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South China Morning Post
09-07-2025
- General
- South China Morning Post
South Korean fishers forced to dump US$1.9 million of bluefin tuna due to quota
A bountiful haul of bluefin tuna by South Korean fishers earlier this week came with a catch: they had to throw away more than 1,300 tuna valued at about US$1.9 million into the waters after exceeding an annual regional fishing quota The mass dumping has sparked calls from the local industry for more flexibility in balancing between fulfilling obligations on fishing limits and maritime conservation. The tuna was accidentally caught by fixed nets meant to trap smaller species like mackerel and squid off the coast of Yeongdeok county. The big fish were believed to have been chasing mackerel and sardines when they became entangled in the net, the Korea JoongAng Daily newspaper reported. As each fish was between 1 metre and 1.5 metres (3.3 and 5 feet) long and weighed between 100kg and 150kg (220lbs and 330lbs), the catch should have been a windfall for the fishers. Similar bluefin tuna had sold for 14,000 won (US$10) per kilogram at an auction in South Korea on Sunday. At an average of 140kg, the 1,300 tuna could have fetched about 2.55 billion won (US$1.9 million), The Korea Herald newspaper reported. The fishers had to throw all their catch on Tuesday as their county had already met its yearly bluefin tuna limit.
Free Malaysia Today
19-06-2025
- Business
- Free Malaysia Today
Govt to review SST expansion for imported fruits, says Zahid
Deputy prime minister Ahmad Zahid Hamidi said even though the SST is to protect the local fruit industry, not all fruits can be produced in Malaysia. (Envato Elements pic) PETALING JAYA : The government will review the revision and expansion of the sales and service tax for imported fruits within the next month, following concerns raised by industry players. Deputy prime minister Ahmad Zahid Hamidi said the government had taken note of the various views put forth and would reconsider the list of taxable items. He said the matter would be brought to the Cabinet before a decision is made, taking into account the needs of lower-income citizens. 'Our country does not produce apples or mandarin oranges. Even though the SST is to protect the local fruit industry, we must understand that not all fruits can be produced here. 'I believe an adjustment will be made to the list of goods taxable by 5-10% under the SST. I am certain the finance and economy ministries are thoroughly studying the matter,' Utusan Malaysia reported him as saying. He emphasised that the matter would still need the consideration of the Cabinet. Previously, the finance ministry said the expansion of the SST from July 1, including a 5% rate on imported fruits, was strategically aimed at bolstering local agricultural demand and strengthening food security. Treasury secretary-general Johan Mahmood Merican outlined the government's deliberate approach to differentiate between essential and non-essential goods under the expanded tax net. He said the 5% SST on imported fruits served as a strategic nudge to consumers, encouraging the consumption of local alternatives and strengthening the nation's food security. 'Optional goods with alternatives are subject to 5% SST, but locally produced fruits are not subject to the sales tax,' said Johan.
