8 October 2019: RON95 price to be floated; Hoping for broader income tax bands, refined SST

RON95 price to be floated
The price of RON95 will float according to the market once the targeted fuel subsidy scheme kicks off in January next year. Under the scheme announced by Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail yesterday, only recipients of the Bantuan Sara Hidup (BSH) who are based in Peninsular Malaysia are entitled. Car owners who are entitled to the scheme will receive RM120 every four months; and RM48 every four months for motorcycle owners. The recipients will get their payment via cash transferred into their bank accounts, with the first payment scheduled for April 2020. BSH recipients who have up to two cars and two motorcycles registered with the Road Transport Department (JPJ) under their names will be eligible for the scheme. As only BSH recipients in Peninsular Malaysia are eligible for the subsidy scheme, the price of RON95 petrol in Sabah, Sarawak and Labuan will continue to be subsidised and fixed at RM2.08. (The Star Online)

(Source: The Star Online)

Experts hope for broader income tax bands, refined SST
In the lead up to Budget 2020, EY tax experts expect to see a number of measures announced, particularly on income tax and the sales and service tax (SST). In a statement, EY said from a personal income tax perspective, the government should consider broadening and reducing the number of income tax bands. It also said the government should seek to simplify reliefs by reducing the number of reliefs available whilst increasing the amount of relief for self, spouse and children. On the SST, EY recommended some measures that can be made available to preserve it as a single-tier tax. Meanwhile, EY said they hoped more attention will be given to measures to support growth of businesses and enhance the current tax administration. (The Sun Daily)

YTL Corp to inject UK properties worth over RM1b to YTL REIT next year
YTL Corp Bhd is preparing to inject its UK properties, estimated to worth over RM1 billion, into its global hospitality real estate investment trusts (YTL Reit) next year. The group, through YTL Hotels & Properties Sdn Bhd, owns and operates five luxury hotels across United Kingdom. YTL Corp executive director Datuk Mark Yeoh said all the five hotels are performing well in terms of occupancy and revenue. He said YTL had a global mandate to grow the YTL Reit business and it had been expanding steadily over the years. YTL Reit, listed in 2005, had a market capitalisation of about RM2.28 billion as at October 3 thisyear, with a wide portfolio of prime hotel properties valued around RM5 billion. (NST Online)

Dr M: we will study all offers for PLUS Malaysia takeover
The government will study any proposal to acquire PLUS Malaysia Bhd, says Prime Minister Tun Dr Mahathir Mohamad. “Any offers by anyone will be studied by the government. If it’s suitable with our demands, we will entertain them,” he said. Dr Mahathir was responding to Malaysian-led Hong Kong-based private equity firm RRJ Capital, which was reported to have laid out a revised proposal to the government to acquire PLUS Malaysia Bhd for RM3.5bil. The firm seeks to offer toll discounts of up to 30% based on new cars’ price tag as well as demolishing toll booths to alleviate traffic congestion. Khazanah Nasional Bhd managing director Datuk Shahril Riza Ridzuan said on Oct 6 that it had no intention to sell its strategic assets to any party, adding that the group had rejected all takeover offers for PLUS Malaysia Bhd. (The Star Online)

MoT conducting study on airport development in Malaysia
The Transport Ministry says it is conducting a study, through the Malaysian Aviation Commission (Mavcom), to prepare the National Airports Strategic Plan (NASP). Deputy Minister Datuk Kamarudin Jaffar said the document will be a reference for the government in the planning and development of airports in Malaysia. “The NASP will outline the long-term plan to develop a more efficient and competitive airport system, as well as provide continuity with the transportation network and enhance connectivity between the various transport modes in Malaysia. The 18-month study is expected to be finalised the latest by December 2020,” he said. The government is planning to expand existing airports or build new ones to meet the rising demand in the northern part of peninsular Malaysia covering Perak, Penang, Kedah and Perlis. (The Sun Daily)

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