Latest news with #fiscalGovernance
Zawya
09-07-2025
- Business
- Zawya
President of Economic Community of West African States (ECOWAS) Commission hosts four High-Level Delegations to Advance Functional Integration, Rule of Law, and Infrastructure-Led Development
On 7 July 2025, the ECOWAS Commission Headquarters in Abuja hosted a day of high-level strategic consultations, presided over by H.E. Dr. Omar Alieu Touray, bringing together key regional and international stakeholders to advance cooperation in fiscal governance, peace through scientific diplomacy, legal integration, and infrastructure development. The meetings — with the Association of Accountancy Bodies in West Africa (ABWA), the Comprehensive Nuclear Test Ban Treaty Organisation (CTBTO), the West African Bar Association (WABA), and the Steering Committee of the ECOWAS Project Preparation and Development Unit (PPDU) — reaffirmed the Commission's commitment to advancing functional integration and mobilising partnerships that bring tangible benefits to the people of West Africa, in line with Vision 2050 and the 4×4 Strategic Objectives. The day began with an audience granted to the Association of Accountancy Bodies in West Africa (ABWA), led by its President, Mr. Mor Dieng. Discussions focused on renewing the Memorandum of Understanding with ECOWAS to advance professional development in the field of accounting, harmonise accounting standards, and promote transparency in public financial systems. President Touray praised ABWA's contribution to fiscal accountability and emphasised the need for sustained engagement by all national bodies. 'Integration is not only political — it is functional. Finance professionals must remain above politics and serve as anchors of governance,' he stated. The parties agreed to pursue a formalised framework to advance shared priorities across the region's financial landscape. In a subsequent meeting, the President received Dr. Robert Floyd, Executive Secretary of the Comprehensive Nuclear Test Ban Treaty Organisation (CTBTO). Commending ECOWAS Member States for their full ratification of the Treaty, Dr. Floyd highlighted West Africa's contribution to global peace through the operation of certified seismic and atmospheric monitoring stations. Discussions focused on strengthening collaboration in disaster risk reduction, scientific training, and the peaceful use of nuclear technologies. The President welcomed CTBTO's commitment and proposed institutionalising technical cooperation, noting that 'science must serve both global peace and regional resilience.' Later in the day, the President met with the leadership of the West African Bar Association (WABA), which proposed renewed collaboration with ECOWAS to support regional legal frameworks, electoral justice, and constitutional stability. The President underscored the importance of impartial legal institutions in preserving democratic governance and protecting rights across Member States. He encouraged WABA to strengthen inclusivity, clarify its institutional base, and maintain a principled voice aligned with the ECOWAS normative and legal ecosystem. 'We welcome the engagement of legal professionals in our integration process — but that engagement must be consistent, representative, and rooted in justice,' he affirmed. The final engagement of the day was held with the Steering Committee of the ECOWAS Project Preparation and Development Unit (PPDU), chaired by Hon. Commissioner Sediko Douka. With the participation of Member States, and the representative of development partners, the meeting addressed project preparation challenges, regulatory alignment, and infrastructure financing. The Steering Committee briefed the President of the Commission on Fund for the Development and Financing of the Transport and Energy Sectors (FODETE), which is a regional fund to be mobilised through levies on agricultural and extractive exports. President Touray welcomed the initiative and advised on the need to deepen consultation with national authorities. 'What countries contribute must be balanced against what they receive — and that must be negotiated with fairness,' he said. Highlighting recent energy gains, including a EUR 75 million EU-backed renewable energy initiative, the President stressed the need for resilient health partnerships, particularly following the withdrawal of major funding from USAID. 'Lives cannot be paused due to budgetary unpredictability,' he affirmed. Concluding the day's engagements, President Touray reflected on the importance of strategic dialogue as a leadership tool and a unifying force. 'From accountancy to science, from justice to infrastructure, each of today's engagements moves us closer to the ECOWAS we aspire to — a united region where integration delivers dignity and opportunity to every citizen.' By placing people at the centre of regional cooperation, the President reaffirmed the core of Vision 2050: a safe, stable, inclusive, and prosperous West Africa. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Malay Mail
08-07-2025
- Business
- Malay Mail
Sabah amends sales tax law, approves forest degazettement and launches Malaysia's first carbon credit law
KOTA KINABALU, 7 July — The Sabah State Legislative Assembly today passed three Bills to tighten the management of state sales tax, degazette forest reserves for development, and introduce new laws to regulate the carbon credit industry. The first Bill introduced 37 amendments to the State Sales Tax Enactment 1998 to strengthen fiscal governance, improve tax administration, and ensure continued sustainable revenue for the state. Finance Minister Datuk Masidi Manjun said the amendments do not introduce any new taxes but instead refine and update the existing law to make it more efficient, fair, and responsive to the current economic environment. 'This is not just a technical exercise, but a holistic reform to ensure our sales tax system remains effective in a complex and evolving economy,' said Masidi. 'We are actively tightening the system, closing leakages, and protecting the rights of taxpayers,' he added. One update expands the definition of 'sale' to include the removal of taxable goods from Sabah, even if the transaction occurs outside the state. Other changes criminalise the unlicensed sale of taxable goods, sales outside authorised premises, refusal to provide computerised data, and impersonation of tax officials. Taxpayers will now be able to appeal to an Appeal Board or tribunal and apply to pay sales tax or penalties by instalments. A new State Sales Tax Appeal Board will be established to handle disputes, though the cost of setting up the board is still unknown. 'We consulted some of the best tax lawyers in the country and also the State Attorney General,' said Masidi. 'This is about closing gaps, not raising taxes,' he said, noting the changes balance administrative effectiveness with taxpayer fairness. State sales tax revenue has grown from RM89 million or 7 per cent of state revenue in 1999 to RM3.03 billion or 44.5 per cent in 2024. The number of items taxed under the State Sales Tax has increased from three in 2018 — crude palm oil, lottery tickets, and slot machines — to nine in 2025, including petroleum products, fishery commodities, scrap metal, silica sand, palm biomass, and locally mined gold and silver. As of June 2025, total collections since its inception stood at RM32.26 billion, with 386 licensed taxpayers contributing an average of RM250 million monthly. 'This demonstrates that the SST is no longer a supplementary revenue stream — it is now a primary source of Sabah's fiscal sustainability and development,' Masidi told the House. While some opposition members raised concerns about a potential rise in living costs, it remains unclear whether the amendments will impact consumer prices. Meanwhile, the Forest Enactment (Amendment) 2025 Bill proposed the degazettement of 16,728.9 hectares from 10 forest reserves to formalise 40 rural villages, build the Serudong–Simanggaris ICQS complex, and support local infrastructure and livelihoods. The areas affected span across Sipitang, Tenom, Kemabong, Tawau, Kalabakan, Ranau, and Pitas, and will benefit over 12,000 residents. The degazetted forest classes include Class I (Protection), Class II (Commercial), Class IV (Amenity), Class V (Mangrove), and Class VI (Virgin Jungle Reserve). 'Despite the degazettement, Sabah's total Permanent Forest Reserve will only shrink by 0.47 per cent, from 3.575 million hectares to 3.558 million hectares,' said Assistant Minister in the Chief Minister's Department Datuk Nizam Abu Bakar Titingan. He said the state government would replace the removed forest areas with equally sized reserves to uphold its conservation commitments. The final Bill passed was the Climate Change and Carbon Governance Enactment 2025, the first legislation of its kind in Malaysia. Assistant Minister Datuk Abidin Madingkir said the Bill protects Sabah's status as a 'net carbon sink' — one of the few places globally that absorbs more carbon than it emits. He described it as a 'strategic economic asset' that must be safeguarded to maintain Sabah's environmental and economic standing. The law will establish a full carbon governance framework, promote inclusive climate action, and ensure climate benefits are shared by all Sabahans.
