaching a convergence point - where blockchain, crypto, and AI will redefine how capital and value are formed and allocated globally, not just in the private markets but in the public markets as well. I'm excited to help TCC become a bridge between these two worlds.' Furst's investment of Bitcoin into The Crypto Company echoes his original investment of Bitcoin into the Company at its formation in 2017. 'It feels like I've come full circle, with renewed energy and excitement about the crypto industry and TCC's rightful place in it,' said Furst, reflecting growing internal confidence in TCC's roadmap and mission-driven approach to building in the blockchain space. About The Crypto Company The Crypto Company (TCC) brings together sophisticated operating entities, Web3 assets, education and training under one roof. TCC was one of the first public companies (2017) to implement a crypto treasury strategy. As a leader in Web3 solutions, TCC creates synergies between traditional finance and the decentralized economy. Contact information: The Crypto Company Phone 424-228-9955 Email: [email protected] View the original release on
