Guan Eng: SST can cut consumption tax by half
Putrajaya has conceded that the sales and services tax (SST) system is not as transparent as the goods and services tax (GST), but stressed that the former is able to reduce Malaysian consumption tax by half. Finance Minister Lim Guan Eng said the government is not going to deny the fact that SST is going to have an impact on prices, but the impact will be relatively less significant than GST. GST is more transparent and efficient, but the tax collection spans a wide range of aspects; SST is estimated to collect half of what GST would collect annually, but we are concerned about the impact towards the end user, and SST would have less impact to them, he said. Lim also mentioned that the multi-layer imposition of GST along supply chains and the authorities being slow in refunding claimable GST has resulted in price increase during the previous regime. (The Edge Markets)
LBS to launch two projects worth RM962mil this year
LBS Bina Group Bhd (LBS) is targeting to launch two landed property projects in the Klang Valley with a combined GDV of some RM962 million within the next two months, said group managing director Tan Sri Lim Hock San. First up will be phase 3 of Alam Perdana, which is expected to be unveiled next week. With a GDV of RM474 million, Phase 3 of Alam Perdana will consist of 856 2-storey link houses and 28 semi-dees. Next up will be the Phase 1 of Cybersouth in Dengkil, which is estimated to have a GDV of RM488 million. Targeted to be launched in September, the project comprises 379 units of 2-storey linkhouses and 698 units of townhouses. Looking ahead, Lim said that the developer is working on an affordable apartment project in Cybersouth. (The Edge Markets)
Eupe to launch third Klang Valley project early next year
Eupe Corporation Bhd plans to launch its third Kuala Lumpur project, Vivus@Seputeh, early next year. The residential project has a GDV of RM800 million. It was announced during the the topping out ceremony of Novum at Bangsar South, which is Eupe’s Kuala Lumpur maiden project which was launched in 2016. Meanwhile, Eupe’s second project, Parq 3 at Cheras, which was launched October 2017 has achieved 50% take-up so far. Moving forward, Eupe is looking for acquire more land bank in Kuala Lumpur for residential projects. (The Edge Markets)
IKEA Malaysia extends return policy to 365 days
IKEA Malaysia is extending its return policy from the current 100 days to 365 days to provide their customers more time to exchange or return their products after purchase. The shift aims at giving customers greater flexibility when making a purchase at Ikea. Ikea Malaysia is the first home furnishing retailer to introduce a 365-day return policy for all customers here. The original receipt will be required, and refunds will be processed in the same mode of payment. Exclusions do apply to items like used bedding, plants, goods ordered to specifications, and products bought from the As-is section, among others. (NST Online)
PTPTN borrowers given 25 July deadline to update info
National Higher Education Fund Corporation (PTPTN) loan borrowers have been given until July 25 to update PTPTN with their latest income information. If they fail to do so, PTPTN would presume that the borrowers are not interested in applying to defer their loan repayment. PTPTN is carrying out the information-gathering exercise before implementing the loan payment deferment for those earning under RM4,000 a month. Apart from the income information, borrowers also need to update their personal details such as address, phone number and email address. PTPTN will request assistance from relevant agencies such as the Finance Ministry, Inland Revenue Board (IRB) and Employees Provident Fund (EPF) will help in terms of data-sharing to facilitate the process. (NST Online)
