21 May 2008

High-earning industries may face windfall tax

Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said the tax would also help ensure that the budget for development would not be eaten up by increasing subsidies.The government aims to cut its budget deficit to 3.1 per cent this year, from 3.2 per cent previously. However, high crude oil price is affecting this target. Crude oil price climbed to an another record of above US$130 per barrel yesterday. "We are in a position where our subsidies are very big. The danger is when a big portion of our money goes to subsidies, there is little left for development, which hinders economic growth," he said.  [New Straits Times]

http://www.nst.com.my/Thursday/National/2246873

Windfall tax to return?

The Government may reintroduce a windfall tax as a means to increase its revenue, said Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad. He said the Government's anti-inflation committee was considering the tax which would affect companies or industries which were making a lot of profits.  [The Star]

http://thestar.com.my/news/story.asp?file=/2008/5/22/nation/21325083&sec=nation

26 May 2008

Dept targets to collect RM50,000 in taxes from firms

The state Customs Department will discuss with some 60 firms owing outstanding taxes amounting to over RM10mil. State director Datuk Hassan Ibrahim said under an Account Not Received Operation, they targeted to collect at least RM50,000 from these firms. He said the department hoped to collect another RM120,000 under its Facility Operation against firms found to misuse the tax exemption facility. [The Star]

http://thestar.com.my/metro/story.asp?file=/2008/5/26/southneast/20080526082928&sec=southneast