Latest news with #Taxation
Express Tribune
08-07-2025
- Business
- Express Tribune
Gujranwala tops Punjab in tax recovery
The Excise, Taxation, and Narcotics Control Department Gujranwala has achieved the highest tax recovery among all districts of Punjab during the fiscal year 2024-25. Against a target of Rs3.66 billion, the department collected over Rs4.52 billion, surpassing its goal by a significant margin, according to officials. The offcials said the performance was made possible through a strategy led by Director Excise and Taxation Sobia Malik to keep all departmental teams on alert throughout the year. Major contributions came from the motor vehicle tax, property tax, professional tax, and excise duty sectors. During the year, the department collected Rs2.39 billion in motor vehicle tax, exceeding the target of Rs .87 billion. In the property tax category, collections reached Rs1.5 billion, while professional tax collections stood at Rs955.2 million. Other recoveries included Rs510.3 million from the "on highway" category, Rs104.9 million from high-value residential properties, and Rs60.5 million through excise duty. Director Sobia Malik said that the tax targets have been raised in the current fiscal year. She emphasized the department's commitment to achieving higher targets. She termed exceptional the performance of the teams involved in motor vehicle and property tax collections.
Free Malaysia Today
04-07-2025
- Business
- Free Malaysia Today
Fiscal reform: short-term pain for long-term (and short-term) gain
The Madani economic framework has set ambitious goals for fiscal stability and an improved revenue-to-GDP ratio. As I had recommended from the start this process is following three main stages. The first involves cutting wastage, leakages and corruption with subsidy rationalisation at its core. So far savings have been made of RM4 billion from electricity tariff reform, RM7.5 billion from diesel rationalisation and around RM1.5 billion from other areas. To this RM13 billion we expect to see at least RM8 billion from RON95 rationalisation. This RM21 billion is a structural saving which will continue each year and is equivalent to 6.3% of current operational expenditure or 23.6% of development expenditure. The second stage of fiscal reform involves assessing tax options and making modest well-scheduled adjustments rather than large and disruptive quick fixes. So far relatively minor tax changes have been introduced, mostly targeted at the rich, including the high-value goods tax (HVG), the digital goods tax (DGT), the capital gains tax (CGT) and the low-value goods tax (LVG). These could raise around RM2.5 billion. The biggest changes have been in the sales and services tax (SST) which raised RM5.5 billion last year and from next month will raise RM5 billion for the rest of this year and RM10 billion annually thereafter. Added to the subsidy savings, these structural tax changes are equivalent to 10.1% of current operational expenditure or 38.2% of the 2025 development expenditure budget. The final stage of fiscal reform, which we are about to enter, is to restructure the system for the long-term particularly to diversify the revenue base for greater stability, predictability and efficiency. This means setting a new revenue model to reduce dependency on volatile revenue sources and Malaysia's historical reliance on commodity-based revenues from Petronas which may last for only the next 15 years. A broader and more resilient tax and revenue base helps to insulate the economy from global volatility and commodity price fluctuations by focusing on more stable and predictable domestic revenue sources which rise as the economy grows and so maintains the revenue-to-GDP ratio organically. Despite these modest and well-scheduled changes, there has been the usual chorus of outrage, especially from business groups who would scream in pain if hit by a falling feather. The truth is that the short-term pain of adjustment costs and minor price rises have mostly already ended and the majority of people did not even notice it. It is not surprising that businesses support the reintroduction of the goods and services tax (GST) because they mostly do not pay it, they reclaim it after passing on price increases to consumers. The discussion of the reintroduction of GST is unhelpful, especially because it has been ruled out for now. In considering options for new or expanded taxes the government must take a fresh approach that reflects changes in the economy, such as the emerging gig-economy and the expanding e-payments and e-ecommerce industry. A feasible alternative is the e-payments tax (EPT) which is a very broad-based, tiny tax with an efficient and effective mechanism to raise significant revenue without too much economic distortion or burden on businesses and consumers. A simple 3% e-payments tax would raise RM43 billion, almost enough to replace SST all together. The benefits of a robust fiscal position are many. Raising revenue and controlling spending reduces the need for government borrowing and the financing costs of that which at almost RM50 billion a year are the third largest demand on government spending. Better revenue and reducing wastage, leakages and corruption also provides savings and income that can boost other priorities such as health, education and social protection including income support and retirement pensions. These are not only 'long-term' gains, we are already seeing the possible benefits of the subsidy rationalisation and tax reforms so far worth at least RM34 billion. For example, the budget for cash aid for schemes such as the Sumbangan Tunai Rumah (STR) and Sumbangan Asas Rahmah (Sara) was increased by 30% to RM13 billion in Budget 2025 and almost nine million people benefit from cash transfers through STR. Sara recipients have increased from 700,000 to 5.4 million, each eligible for monthly payments through MyKad. Public healthcare spending rose to RM45.3 billion in Budget 2025, a 9.8% increase compared to the previous year. Education spending hit record levels rising 9.2% in Budget 2025 and even higher education benefitted by an extra 10.4%. These changes directly improve the quality of life for everyone, enhance human capital development and increase productivity for businesses. In the next stages, strategies to cushion the impact of economic change on vulnerable groups become more affordable. These include targeted cash transfers, a universal basic income, a basic pension in retirement, accessible public transport, reducing out-of-pocket expenses for healthcare and investment in the care economy as the population ages. In fact, almost all of the promises of the last election manifestos become possible before the next general election holds the government to account. Increasing revenue must also be accompanied by responsible spending and anti-corruption measures to ensure public trust. A Government Procurement Act and a change in the mindset of policy design to end 'patronage cascades' that channel money to vested interests would both help ease concerns about higher taxes and lower subsidies. Above all, fiscal reforms should continue to be implemented thoughtfully, and to garner public support the government must improve its communication strategy to link fiscal reforms definitively to the social benefits we are already seeing and which are promised for the long-term. The views expressed are those of the writer and do not necessarily reflect those of FMT.
The Sun
27-06-2025
- Business
- The Sun
HKICPA renews its Mutual Recognition Agreement with ACCA
HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA). The two accounting bodies continue to join hands together to pave ways for career development of the accounting talents in Hong Kong, with the aim to foster the development of the accounting profession. The HKICPA has held MRA with ACCA since 2000. The new MRA is for a term of three years, continuing to enhance the professional development mobility of members of both bodies, further expanding their professional development opportunities. HKICPA members completing the Qualification Programme (QP) and obtaining at least three years of practical experience may acquire ACCA membership through the agreement. On the other hand, ACCA members who have completed ACCA professional examinations in the United Kingdom or Hong Kong (Including the Advanced Audit and Assurance and Advanced Taxation (Hong Kong) examinations) and having at least three years of practical experience, may apply for HKICPA membership after having passed the Capstone of the QP. The new MRA has been enhanced to ease the path for ACCA members to gain the CPA designation offered by the HKICPA. Under the new MRA, the eligibility for seeking HKICPA membership will be extended to ACCA members who are non-degree holders possessing a qualification at a level not lower than higher diploma/ associate degree (or equivalent) under the Hong Kong Qualification Framework, and fulfilling relevant conditions. The HKICPA believes that the enhanced MRA would attract more talented individuals from various disciplines to join the professional field of Hong Kong accountants and obtain the CPA designation. HKICPA President Edward Au said, 'We are delighted to renew the MRA with the ACCA. The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organizations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession.' ACCA Hong Kong Chairman Stanley Ho said, 'We welcome the enhanced MRA, which offers greater flexibility for membership mobility between the two bodies, reflecting our shared commitment to empowering career opportunities and advancing the profession. With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community.' As one of the founding members of the Global Accounting Alliance (GAA), HKICPA has consistently engaged in exchanges with international accounting professions, and remains committed to upholding the international recognition of its membership. Including ACCA, the HKICPA holds mutual membership recognition agreements or mutual examination papers exemption agreements with 11 accounting bodies in the Mainland and overseas. In the future, the HKICPA will continue to expand its global network, explore potential collaborations with more overseas accounting bodies to facilitate exchanges and opportunities for new mutual recognition agreements for members.
Arabian Post
27-06-2025
- Business
- Arabian Post
HKICPA renews its Mutual Recognition Agreement with ACCA
The Hong Kong Institute of Certified Public Accountants (HKICPA) signed a new three-year mutual recognition agreement with the Association of Chartered Certified Accountants (ACCA), which continues widening the opportunities to both HKICPA members and ACCA members. (From Left to Right) HKICPA President Edward Au, HKICPA Chief Executive and Registrar Margaret Chan, Head of ACCA Hong Kong and Greater Bay Area Lead Christina So and ACCA Hong Kong Chairman Stanley Ho. HONG KONG SAR – Media OutReach Newswire – 27 June 2025 – The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA) with the Association of Chartered Certified Accountants (ACCA). The two accounting bodies continue to join hands together to pave ways for career development of the accounting talents in Hong Kong, with the aim to foster the development of the accounting profession. The HKICPA has held MRA with ACCA since 2000. The new MRA is for a term of three years, continuing to enhance the professional development mobility of members of both bodies, further expanding their professional development opportunities. HKICPA members completing the Qualification Programme (QP) and obtaining at least three years of practical experience may acquire ACCA membership through the agreement. On the other hand, ACCA members who have completed ACCA professional examinations in the United Kingdom or Hong Kong (Including the Advanced Audit and Assurance and Advanced Taxation (Hong Kong) examinations) and having at least three years of practical experience, may apply for HKICPA membership after having passed the Capstone of the QP. The new MRA has been enhanced to ease the path for ACCA members to gain the CPA designation offered by the HKICPA. Under the new MRA, the eligibility for seeking HKICPA membership will be extended to ACCA members who are non-degree holders possessing a qualification at a level not lower than higher diploma/ associate degree (or equivalent) under the Hong Kong Qualification Framework, and fulfilling relevant conditions. The HKICPA believes that the enhanced MRA would attract more talented individuals from various disciplines to join the professional field of Hong Kong accountants and obtain the CPA designation. ADVERTISEMENT HKICPA President Edward Au said, 'We are delighted to renew the MRA with the ACCA. The MRA provides simplified pathways for members of both organizations to obtain professional qualifications from each other, thereby enhancing their career mobility. Furthermore, the synergies created by the co-operations between HKICPA and ACCA enable us to provide advanced support to the development of the accounting profession in Hong Kong, benefiting businesses as well as Hong Kong economy as a whole. HKICPA will continue to work hand in hand with other professional accounting organizations to attract talent from diverse academic backgrounds, build a stronger talent pool, and drive the continuous advancement of the accounting profession.' ACCA Hong Kong Chairman Stanley Ho said, 'We welcome the enhanced MRA, which offers greater flexibility for membership mobility between the two bodies, reflecting our shared commitment to empowering career opportunities and advancing the profession. With over 120 years of global legacy and a proud 75-year heritage rooted in Hong Kong, ACCA has consistently demonstrated leadership in redefining the accountant through times of change. In response to the evolving needs and expectations of society, ACCA will introduce a redesigned qualification in 2027. We look forward to working closely with HKICPA to drive sustainable growth for the profession and the wider community.' As one of the founding members of the Global Accounting Alliance (GAA), HKICPA has consistently engaged in exchanges with international accounting professions, and remains committed to upholding the international recognition of its membership. Including ACCA, the HKICPA holds mutual membership recognition agreements or mutual examination papers exemption agreements with 11 accounting bodies in the Mainland and overseas. In the future, the HKICPA will continue to expand its global network, explore potential collaborations with more overseas accounting bodies to facilitate exchanges and opportunities for new mutual recognition agreements for members. Hashtag: #HKICPA ADVERTISEMENT The issuer is solely responsible for the content of this announcement. Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants ('HKICPA') is the statutory body established by the Professional Accountants Ordinance responsible for the professional training and development of certified public accountants in Hong Kong. The Institute is also a standard setter of the local accounting industry. The Institute has over 47,000 members and about 12,000 registered students. Our Qualification Programme assures the quality of entry into the profession, and we promulgate financial reporting, auditing, ethical and sustainability disclosure standards that safeguard Hong Kong's leadership as an international financial centre. The CPA designation is a top qualification recognised globally. The Institute is a member of and actively contributes to the work of the Global Accounting Alliance and International Federation of Accountants.
Express Tribune
17-06-2025
- Business
- Express Tribune
Excise misses tax target by 52 per cent
The Excise, Taxation, and Narcotics Control Department has failed to meet its property tax and professional tax collection targets for the fiscal year 2024-25 across the Rawalpindi Region as the department has only achieved 48% of its target, falling short by a significant 52%. In contrast, the Motor Branch of the department successfully met its targets in the categories of new vehicle and motorcycle registrations, transfer fees, and token taxes, achieving a remarkable 150% of its revenue target in those areas. Total revenue collection for the Rawalpindi region stood at Rs680 million. Due to the department's complete failure in collecting domestic and commercial property taxes, professional taxes, and luxury taxes, the Director General of Excise has ordered the cancellation of weekly Sunday holidays. Starting this Sunday and continuing until the beginning of the new fiscal year, Excise offices will remain open on Sundays to boost revenue recovery. In a controversial move to increase tax collection, the department has started issuing revised property tax bills by changing the names on previously taxed residential units. One such case involves Advocate Najma Malik, who reported that despite paying Rs150,000 in property tax under her name, a new notice of Rs157,000 was issued under her husband's name, based on signage outside the house. She has challenged the new notice with the previous tax receipt. As part of its ongoing crackdown on defaulters, the department has sealed 241 property units and recovered Rs3.1m in overdue taxes. Excise Inspectors have been directed to leave their offices and collect taxes directly in the field. However, with only 12 days remaining before the end of the fiscal year, achieving the collection targets for property tax, luxury tax, and professional tax seems increasingly unlikely, leaving the department far from meeting its financial goals.
