Latest news with #procurement
Free Malaysia Today
12 hours ago
- Business
- Free Malaysia Today
Plug leakages to ensure SST income not squandered, govt told
The government expects to generate an additional RM5 billion from the upcoming SST this year, and RM10 billion from 2026 onwards. (Bernama pic) PETALING JAYA : The government needs to plug inefficiencies in its departments and agencies to ensure the additional RM10 billion in yearly revenue expected from an expansion of the sales and service tax (SST) regime is spent wisely, an economist said. Ahmed Razman Abdul Latiff of Putra Business School said the government is currently prioritising procurement reform by introducing an open tender system to replace direct negotiations. Ahmed Razman Abdul Latiff. He said the open tender system offers a more structured approach which is essential to prevent wastage in public spending. 'Reforms to the procurement system are vital if we want to discourage graft and ensure that the additional RM10 billion in revenue earned from the expanded SST is not dissipated. 'Statistics show that a majority of cases involving wastage, leakages and corruption stem from a weak procurement system,' he told FMT. In a recent interview with FMT, Treasury secretary-general Johan Mahmood Merican said the government was in the midst of reforming the procurement system to ensure revenue is spent optimally and to curb leakages. Johan said the government was expected to generate an additional RM5 billion this year from the SST expansion which kicks in next month. The SST is expected to generate RM10 billion annually beginning next year. Earlier this month, the finance ministry announced that a 5% to 10% rate will be imposed on non-essential goods from July 1, including rent, lease, construction, financial services, private healthcare and education. However, basic necessities will retain its tax exempt status. With the expansion, the government expects the SST to generate RM51.7 billion in revenue this year. Afzanizam Rashid. Separately, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the procurement reforms, being implemented alongside the SST, would help narrow the country's fiscal deficit. He said the dual initiatives would broaden fiscal space, enabling the government to enhance social assistance and allocate more funds for infrastructure development. Afzanizam said the increase in service tax to 8% in March last year bumped up SST collection by 30.3% in the first quarter of this year. Meanwhile, the implementation of targeted diesel subsidies has reduced spending on subsidies and social aid by 19.4%. 'The increased tax collection and reduced spending saw the fiscal deficit drop to 4.5% of the gross domestic product for the first quarter of 2024. 'This has allowed the government to increase aid for its Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) programmes to RM13 billion this year, up from RM10 billion in 2024.'
Free Malaysia Today
12 hours ago
- Free Malaysia Today
Businessman loses nearly RM1mil in tender scam
According to the police, the victim received a WhatsApp message about the tender on May 28 from a man claiming to be a representative of the college. (File pic) PETALING JAYA : A businessman hoping to net a major procurement project from a college in Terengganu ended up losing RM932,300 instead. Kuala Terengganu district police chief Azli Noor said the 52-year-old victim received a WhatsApp message on May 28 from a man claiming to be a representative of the college, Bernama reported. He said the suspect had offered the victim a closed tender to supply and deliver portable generator sets to the college located in the Kemaman district. 'The victim made payments totalling RM932,300 into two different bank accounts using his company funds and personal savings, too. 'However, upon checking with the college, the victim discovered that no such tender had been offered, as claimed by the suspect,' Azli said in a statement today. He added that the victim lodged a police report at 11.53pm yesterday, and the case is being investigated under Section 420 of the Penal Code for cheating.
Associated Press
16 hours ago
- Business
- Associated Press
Medical Supplierz Showcases Cutting-Edge Medical Equipment from Verified Global Suppliers
'At Medical Supplierz, we connect healthcare institutions with cutting-edge medical tech. Our showcase streamlines procurement, boosts supplier visibility & drives global access to innovation.'— Bader Alajeel, CEO of Medical Supplierz KUWAIT, KUWAIT, June 28, 2025 / / -- Medical Supplierz, a global B2B marketplace for medical equipment and healthcare procurement, has launched a dedicated showcase of advanced medical products sourced from verified suppliers across the globe. This initiative aims to spotlight innovation in the healthcare sector while reinforcing the importance of secure, transparent procurement channels for medical institutions worldwide. The product showcase features a range of state-of-the-art medical equipment—including diagnostic imaging devices, portable patient monitors, surgical tools, and infection control solutions—that reflect the latest advancements in healthcare technology. All featured items are listed by thoroughly vetted manufacturers and distributors, in line with Medical Supplierz's strict supplier verification and compliance standards. The digital showcase is accessible through the Medical Supplierz platform and allows buyers from hospitals, clinics, government agencies, and humanitarian organizations to explore high-quality offerings in a centralized and user-friendly environment. The initiative provides much-needed visibility to reliable suppliers—many of whom are small or mid-sized manufacturers with limited access to international markets. Suppliers featured in the showcase span over 15 countries, with growing representation from Europe, Asia, North America, and the Middle East. Products undergo compliance checks and documentation reviews before being listed, ensuring that buyers can assess not only performance but also regulatory alignment. The launch comes at a time when healthcare systems globally are under increased pressure to modernize and streamline their procurement operations. Supply chain disruptions, inconsistent quality standards, and limited supplier visibility have historically challenged procurement teams—particularly in emerging markets. By curating a space for trusted medical innovations, Medical Supplierz aims to bridge the gap between supplier capabilities and buyer needs, while reducing reliance on intermediaries and long procurement cycles. In addition to product discovery, the platform provides tools for direct communication between buyers and suppliers, regional demand analytics, and marketing support to help suppliers position their offerings more effectively. About Medical Supplierz: Medical Supplierz is a global B2B platform that connects verified medical equipment suppliers with healthcare buyers, including hospitals, clinics, and institutions. Focused on transparency, quality assurance, and digital innovation, Medical Supplierz enables secure, efficient, and scalable procurement solutions in the international medical trade sector. Homod Falah Alshemmri Medical Supplierz +965 9408 9218 email us here Visit us on social media: LinkedIn Instagram Facebook YouTube X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Reuters
16 hours ago
- Business
- Reuters
Berlin to simplify rules in bid to speed up defence surge, draft law says
BERLIN, June 27 (Reuters) - The German government seeks to speed up defence procurement by simplifying legal procedures, fostering European cooperation and facilitating orders to start-ups to make its military combat-ready, according to a draft law seen by Reuters late on Friday. The speedy surge of the German military's capabilities "must not fail due to overly complex procurement procedures or lengthy authorisation processes", the document said, while warning of signs that Moscow's war objectives reach beyond Ukraine. "The time factor is crucial." At a NATO summit in The Hague, leaders on Wednesday agreed to hike the alliance's defence spending target to 5% of national GDP, with 3.5% dedicated to core defence and 1.5% to related security issues. German Chancellor Friedrich Merz's government on Tuesday approved a budget framework which is expected to see Berlin's total military spending rise from 95 billion euros in 2025 to 162 billion euros in 2029, equalling 3.5% of GDP. The new defence procurement law is part of efforts to speed up military purchases that in the past have been plagued by lengthy delays, project failures and cost overshoots. The draft law determines that all procurement that contributes to Europe and NATO's military readiness inherently touches upon vital national security, which constitutes a basis to invoke an exemption under European public procurement law. That would amplify a trend that Berlin has been following for some time by more often making use of a national security clause under EU law to prioritize domestic procurement, while also seeking to minimize delays caused by legal challenges. The hurdles for cash-strapped start-ups and innovative companies to join competitions are to be lowered by enabling advance payment to these firms, according to the draft, dated June 25. The paper also makes provisions for a future simplification of European defence procurement rules, something now under discussion at the EU level, by stating that the German law should not be tougher than European law but facilitate joint European defence procurement across the board. The law will entitle contracting entities to limit tenders to bidders inside the European Union or the European Economic Area, and to determine that a certain share of the contracted goods or services must originate in the EU, according to the document. The draft law does not, however, attempt to change the rule that all defence purchases with a volume of 25 million euros or more must be approved by parliament, a requirement seen by many experts as a major hurdle against speeding up procurement. At the start of June, Defence Minister Boris Pistorius said Germany would need up to 60,000 additional troops under the new NATO targets for weapons and personnel, effectively expanding the military to some 260,000 troops. The Bundeswehr has not yet met a target of 203,000 troops set in 2018, and it is currently short-staffed by some 20,000 regular troops, according to defence ministry data.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Invoice Process Automation Led by IBN Technologies Gains Ground in Virginia's Corporate Finance
Virginia enterprises are improving payment workflows with invoice process automation to reduce delays and manage large invoice volumes. Enhanced tracking, automated validations, and system-wide integration allow for stronger financial control and consistent vendor interactions. Miami, Florida - 26 June, 2025 - Accounts payable teams are introducing smarter tools to manage growing financial documentation. High-volume vendor billing and diversified invoice formats are pushing organizations to rethink how finance departments execute routine tasks. Through structured implementation, invoice process automation now supports precise, timely invoice tracking and processing across payment cycles. In Virginia, businesses embed automation directly into core finance operations. This evolution is allowing organizations to gain more control over documentation, reconciliation, and supplier coordination. The use of Automated Invoice Management enhances validation, approval flows, and reporting accuracy—providing a consistent layer of operational clarity. These capabilities support seamless oversight and greater accountability across all levels of the financial process. Invoice transactions now follow standardized paths, with improved alignment between finance and procurement functions. Businesses operating in competitive markets are increasingly dependent on structured automation to maintain their lead. With accuracy, speed, and cost-efficiency top of mind, automation is now essential to achieving financial discipline and scalable growth. The transition to intelligent systems reflects a larger trend toward process governance and data integrity. As organizations continue to refine invoice handling with automation, they are strengthening infrastructure that supports strategic decision-making and future expansion in Virginia's dynamic commercial landscape. Lead your finance transformation journey with automation that scales! Get a free consultation: Limitations of Paper-Based Processing Manual invoice systems remain widespread, but they place increasing strain on finance functions. These outdated methods slow productivity, cause frequent errors, and prevent fast approvals. As supplier networks expand, manual operations often lack the flexibility and speed required to manage invoices effectively. Staff time heavily spent on invoice data entry Duplicate payments and mismatches caused by human errors Manual approval chains delay vendor payments Invoice status remains unclear without centralized tracking Unstructured documentation affects compliance readiness Decentralized workflows reduce invoice processing alignment Scaling invoice volumes challenge outdated systems Lack of preventive measures leaves room for fraud risk In Virginia, forward-thinking companies are minimizing these problems by shifting to automation. With support from IBN Technologies, finance teams are using invoice processing automation to improve invoice handling accuracy, reduce processing time, and ensure records are audit-ready. Automation provides the structure businesses need to maintain financial integrity and operational speed. Digital Finance Tools Drive Efficiency The growing complexity of vendor invoicing has made invoice automation a necessity for finance teams striving for streamlined workflows. Outdated methods slow operations and elevate the risk of error. IBN Technologies equips businesses with a smart automation platform built for operational clarity and data-driven performance. • Invoices are scanned accurately using advanced OCR recognition software • System checks immediately flag errors before approval stages begin • Configurable workflows route invoices efficiently to designated stakeholders • Visibility improves through centralized, live-status invoice dashboards • Platform integrates with financial systems for seamless daily operations • Alerts notify teams of any irregularities or pending issues • Complete audit reports are stored securely for compliance use • Adapts to growing invoice loads without slowing processing speed • Frees finance staff from routine input and paperwork tasks • Delivers consistency through powerful invoice process automation functions With the right structure in place, businesses across Virginia are transforming traditional processes into efficient, transparent workflows—while maintaining full control and accuracy at scale. Automation Driving Real Results Financial departments modernizing with invoice process automation have reported substantial gains in accuracy and speed. One public entity applied this model to eliminate recurring workflow hurdles. ● Annual invoice volume exceeded 90,000, with 75% shorter cycle times. ● Increased compliance and stronger supplier relationships were achieved promptly. Solutions from companies like IBN Technologies supported the shift, integrating into ERPs to provide clarity and reliable process tracking. Automation Reshapes Invoice Cycles Enterprises handling growing volumes of vendor invoices are embracing smarter ways to manage financial data. With invoice process automation, finance teams can now capture, validate, and route invoices faster and with more consistency. The systems in place enable smoother coordination across departments, enhance documentation accuracy, and speed up approvals significantly. Scalable digital infrastructures are now a strategic priority for enterprises. Through Accounts Payable Automation, firms are ensuring accurate payments, efficient exception handling, and real-time audit readiness. The results deliver greater transparency across workflows, allowing leadership to make informed decisions while reducing bottlenecks in financial operations. Related Service: AP and AR Automation Services: About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
