‘Factual criticism on tax welcome'
Datuk Seri Anwar Ibrahim said criticisms should be conveyed through the proper channels and not by slander or verbal abuse.
'I noticed some university students complaining about the electricity bill adjustment.
'Electricity rates have not gone up, so is it true they are affected?
'If it is indeed true, then we need to fix it because public universities are exempted,' he said at the Prime Minister's Department's monthly assembly, Bernama reported.
'Such matters, when spread in the name of freedom, can become avenues for slander and verbal abuse.
'Please provide facts. I have no issue with people complaining or offering criticism,' he said.
The Prime Minister explained that the adjustment of electricity tariffs and the expansion of the Sales and Service Tax (SST) are to ensure that those with higher financial means contribute a fairer share, while protecting segments of the population from undue financial pressure.
'If possible, we would rather not burden the people with taxes.
'But if there are one or two cases where people are affected, we can make improvements.
'However, to outright oppose the electricity (tariff) adjustment, I think that's not right,' he said.
On June 9, the government announced a targeted review of the Sales Tax rate and the expansion of the Service Tax scope, which will take effect today.
The Energy Commission had announced that more than 23.6 million domestic users in Peninsular Malaysia will benefit from a fairer and more progressive electricity tariff structure that will be in effect from today to Dec 31, 2027.
Meanwhile, the Prime Minister said the East Coast Economic Region Development Council (ECERDC) has successfully recorded RM6.4bil in realised investments in the first six months of this year.
The ECERDC has also successfully created more than 2,800 jobs to date, he added.
'The amount of committed investments has reached RM10.4bil, surpassing the RM10bil target set for 2025,' he said in a post on his official Facebook page.
Earlier, Anwar attended a meeting with the ECERDC to review the latest progress on key performance indicators for the economic corridor, and to discuss the development framework for the East Coast Economic Region (ECER).
'I emphasised the importance of prioritising the country's long-term interests in attracting investors, including ensuring technology and skills transfer elements in every approved investment.
'The ECERDC needs to maintain this momentum through an efficient and proactive facilitation process which will strengthen the region as a competitive investment destination both nationally and internationally,' he added.
Meanwhile, the ECERDC said the manufacturing sector accounted for 59% of the RM6.4bil realised investments, with Pahang leading the list with RM4bil, followed by Terengganu (RM1.3bil) and Kelantan (RM1.1bil).
Johor reported investments amounting to RM13.3mil in the agriculture sector, specifically from the establishment of a biocompost facility in Mersing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
35 minutes ago
- The Sun
India seeks stronger semiconductor and digital economy ties with Malaysia
KUALA LUMPUR: India is keen to deepen its already robust business linkages with Malaysia in the fast-growing semiconductor industry and digital economy. India's High Commissioner to Malaysia, B N Reddy, said Malaysia has long been recognised as a leader in the semiconductor sector. Besides this, Malaysia had expressed keen interest in partnering with India in the semiconductor sector. 'We welcome more Malaysian companies to collaborate with Indian firms through joint ventures,' he told Bernama after appearing on Bernama TV's The Nation programme on 'Malaysia-India Relations: Then, Now, Next'. Reddy said the potential for bilateral partnership was promising, given India's increasing focus on semiconductors through its India Semiconductor Mission (ISM), which aims to develop a domestic chip and display manufacturing ecosystem. The mission targets chip production in the 28-nanometre to 90-nanometre range. 'It will be a significant development, as over 60 per cent of the industry falls within this range under the ISM. We aim to triple our semiconductor market size to US$109 billion by 2030, up from US$38 billion in 2023,' he said. Currently, India has approved six major semiconductor manufacturing facilities under the initiative. Reddy also said trade between India and Malaysia had continued to strengthen despite global economic headwinds and geopolitical uncertainties, reaching about US$20 billion (US$1 = RM4.19) in 2024. In June 2024, India exported US$765 million to Malaysia and imported US$1.23 billion. India's exports to Malaysia surged by 93.9 per cent compared to the same month last year, while imports grew by 14.5 per cent. He said the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA), which began in 2023 and is expected to conclude by year-end, is set to further enhance regional trade and investment, particularly in the digital economy. 'One of the key objectives is to make trade more effective, user-friendly and simpler for businesses,' he said, adding that recent talks in Kuala Lumpur between an Indian delegation and Malaysia, in its role as ASEAN coordinator, marked significant progress. India has been a full dialogue partner of ASEAN since December 1995, with the partnership elevated to summit level in 2002. He also acknowledged several challenges to two-way trade, including persistent asymmetries in market access and issues surrounding rules of origin, which need to be addressed through the AITIGA review. 'We need to find solutions and align the agreement with evolving global trading practices,' he said. Reddy also highlighted the potential for cooperation in digital payments, expressing hope that India's unified payments interface could soon be accepted in Malaysia and that both countries would develop interoperable QR code networks to enable seamless cross-border transactions. 'This would greatly benefit users from both nations, including tourists, and improve digital connectivity between our economies,' he said. As India deepens its engagement with ASEAN, its expanding trade and technology ties with Malaysia are expected to play a key role in shaping regional economic integration, Reddy said.
The Star
37 minutes ago
- The Star
Ringgit ends higher on improved sentiment towards emerging market currencies
KUALA LUMPUR: The ringgit closed higher against the US dollar today, supported by improved sentiment towards emerging market currencies amid a weaker greenback. At 6 pm, the local note rose to 4.1995/2005 versus the greenback from Monday's close of 4.2060/2130. SPI Asset Management managing partner Stephen Innes said the US dollar's status as a default safe-haven currency is increasingly being reassessed, prompting investors to explore opportunities in regional currencies such as the ringgit. "The current low-volatility environment is encouraging greater risk appetite, particularly for emerging market currencies. "Notably, the ringgit, often considered a regional laggard, is breaking through key technical resistance levels despite Malaysia offering comparatively lower yields than some other emerging market peers,' he told Bernama. In our region, the Korean won, Thai baht and ringgit were among the top performers, he added. At the close, the ringgit traded lower against a basket of major currencies. It depreciated against the Japanese yen to 2.9351/9389 from 2.9156/9206, eased versus the British pound to 5.7797/7866 from 5.7597/7693, and fell against the euro to 4.9566/9625 from 4.9290/9372 yesterday. The local note was traded mixed against its ASEAN counterparts. It strengthened against the Indonesian rupiah to 258.9/259.4 from 259.0/259.5 and rose against the Philippine peso to 7.45/7.46 from 7.46/7.48 previously. However, it shed vis-à-vis the Singapore dollar to 3.3015/3059 from 3.2986/3034 and shrank against the Thai baht to 12.9363/9585 from 12.9356/9627 yesterday. - Bernama
The Star
37 minutes ago
- The Star
Fiscal reforms still a strong focus for country
KUALA LUMPUR: While there is still no fixed date on when the rationalisation of the RON95 petrol subsidy might take effect, final details are currently being ironed out, says Second Finance Minister Datuk Seri Amir Hamzah Azizan. He said the goal remains the same – to ensure gaps are plugged and businesses as well as the wealthy contribute their fair share so that the nation has fiscal strength while providing financial subsidies for those that need it. 'The same approach applies to the expansion of the sales and service tax (SST). It diversifies revenue and is part of a prudent expenditure management. 'In turn, it allows for growth-enhancing investments which generate equitable economic advantages and benefits for all groups, including businesses and the general public,' he said during the Invest Asean-Malaysia 2025 Conference here yesterday. He added the initial target of RM10bil in revenue from the expanded SST is still what his ministry expects. 'At the moment, I am still confident and I think the government is fair enough to understand that we should adjust along the way,' he said. He revealed the government took into account ways to minimise the impact on small and medium enterprises as well as on the general population. According to Amir Hamzah, there are other separate reforms in the pipeline that are set to support economic growth, build credibility and set good examples. 'These include judicial and institutional reforms, fiscal and public sector reforms, social protection and inclusivity reforms, and digital and innovation-led reforms. 'Current global volatility makes reforms more urgent. Institutional strengthening, fiscal discipline, innovation and capacity building are components to sustainable, resilient economic expansion that is capable of weathering future global disruptions,' he added. With this in mind, Amir Hamzah said when the upcoming budget is being tabled, the government will have a pragmatic and sensible focus, aimed at driving continuity in the nation's progress. 'While it is too early to share details, I can say that it will be yet another effort in securing our economic future, responding where necessary to current economic categories and building a fairer, more equitable society,' he noted. Amir Hamzah said the commitment to Malaysia's fiscal consolidation remains in sharp focus. He pointed out that in 2024, the country achieved a budget deficit of 4.1% to the gross domestic product, better than the official target of 4.3%. 'This year, we are targeting 3.8%, while staying consistent with the target in the Public Finance and Fiscal Responsibility Act to reduce the deficit to 3% in the middle term. 'This has not been an easy journey, but we have made huge strides when we compare it with what we started off in 2022 at a 6.4% deficit,' he said. He noted that this will be accomplished through revenue enhancing measures, tax system efficiency and taxpayer compliance. 'These various sources of revenue provide the fiscal space to invest in building capacity in the nation's infrastructure, talent and cost-effectiveness which corporates and businesses rely on. In many ways, it is an equitable partnership that drives shared progress,' he said. Meanwhile, Bursa Malaysia Bhd chief executive officer Datuk Fad'l Mohamed said the current strength of Malaysia's economy is no coincidence, but is the outcome of forward-looking policies. He said the stock exchange has continued to strengthen regional collaborations and enhance linkages with exchanges and the ecosystem across Asean. 'As the largest Asean exchange by number of listed companies, we continue to solidify our position as a key avenue for fundraising. 'In 2024, we led the region's initial public offering (IPO) 'league table' in both the number of IPOs at 55, and in total IPO funds raised,' he said in his keynote speech. He added there were already encouraging IPO activities witnessed in the first half of this year despite market volatility. 'As we continuously facilitate businesses to raise funds, we also take pride in witnessing companies progress from the LEAP Market to the ACE Market, and from the ACE Market to the Main Market. 'Since 2020, more than 40 companies have made this transition and graduated upwards,' he said. On a separate note, the Invest Asean-Malaysia 2025 Conference which began yesterday and will run until tomorrow is expected to attract more than 1,500 delegates from across the region. Themed 'Driving Asean Integration through Malaysia's Economic Resilience – Capital, Collaborations, Connections', the event comprises a showcase of 71 corporates from Asean, including 30 from Malaysia.
