Distributive trade sector recorded RM1.76 trillion in sales last year, says Armizan
JOHOR BARU: The distributive trade sector recorded RM1.76 trillion in sales last year, says Datuk Armizan Mohd Ali.
The Domestic Trade and Cost of Living Minister said that the figure was an increase of more than 5% compared to the RM1.67 trillion recorded in 2023.
"With such strong figures, we should focus on leveraging this growth to promote local products, enabling them to benefit from the expansion of the sector," he said.
He said that among the initiatives that have contributed to the encouraging trend is the Buy Malaysian Goods Campaign, which aims to boost sales of local products, especially from micro, small and medium enterprises (MSMEs).
He said the campaign has contributed some RM347mil in sales over the last two years through e-commerce platforms.
"We are also utilising e-commerce platforms to promote local products in collaboration with various parties, including e-commerce operators such as Lazada, TikTok and Shopee.
"For example, the sales of local products reached RM347mil in 2023 and 2024 through the Buy Malaysian campaign, which shows great potential,' he said.
Armizan added that Deputy Prime Minister Datuk Seri Fadillah Yusof will announce a coordination meeting next week to bring together various agencies and ministries involved in the campaign.
"The campaign is driven by multiple ministries and agencies, each with its own approach, so coordination is crucial," he said, urging the private sector and non-governmental organisations to play a role in promoting and prioritising high-quality local products that contribute to the national economy.
He added that beyond domestic efforts, the ministry is also pushing for global market penetration through the Local to Global Retail initiative.
"This is one of the ways we aim to enhance our products' competitiveness and visibility in international markets.
"We will intensify these efforts for the benefit of the people, local entrepreneurs, and the nation as a whole,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sinar Daily
an hour ago
- Sinar Daily
Trump says 'wealthy' group plans TikTok purchase, needs China approval
He said he will reveal details "in about two weeks." 30 Jun 2025 09:53am US President Donald Trump. Photo by Andrew Caballero/AFP ISTANBUL - US President Donald Trump said a "group of wealthy people" plans to purchase TikTok, requiring Chinese government approval for the transaction, Anadolu Ajansi (AA) reported. "We have a buyer for TikTok, by the way," Trump said during a Fox News interview aired Sunday. "I think I will probably need China's approval. I think (Chinese) President Xi (Jinping) will probably do it." Chinese President Xi Jinping and US President Donald Trump. Photo by Evgenia Novozhenina and Saul Loeb/AFP Trump described the potential buyers as "very, very wealthy people" forming a group, declining to specify whether a major technology company was involved. He said he will reveal details "in about two weeks." The United States (US) Congress passed bipartisan legislation in 2024 requiring ByteDance, TikTok's Chinese parent company, to divest US operations or face a nationwide ban due to national security concerns about potential data sharing with Beijing. The Supreme Court upheld the law's constitutionality in January. Trump extended the TikTok enforcement deadline by 90 days to Sept 17 through an executive order in June, marking his third delay of the potential ban. The video-sharing platform, which serves around 170 million users in the US, briefly went offline prior to Trump's second inauguration but was restored after he promised to postpone enforcement. - BERNAMA-ANADOLU
The Star
an hour ago
- The Star
Vietnam rolls out key tax reforms from July 1 to support fairer system
HANOI: From July 1, Vietnam will officially enforce a new set of tax laws that are expected to reshape the country's tax system in both structure and administration. These changes follow the passing of several amended tax laws, including the revised Law on Value-Added Tax (VAT), Law on Corporate Income Tax, Law on Personal Income Tax and Law on Special Consumption Tax. The updates are seen as a major reform to improve fairness, efficiency and transparency in taxation. Under the new rules, the VAT system will see major changes. One key highlight is the mandatory use of non-cash payments for VAT input deduction. This applies even to purchases under VND20 million (roughly US$770). In the past, only payments over that threshold required bank transfers. Now, businesses must show non-cash payment proof for all purchases to claim VAT credit. This aims to prevent fake invoices and strengthen tax integrity. It may pose challenges at first for small vendors and traditional market sellers. But in the long run, non-cash payments will help them build a clear financial history, which makes it easier to access official credit. The revised VAT Law also doubles the taxable income threshold for household and individual businesses. From 2026, only those earning over VND200 million per year will be subject to VAT and personal income tax. This is a strong support measure for micro businesses, easing their tax burden and paperwork. It gives them more room to reinvest and grow. At the same time, the law updates the list of non-taxable goods and services. It adjusts taxable prices for imported goods and revises tax rates for several product groups. These changes are made to better reflect the real economic value and encourage the right consumption behaviour in society. VAT exemptions are applied for several items — including fertilisers, agricultural machinery, offshore fishing vessels, securities custody and stock market operation services. Exports made from processed natural resources or minerals will only be VAT-exempt if listed by the Government. The law also introduces VAT exemption for imported goods donated for disaster relief, epidemic control or war-related support. In addition, the method for calculating VAT on imported goods has been revised. The new formula bases VAT on the customs value plus applicable import duties, any additional import-related taxes, special consumption tax and environmental protection tax — if any. One important area of focus is e-commerce. Authorities will now apply a 'tax withholding at source' mechanism. From July 1, e-commerce platforms like Shopee, Lazada and Tiki must withhold taxes before transferring payments to sellers. The tax is calculated as a percentage of the revenue from each transaction. For example, VAT is applied at one per cent for goods, five per cent for services and three per cent for transportation or services tied to goods. Personal income tax for local sellers is 0.5 per cent for goods, two per cent for services and 1.5 per cent for transportation. For foreign sellers, the corresponding rates are one per cent, five per cent and two per cent. If a platform cannot identify whether a sale is a good or a service, the highest rate applies. Monthly tax filing is required. Cancelled or refunded orders must be adjusted. This ensures proper and timely tax collection. It also creates fairness between online and offline sellers, since traditional shops have long been required to follow full tax rules. A major shift in personal tax management is also being introduced. From July 1, personal tax codes will be replaced by 12-digit personal ID numbers. These IDs, found on every citizen's national ID card, will be used for all tax filings, payments and refunds. By linking tax records with population data, social insurance, land use and banking information, authorities will be able to use big data to detect tax risks and trace fraud more effectively. However, tax officials have also clarified a key concern from the public: not every transfer into a personal bank account will be taxed. Many people have worried that all incoming funds — like wedding gifts, birthday money or family support — could be subject to tax audits. But the tax department confirmed this is a misunderstanding. Under current rules, many kinds of income are exempt from personal income tax. These include gifts between close relatives, inheritance, one-time property sales, income from savings or insurance, and compensation payments. Transfers related to agriculture or fishing are also usually tax-free. Still, taxpayers are encouraged to keep records of their transactions, especially when large amounts are involved. Having documents can help prove the nature of a transfer if questions arise later. Officials also said that they do not monitor all bank transfers. Checks are only made when there are signs of tax evasion, especially when people receive large sums but do not issue invoices or report income. The case of social media influencer 'Cun Bong' (real name Vu Nam Phuong) is one such example. She reported VND5 billion in income from 2023 until now, but authorities discovered her actual revenue was over VND120 billion. She is now under criminal investigation for serious accounting violations and tax evasion. This case is a warning to all influencers and online sellers to follow the law. - Bizhub/Vietnam News/ANN
Barnama
an hour ago
- Barnama
Micro And Small Traders In F&B Sector Can Continue Using Subsidised LPG Cylinders
KOTA KINABALU, June 30 (Bernama) -- The Ministry of Domestic Trade and Cost of Living (KPDN) has assured that micro and small traders in the food and beverage sector can continue to utilise subsidized LPG cylinders as long as they offer "rakyat prices" (affordable prices) to consumers. Its Minister, Datuk Armizan Mohd Ali, said that food and beverage vendors who offer services at reasonable prices need not worry, as they will continue to be guaranteed access to LPG subsidies. He stated that this is among the aspects considered in amending the Supply Control Regulations (Amendment) 2021 (PPKB (Amendment) 2021). Engagement sessions to gather feedback and views on the proposal will be held starting tomorrow until Op Gasak concludes on October 31. "Unlike the PPKB (Amendment) 2021, which only allowed the use of subsidised LPG cylinders not exceeding 42 kilograms at any given time, the implemented amendment will take into account the needs of micro and small traders in the food and beverage sector. "Besides recognising the needs of these traders, in this amendment, we will also look at control mechanisms in the context of ensuring that there are no leakages in this subsidy, especially related to smuggling and misappropriation," he said during a press conference here today. Earlier, Armizan attended the PPKB (Amendment) 2021 Engagement Session involving food and beverage traders' associations in Sabah to gather their views and feedback on the proposed amendment to the regulations. Armizan said feedback from micro and small traders in the food and beverage sector was crucial for establishing risk management to prevent leakages and, subsequently, ensure that no parties take advantage of public subsidies. He revealed cases of large-scale purchases of subsidised LPG gas, with some being used at business premises while the remainder was resold at certain prices to parties involved in misappropriation. "Therefore, we need to formulate control mechanisms related to the subsidised LPG cylinder issue," he said, urging traders' associations to hold engagement sessions with their respective members and submit memorandums of proposal directly to the ministry.
