Latest news with #financialpressure
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Samenta calls for higher SST threshold to help SMEs
Samenta said many small businesses are already struggling with high costs, weaker customer spending and uncertainty in export markets. PETALING JAYA : The Small and Medium Enterprises Association of Malaysia (Samenta) has called on the government to raise the sales and services tax (SST) threshold or exempt micro and small enterprises to protect them from financial pressure when the The Small and Medium Enterprises Association of Malaysia (Samenta) has called on the government to raise the sales and services tax (SST) threshold or exempt micro and small enterprises to protect them from financial pressure when the revised tax starts on July 1. Samenta chairman William Ng said the current threshold of RM500,000 in annual turnover should be raised to RM2 million so that only medium and larger businesses are affected. He said that many small businesses are still dealing with high operating costs, weakening consumer demand and uncertainty in export markets — conditions that could get worse after the halt in US tariffs ends on July 8. 'Against this backdrop, revising the SST without sufficient exemptions or a higher threshold for SMEs risks compounding the cost burden on businesses that are least equipped to absorb it,' he said in a statement today. William Ng. 'This impact is not limited to raw material costs but extends to rent and business-to-business services that will now fall under the SST's expanded scope. 'These increases will almost certainly be passed on to consumers, further driving up the cost of living.' Ng also urged the customs department to immediately issue sector-specific guidelines to help SMEs determine their tax obligations under the expanded scope. 'Without clarity, many SMEs risk falling into unintentional non-compliance, despite the enforcement grace period until the end of 2025,' he said. He also asked for clarification on whether the tax should be applied based on when invoices are issued or when payments are received, especially for invoices sent before July 1. While supporting the idea of a fair and progressive tax system, Ng also criticised the lack of meaningful consultation with stakeholders. 'While we were given a briefing on the expanded SST, they cannot consider this a consultation when it is presented as 'fait accompli',' he said.
BBC News
28-05-2025
- Business
- BBC News
Llandysul farmer steels 73 ewes from neighbour
A farmer under "financial pressure" stole more than 70 pregnant sheep from a neighbour, a court has Williams, 40, from Llangadog, Carmarthenshire, pleaded guilty to theft of the ewes from neighbour Rhodri Llyr of the 73 missing sheep were found on Williams' land in March, following a local tip off. Others were recovered without their identifying ear tags at a local abattoir and an auction mart while some were given to another farmer to pay off a debt. Williams, who lives on his 270-acre farm near Llandysul with his 81-year-old uncle, told Aberystwyth Magistrates' Court he "deeply" regretted his said he took the sheep because he was under financial pressure and accepted his actions were "unacceptable and feels ashamed".Mr Evans said the theft had causing "unbearable stress" on his family and business. The sheep stolen were all ewes in lamb, in an area which has seen the highest proportion of livestock theft in the UK between April 2024 and March 2025, the court was handed a 12-month suspended sentence and ordered to undertake 250 hours of unpaid work and to pay more than £5,000 in compensation.
CBC
08-05-2025
- Business
- CBC
Regional councillors ask staff to cap any tax levy increase in 2026 to 5%
Regional councillors are starting to prepare for 2026 budget talks and as part of that they debated whether they should direct staff to cap any property tax increases to five per cent. Ultimately, they opted to pass a motion brought forward by Coun. Michael Harris during the administration and finance committee on Wednesday. Harris said he wanted to ask staff to keep to a five per cent cap because people across the region are facing significant financial pressures, including the rising cost of housing, food and other essentials. He said the region "has a responsibility" to be fiscally prudent while delivering services people need. "I think that this sends clarity to staff to obviously get to work over the course of the summer leading into budget with that number in mind," Harris said during the meeting. He said ultimately, it would be up to council during the budget process to go over that threshold if necessary. "I hope that we can deliver a budget to our community that's in and around that range at the very least. But ultimately, we know that come budget day, it's in all of our hands," Harris said. Coun. Colleen James said she supported the move because it would offer staff "a starting point" for preparing budget documents. "I'm also extremely conscious of the economy and the state that we are in with a significant amount of layoffs and potential job losses," James said. "I think that there are a lot of people in this region that are just staying above water … and our actions ahead of time will show the residents and those taxpayers that we're mindful of the situation." Council tried capping 2025 budget at 8% Coun. Chantal Huinink noted regional council passed a similar motion in 2024 to put an eight per cent cap on the budget "and we didn't make that." In December, regional council passed the 2025 budget that saw a 9.48 per cent increase to the regional portion of property taxes. "Economic times haven't gotten any easier for service providers than they've gotten for residents and so I'm just curious as to if you've had conversations with staff regarding how feasible this is," Huinink said. Wayne Steffler, the region's commissioner of corporate services and chief financial officer, said a five per cent cap would be "challenging but achievable." "Just to clarify a bit further, this is directing staff to prepare and present it, but that doesn't prohibit council from approving a higher rate for the budget or the levy increase if they wanted," he said. Coun. Doug Craig said he wants to see the budget increase remain at five per cent or lower and "that's where I'm going to stay during the budget discussion." "I think we've got to get tough on this," Craig said. Councillors Pam Wolf and Huinink were opposed to the motion and Kitchener Mayor Berry Vrbanovic was absent for the vote. Budget discussions are set to begin in October with community consultations in November. If all goes according to plan, the 2026 budget would be approved on Dec. 10.
