Latest news with #FinanceMinistry
Malay Mail
an hour ago
- Automotive
- Malay Mail
Ahmad Maslan seeks RM4b for Works Ministry to repair old roads damaged by rain, overloaded lorries
BACHOK, June 28 — The Public Works Ministry (KKR) has revealed that rainy weather and overloaded heavy vehicles were the two main causes behind damaged roads in the country. Its deputy minister, Datuk Seri Ahmad Maslan said RM4 billion was required to repair the damaged roads in the country, but the ministry has only received nearly RM2 billion due to limitations faced by the government. 'My ministry always hopes that we will get more allocations each year to repair damaged roads as there are those that are 'old' and require re-tarring,' he told reporters after officiating the Bachok Umno division delegates' meeting here today. He revealed that the ministry had previously suggested that any collection made by the Road Transport Department, including road tax and speeding summonses be handed to the ministry to use for road repairs but the suggestion never received any feedback. 'If there is any suggested additional taxes from heavy vehicles as mooted by certain parties, they should be handed to the Finance Ministry or the Transport Ministry,' he added. — Bernama
2 hours ago
- Business
Japan Private-Sector Rice Imports Surging
News from Japan Economy Jun 28, 2025 19:48 (JST) Tokyo, July 28 (Jiji Press)--Private-sector rice imports to Japan are soaring as domestic rice prices remain high, apparently for use in "bento" boxed meals and household consumption. According to trade statistics released by the Finance Ministry on Friday, 10,607 tons of rice was imported by private-sector companies in May, about 125 times the monthly average for last year. "If we leave the surging rice prices as they are, (rice imports) may grow further," agriculture minister Shinjio Koizumi said Friday. The government imports an annual 770,000 tons of rice free of tariffs under its minimum market access obligation agreed with trading partners. Meanwhile, private companies can import rice if they pay a tariff of 341 yen per kilogram. [Copyright The Jiji Press, Ltd.] Jiji Press
Hans India
5 hours ago
- Business
- Hans India
Rare earths crisis: India taking concrete steps to mitigate possible disruptions
New Delhi: As recent export restrictions imposed by China on key rare earth materials disrupt global supply chains, India has been taking a series of steps on the domestic front to mitigate possible disruptions, according to Finance Ministry. A concerning phenomenon amidst the tariff and trade developments was the imposition of restrictions on the export of rare earth elements (REEs) by China. Minerals such as lithium, cobalt, nickel, and rare earth elements are vital for solar panels, wind turbines, electric vehicles, and energy storage systems. 'Hence, such restrictions are bound to hamper the development of industries such as electric vehicles, defence and renewable energy,' said Finance Ministry's 'Monthly Economic Review for May 2025'. 'A list of 30 critical minerals was identified, with 24 brought under the exclusive auction authority of the Central Government through August 2023 amendments in the Mines and Minerals (Development and Regulation) Act, 1957. The Government of India had also launched the National Critical Mineral Mission (NCMM) in January 2025, a seven-year initiative (2024-25 to 2030-31), to build a self-reliant and resilient framework for securing critical minerals essential to India's clean energy transition and strategic sectors,' according to the Economic Review document. The NCMM targets 1,200 domestic exploration projects and supports overseas acquisitions by both PSUs and private entities. It also aims to strengthen the entire value chain through patents, skill development, mineral processing parks, and recycling of secondary sources. India is also expanding offshore exploration and forging international partnerships, including with Argentina and Australia, to diversify supply sources. The country joined the US-led Minerals Security Partnership (MSP) that aims to strengthen critical mineral supply chains through public and private sector investment. India is the only developing country member in the 14-member MSP. 'Further, India is investing abroad in exploring and acquiring critical mineral assets in resource-rich countries. A Joint Venture, Khanij Bidesh India Ltd. (KABIL), has been incorporated with the objective of acquiring critical mineral assets abroad,' said the Economic Review. Under the NCMM mission, the Geological Survey of India (GSI) has intensified its exploration programmes. In the 2024-25 field season, GSI had taken up 195 projects, focused on identifying and assessing critical mineral deposits. The guidelines for setting up Centres of Excellence (CoE) under the NCMM were issued in April 2025. CoEs will identify, develop and implement extraction processes and beneficiation technologies for a host of critical minerals from multiple sources and conduct directed R&D to reach Technology Readiness Levels. The Minerals (Evidence of Mineral Contents) Amendment Rules, 2025, were notified by the Ministry of Mines on June 12, 2025, to revise the exploration norms for establishing "evidence of mineral contents" in respect of REEs in a mineral block. This is crucial for determining when a mineral block is ready to be auctioned for mining or composite licenses, for rare earth elements. Earlier this week, Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, said the government is likely to take a decision within the next 15 to 20 days on launching a subsidy scheme to support domestic production of rare earth magnets. The scheme is aimed at reducing India's dependence on China for critical components used in electric vehicles and other high-tech industries.
India.com
8 hours ago
- Business
- India.com
Iran Israel war: Israel makes shocking claims..., says faces loss of Rs 256801683000 due to...
Iran Israel war: Israel makes shocking claims..., says faces loss of Rs 256801683000 due to... The impact of the Iran-Israel war is going to be far-reaching. For the last 3 years, there has been a war going on between Ukraine and Russia as well. Europe is paying the price of this in the form of gas shortage. The cost of property damages from Iranian missile and drone attacks on Israel over the past 12 days is estimated to be around double the sum of claims stemming from the October 7 attack and all 615 days since. Israel launched a massive attack against Iranian nuclear sites earlier this month — killing top generals and sparking off nearly two weeks of war. Nearly a thousand people were killed amidst the clashes while countless others were injured. What is Israel's cost in war? According to the Bank of Israel, Israel's war-related costs from 2023 to 2025 could end up amounting to $55.6 billion, thereby costing Israel 10% of its economy. Due to Israel suspending Palestinian work permits, it recruited workers from India and Sri Lanka to fill the gaps. According to Israeli Finance Minister Bezalel Smotrich the total cost of war could be as high as $12 billion. The Finance Ministry estimate includes compensation of approximately 5 billion shekels that will be paid to businesses. The '12 day war' had also led to a near-shutdown of the Israeli economy with schools and businesses closed — except those designated as essential. The loss includes… Director general of Israel's Tax Authority, the country has incurred at least $3 billion in damage and the figure includes funds that will be needed to repair missile-hit buildings as well as compensation that will be paid to local businesses. Israeli authorities had previously said that more than 9,000 people had been displaced from their homes amid the strikes — with many residences damaged or destroyed by the Iranian attacks. The $3 billion estimate does not include the cost of replacing weapons and and defense systems used in the campaign. According to Israeli Finance Minister Bezalel Smotrich the total cost of war could be as high as $12 billion. The Finance Ministry estimate includes compensation of approximately 5 billion shekels that will be paid to businesses. The '12 day war' had also led to a near-shutdown of the Israeli economy with schools and businesses closed — except those designated as essential.
The Sun
10 hours ago
- Business
- The Sun
Three key amendments to SST following feedback
PETALING JAYA: The government has announced three key amendments to the Sales and Service Tax (SST) following public and industry feedback since the revision was unveiled on June 9. In a statement yesterday, the Finance Ministry said the amendments include exempting certain imported fruits from sales tax, raising the service tax threshold for rental and financial services to RM1 million and dropping the proposed tax on beauty services. 'After due consideration on the feedback received with respect to sales tax on imported fruits, Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance minister, agreed to exempt imported apples, oranges, mandarin oranges and dates from sales tax. 'The ministry would like to reiterate that the Madani government has not imposed sales tax on daily essential goods in order to mitigate pressure on the cost of living for the majority of Malaysians. 'These tax-exempted essential goods, whether locally produced or imported, include rice, chicken, beef, vegetables and eggs. Local fish varieties, including selar, tongkol, cencaru, and sardines will also continue to be exempt from sales tax.' To ease the burden on small businesses, Anwar has approved an increase in the service tax registration threshold from RM500,000 to RM1 million for leasing, rental, and financial services. 'Additionally, after carefully considering public sentiment, the government has also decided not to proceed with the proposed expansion of service tax on beauty services such as manicure and pedicure, facial service, barbers and hairdressers,' said the ministry.
