Latest news with #MOF
The Star
7 days ago
- Automotive
- The Star
MAA urges govt to expedite decision on on revised OMV excise duties
MAA President, Mohd Shamsor Mohd Zain — MUHAMAD SHAHRIL ROSLI/The Star KUALA LUMPUR: The Malaysian Automotive Association (MAA) has urged the government to expedite its decision-making and communication about the implementation of the new excise tax regulations under the PU(A) 402/2019 - Excise Tax Regulations (Determination of Value of Locally Manufactured Goods for Excise Duty) Regulations. MAA president Mohd Shamsor Mohd Zain said that delays and ambiguity in the decision-making process regarding the revised open market value (OMV) excise duties could result in car prices increasing by up to 30 per cent. He noted that the industry is still waiting for formal details on how the new method of calculating import and excise duties will be implemented from January 2026. "Definitely, we will have an engagement with the government on this, and hopefully we will be able to look into it as soon as possible. The next five months are a very short time for any production-related response. "When we talk about supply chains, it involves the entire logistics impact and more. We need at least six months, at a minimum, to adapt to any changes. So, we hope to receive updates on the next steps as soon as possible,' he said. Mohd Shamsor said this after the Review of Motor Traders and Manufacturers' Performance for the First Half of 2025 event held here today. He added that due to the requirements under PU(A) 402/2019, as well as relevant regulations and the Customs Act, the current formula needs to be revised to ensure it is fair and transparent. Nonetheless, he believed that the Ministry of Finance (MOF) would look into the matter more proactively to minimise or ideally avoid any impact on the industry. At the same time, Mohd Shamsor acknowledged that time is running short and that the roughly five-month window before the implementation of the reform does not provide sufficient time for manufacturers to respond, particularly in terms of the supply chain and logistics. "We need at least six months to adapt to existing changes, so we hope to get an update on the next steps as soon as possible,' he reiterated. In February, MOF denied media reports claiming that vehicle prices in Malaysia are expected to rise significantly from 2026 onwards, following the full implementation of the new excise tax regulation under PU(A) 402/2019. The ministry had earlier clarified that the claim was inaccurate and explained that MOF, together with the Ministry of Investment, Trade and Industry, is reviewing the vehicle valuation method to ensure that taxes are imposed fairly, neutrally, and consistently. - Bernama
New Straits Times
7 days ago
- Business
- New Straits Times
RON97, diesel up by three sen
KUALA LUMPUR: The price of RON97 petrol has increased by three sen to RM3.21 per litre for the July 17 to 23 period. Meanwhile, the price of RON95 remains unchanged at RM2.05 per litre. In a statement today, the Finance Ministry (MOF) also announced that during the same period, the retail price of diesel in Sabah, Sarawak, and Labuan remains at RM2.15 per litre, while in Peninsular Malaysia, it rises by three sen from RM2.88 to RM2.91 per litre. MOF said the price adjustments are based on the weekly retail pricing of petroleum products, using the Automatic Pricing Mechanism formula. "The government continues to monitor market trends and adjust the retail prices of RON97 and diesel in line with global oil price movements, while supporting price stability," the statement read. MOF added that the government will also take appropriate measures to safeguard the welfare and well-being of the people.
Barnama
16-07-2025
- Business
- Barnama
Fuel Prices: RON97, Diesel Up By Three Sen
KUALA LUMPUR, July 16 (Bernama) – The retail price of RON95 petrol remains unchanged at RM2.05 per litre, while the price of RON97 increases by three sen from RM3.18 to RM3.21 per litre for the period of July 17 to 23. In a statement today, the Ministry of Finance (MOF) announced that during the same period, the retail price of diesel in Sabah, Sarawak, and Labuan remains at RM2.15 per litre, while in Peninsular Malaysia, it rises by three sen from RM2.88 to RM2.91 per litre. MOF said the price adjustments are based on the weekly retail pricing of petroleum products, using the Automatic Pricing Mechanism formula.
New Straits Times
16-07-2025
- Automotive
- New Straits Times
MAA urges govt to expedite decision on revised OMV excise
KUALA LUMPUR: The Malaysian Automotive Association (MAA) has urged the government to expedite its decision-making and communication about the implementation of the new excise tax regulations under the PU(A) 402/2019 - Excise Tax Regulations (Determination of Value of Locally Manufactured Goods for Excise Duty) Regulations. MAA president Mohd Shamsor Mohd Zain said that delays and ambiguity in the decision-making process regarding the revised open market value (OMV) excise duties could result in car prices increasing by up to 30 per cent. He said the industry is still waiting for formal details on how the new method of calculating import and excise duties will be implemented from January 2026. "Definitely, we will have an engagement with the government on this, and hopefully we will be able to look into it as soon as possible. "The next five months are a very short time for any production-related response. "When we talk about supply chains, it involves the entire logistics impact and more. "We need at least six months, at a minimum, to adapt to any changes. So, we hope to receive updates on the next steps as soon as possible," he said. Mohd Shamsor said this after the Review of Motor Traders and Manufacturers' Performance for the First Half of 2025 event held here today. He said that due to the requirements under PU(A) 402/2019, as well as relevant regulations and the Customs Act, the current formula needs to be revised to ensure it is fair and transparent. Nonetheless, he believed that the Finance Ministry (MOF) would look into the matter more proactively to minimise or ideally avoid any impact on the industry. Mohd Shamsor said that time is running short and that the roughly five-month window before the implementation of the reform does not provide sufficient time for manufacturers to respond, particularly in terms of the supply chain and logistics. "We need at least six months to adapt to existing changes, so we hope to get an update on the next steps as soon as possible," he reiterated. In February, MOF denied media reports claiming that vehicle prices in Malaysia are expected to rise significantly from 2026 onwards, following the full implementation of the new excise tax regulation under PU(A) 402/2019. The ministry had earlier clarified that the claim was inaccurate and said that MOF, together with the Investment, Trade and Industry Ministry, is reviewing the vehicle valuation method to ensure that taxes are imposed fairly, neutrally, and consistently. — BERNAMA
Singapore Law Watch
15-07-2025
- Business
- Singapore Law Watch
Singapore proposes to bar convicted money launderers from directorships
Singapore proposes to bar convicted money launderers from directorships Source: Business Times Article Date: 15 Jul 2025 Author: Mia Pei Public feedback sought on a range of corporate and accounting law reforms, including those aimed at reducing regulatory burden. The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (Acra) plan to bar those who have been convicted of money laundering offences from serving as a company director as part of wide-ranging reforms to strengthen Singapore's corporate framework. These and other proposals come in the wake of a S$3 billion money laundering scandal that rocked the city-state in 2023. The proposed amendments – targeting the misuse of firms, and aiming to ease compliance burdens and strengthen shareholder protection – are now open for public consultation until Jul 31. In a joint release on Monday (Jul 14), MOF and Acra proposed to make changes to the: Accountants Act 2004; Accounting and Corporate Regulatory Authority Act 2004; Companies Act 1967; Limited Liability Partnerships Act 2005; and, Limited Partnerships Act 2008. Currently, the Companies Act 1967 has no provisions to disqualify persons convicted of money laundering offences from acting as a director. A proposed amendment introduces a new ground to disqualify such persons from taking on the role, thus strengthening Singapore's anti-money laundering regime, according to the public consultation documents on the Reach portal. Additionally, the proposed amendments to the Companies Act 1967 include a shortened timeline for deregistering a company from the Register of Companies. This could reduce the likelihood of misusing inactive companies for illicit purposes, such as money laundering. For voluntary striking off by companies, it will require 60 days for the public to object, instead of 90 days. For Registrar-initiated striking off, it will require 75 days –15 days for the company to object, and 60 days for the public to object – instead of 90 days. 'The proposed amendment will improve the efficiency of the striking-off process as a whole without changing the length of (the) statutory period (60 days) for the public to lodge objections,' stated the document listing out the key amendments to the Companies Act 1967 and Accountants Act 2004. Consequential and related amendments may be made to other written laws to give effect to or align with these amendments. The existing definition and obligations related to anti-money laundering and countering the financing of terrorism that are applicable to public accountants and accounting entities in the Accountants Act 2004 and subsidiary legislation refer to only money laundering and the financing of terrorism. A proposed amendment of the definition and obligations is to explicitly include countering the financing of the proliferation of weapons of mass destruction, or proliferation financing, in line with the Financial Action Task Force's requirements for countries to explicitly assess and address risks related to it. On reducing the regulatory burden for companies, the governing bodies proposed to remove the requirements for public limited companies with a share capital to convene a statutory meeting and prepare a statutory report. This is to provide more flexibility without compromising members' rights. More details and the amendment Bill can be found on the Reach public consultation portal. Interested parties can submit their comments via FormSG, noted both MOF and Acra. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
