GST goes 0% from June 1
The Goods and Services Tax (GST) will be zero-rated effective June 1. The Finance Ministry said the change goes into effect nationwide and will remain until further notice. Only items which are GST-exempted will not be zero-rated. “At the same time, registered traders are also subjected to all current regulations, among which involve the issuance of tax invoices, submission of tax returns within the specified period and input tax credit claims. Traders must also ensure that the prices of goods and services set are in accordance with the Price Control and Anti-Profiteering Act 2011,” said the ministry. (NST Online)
Funding for TRX Lifestyle Quarter on the line
TRX City Sdn Bhd and its JV partner Lendlease Corp Ltd appear to be having difficulties obtaining funding for the TRX Lifestyle Quarter. According to sources, six banks had initially pledged their support for the 17-acre mixed development in Kuala Lumpur. However, it seems that the local banks are now jittery about the prospects of the development despite ongoing “accelerated works”. Although the foreign financiers show little sign of backing out, one of the conditions for funding of the development is the commitment of a local bank. TRX City roped in Lendlease in June 2014 to be a major investor and partner to develop the Lifestyle Quarter. A luxury hotel, six residential towers and a large-scale retail outlet and a park, among others, are planned for the development. (The Edge Markets)
American international school to open in Forest City in August
The new Shattuck-St. Mary’s (SSM) Forest City International School in Johor, with a 160-year legacy of American educational excellence, is expected to welcome its pioneering batch of students in August. The RM1bil campus is located in the 1.38ha development of Forest City in Johor. The school’s American syllabus begins at pre-kindergarten level and culminates with a variety of Advanced Placement (AP) High School offerings in Grade 12. Students at middle and high-school levels will get to live in 130 well-appointed dormitories, each housing four to six children for a total capacity of about 800. The school also accepts day students at all grade levels. (The Star Online)
Matrix Concepts plans Islamic financial district in Jakarta
Matrix Concepts Holdings Bhd is teaming with two Indonesian companies to look into the possibility to develop an Islamic Financial District in Pantai Indah Kapuk 2, Jakarta. The company had inked an MoU with PT Bangun Kosambi Sukses (BKS) and PT Nikko Sekuritas Indonesia (NSI) to jointly undertake the project. BKS is jointly owned by Agung Sedayu Group and Salim Group, which is involved in the property development of PIK 2 Sedayu Indo City Indonesia. NSI is an investment banking firm. “The proposed Islamic Financial District, is initiated by the Indonesian Government in their quest to position themselves as an Islamic Financial District in view of their large Muslim population,” it said. (The Star Online)
Gabungan AQRS says ECRL, Pan Borneo doesn’t affect order book
Gabungan AQRS Bhd, which saw its shares plummet 30% on Monday, is unperturbed by the Pakatan Harapan government’s plan to review mega infrastructure projects such as the East Coast Railway Link (ECRL). “I think there’s a perception among investors that uncertainty over projects like the ECRL and Pan Borneo highway in Sabah will affect us. The reality is that those projects were never in our books anyway,” said Gabungan AQRS group CEO Datuk Azizan Jaafar. He emphasized that there is no change to the group’s tender book target of RM1.5 billion this year. Gabungan AQRS is involved in works for the Sungai Besi-Ulu Kelang (SUKE) highway and Light Rail Transit 3 (LRT3), in addition to building the Pusat Pentadbiran Sultan Ahmad Shah in Kuantan, Pahang and a mixed development called One Jesselton Waterfront in Sabah. It also has an ongoing property development project in Johor Bahru. (The Edge Markets)
