GST implementation to add up to RM27b to Malaysia's income

Minister in the Prime Minister's Department, Datuk Seri Idris Jala says GST will provide extra funds for the government to spend on the well-being of Malaysians.

Malaysia will be able to rake in an additional income of up to RM27 billion if the proposed goods and services tax (GST) is implemented at seven per cent, similar to neighbouring Singapore.


Minister in the Prime Minister's Department, Datuk Seri Idris Jala said the new taxation mechanism can guarantee additional revenue of RM20 billion to RM27 billion, at maturity.

"At maturity, is when, every Malaysians starts to contribute towards the GST. It must be implemented as soon as Malaysians are ready to accept the mechanism," he added.

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Explain forex loss, Nor Mohamad told

COME CLEAN CALL: Nor Mohamad is alleged to be involved in the 1992/93 forex scandal

MINISTER in the Prime Minister’s Department Tan Sri Nor Mohamad Yakcop has been asked to "come clean" on the 1992/93 foreign exchange scandal in which RM15.8 million allegedly went "missing".

Chief Minister Lim Guan Eng said failure to do so could mean that Nor Mohamad could be subjected to an inquiry mounted by Pakatan Rakyat if it took over the federal government.

“When the scandal happened, the amount of RM15.8 million was a gargantuan amount. It still is at this day and age. I am not saying he took it but he must explain what happened," Lim said at a press conference.

PM launches new voluntary Private Retirement Scheme

The voluntary Private Retirement Scheme (PRS) was launched on Wednesday by Prime Minister Datuk Seri Najib Tun Razak that will allow employees and self employed the opportunity to save for their retirement.

To encourage savings under the scheme, individuals are granted tax relief of up to RM3,000 and employers are provided with tax deduction on contributions to the PRS on behalf of their employees above the statutory rate of 19%.

A total of 24 funds will be managed by eight Private Retirement Schemes providers which would be available to the public this September.

Contingency fund of RM1.4 billion not missing, says Awang Adek

Deputy Finance Minister Datuk Dr Awang Adek clarified that the RM1.4 billion allegedly missing from the Treasury’s contingency fund went to the supplementary budget, had been presented to Parliament and has been accounted for.

“All unplanned expenses of the fund had been tabled, accounted for and approved by Parliament in a supplementary budget tabled during the March-April sitting last year.

“The fund is topped up by RM1.5 billion annually and the RM1.4 billion used for last year's unforeseen expenses has been added back,” he told reporters at Parliament lobby.

Awang said opposition leader Datuk Seri Anwar Ibrahim, who made the allegation, had either forgot how it works or does not understand the practice.

Bursa mum whether Vincent Tan did wrong

Bursa Malaysia today refused comment over the status of tycoon Tan Sri Vincent Tan's listed Berjaya Corporation's claim in a filing last month with the exchange that Ascot Sports Sdn Bhd had been issued a sports betting licence by the Finance Ministry, which the ministry denied yesterday.

The exchange referred The Malaysian Insider to the company's announcement of its intended acquisition of a controlling stake in Ascot Sports as it was not unconditional.

“Bursa Malaysia highlighted to Malaysian Insider that the conditions of the re-issuance of the licence is stated in the announcement made by Berjaya Corp Berhad on 12 May 2010,” a Bursa official wrote in an e-mail response to questions about whether Berjaya Corporation would be queried.

In the announcement, Berjaya Corporation had stated that “the Minister of Finance has given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations upon certain terms and conditions.

MP: Who's lying - Ministy of Finance or Berjaya? MoF denied giving license to Ascot while Berjaya said already have.

Contradictory statements by the Finance Ministry and Berjaya Corporation Bhd over the controversial sports betting licence have raised questions as to who is telling the truth.

In a notice to Bursa Malaysia on May 12, the company stated: 'The Finance Ministry had given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations.'

Copies of the notice were distributed this morning to journalists by Petaling Jaya MP Tony Pua, at the Parliament lobby.

Finance Minister Najib Abdul Razak, in a written parliamentary reply yesterday had said the government has yet to issue the licence because public feedback is still being sought and additional terms and conditions are still being drafted.

PM dispels fears of possible bankruptcy

Najib says the financial position of the federal government will continue to be monitored and controlled responsibly

Prime Minister Datuk Seri Najib Razak today moved to quell fears raised by a minister that Malaysia would one day go the way of Greece and Iceland and become a bankrupt nation.

In a written response to a question by Lim Kit Siang (DAP-Ipoh Timor) in Parliament, the premier gave an assurance that the government was taking steps to ensure that Malaysia’s debts would be reduced and maintained at a manageable level.

“Malaysia will not face problems like what is happening at present in Greece and Iceland.

Treasury disputes Idris Jala’s data-major embarrassment for the minister charged with overseeing the administration’s key performance indicators (KPIs).

Photo of a page of the ministry presentation to the BNBBC.

The Ministry of Finance disputed today findings made by Datuk Idris Jala and his Performance Management and Delivery Unit (Pemandu) in his argument for immediate subsidy cuts, in a major embarrassment for the minister charged with overseeing the administration’s key performance indicators (KPIs).

Treasury officers briefed Barisan Nasional (BN) backbenchers in Parliament today and indicated Idris (picture), the former Malaysia Airlines boss hailed as a hero for turning around the national carrier, had overstated his case for subsidy cuts with flawed statistics.