Leaders from the banking fraternity are encouraged that the government has again prioritised the rakyat’s well-being as a key focus pillar when formulating Budget 2022.

Bankers laud inclusive Budget 2022 that prioritises rakyat's well-being while spurring post-pandemic recovery

KUALA LUMPUR (Oct 27): Pakatan Harapan (PH) has proposed 12 key strategies for Budget 2022, including an immediate injection of the RM45 billion Covid Fund as agreed in the memorandum of understanding between the opposition coalition and the government.

PH proposes 12 strategies for Budget 2022, including RM45 bil Covid fund

KUALA LUMPUR (Oct 29): The Employees Provident Fund (EPF) supports the government’s measures tabled in Budget 2022, which it sees as conducive towards fostering economic recovery, improving livelihoods, as well as spurring employment — all of which will pave the way for Malaysians to rebuild their retirement fund.

EPF: Budget 2022 measures to spur economic recovery the key to rebuilding retirement savings

KUALA LUMPUR (Oct 29): A one-off additional company income tax was announced in Budget 2022, whereby earnings above the RM100 million mark will be taxed at a rate of 33%, instead of 24% for the first RM100 million.

Prosperity tax of 33%, property gains tax exemption among Budget 2022 tax measures

KUALA LUMPUR (Oct 29): Tune Protect Group Bhd has applauded Budget 2022 for not only maintaining the Perlindungan Tenang Voucher (PTV), but increasing the value to RM75 from RM50 currently for the Bottom 40% (B40) income group.

Tune Protect lauds move to increase Perlindungan Tenang Voucher to RM75

KUALA LUMPUR (Oct 28): After almost two years battling the pandemic, many small businesses are tired, frustrated and at the end of their tether. What do they expect from the present budget?

Here is a selection of wishlists from various businesspeople and the heads of government agencies:

Budget 2022: What’s on your wishlist?

The one-off corporate tax of 33% to be levied on companies with chargeable income of more than RM100 million is likely to be the Budget 2022 proposal that would have the biggest financial impact on the insurance and takaful industry, said Deloitte Malaysia.

After looking at the tax measures proposed in Budget 2022 and Finance Bill 2021, Deloitte Malaysia said the one-off tax would have an impact on the insurance and takaful sector from both a fiscal and operational perspective.

Cukai Makmur will be the Budget 2022 proposal that will impact the insurance industry most — Deloitte Malaysia

KUALA LUMPUR (Nov 3): Investors should expect dividend suppression after the government unveiled the one-off "Cukai Makmur (prosperity tax) in the recently announced Budget 2022, according to Maybank head of Malaysia and regional equity research Anand Pathmakanthan.

Dividend suppression seen with prosperity tax in Budget 2022 — Maybank Investment

Malaysia's plantation sector, which is the most highly taxed sector in the country, is likely to be subjected to the recently-announced "Cukai Makmur" (prosperity tax) under Budget 2022, according to Maybank Kim Eng's head of regional equity research Anand Pathmakanthan.

Highly-taxed plantation sector unlikely spared from Cukai Makmur, says Maybank

Maybank Kim Eng has applauded the government’s decision to give full exemption of import duty, excise duty, as well as sales tax for electric vehicles (EVs) as it seeks to support the local EV industry, according to its head regional equity research Anand Pathmakanthan.

Maybank lauds govt decision on EV incentives in Budget 2022

The national budget should not be designed to give short-term boosts to the local bourse but it should be seen as the enabler for the economy to grow, whether in the short, medium or longer term, according to Member of Parliament for Damansara Tony Pua.

National budget should be seen as enabler of economic growth, says Tony Pua

Malaysia’s Budget 2022 brings a ray of hope for Bursa-listed companies that were affected by the Covid-19 pandemic as viable candidates may receive financial support from the government in the form of equity injection.

Finance Minister Tengku Datuk Seri Zafrul Aziz said in his 2022 Budget speech last Friday that a government-owned special purpose vehicle (SPV) will be set up to support companies through equity injection or other related instruments.

Which companies need Khazanah's RM3 bil help?

Investors' fear of a surprise corporate taxation came true when Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz announced a one-off 33% "Cukai Makmur" (Prosperity Tax) on companies with chargeable income over RM100 million for the assessment year of 2022.

These companies may be subject to the one-off 33% prosperity tax

KUALA LUMPUR (Nov 1): Veteran tax expert Dr Veerinderjeet Singh said he is surprised that the government has moved so fast to propose the removal of tax exemption for foreign sources of income.

Describing it as a knee-jerk reaction, he said: “I would like to encourage the team at the Finance Ministry to reconsider this particular point on the removal of the exemption on the foreign source income.”

Proposal to remove foreign source income exemption comes as a surprise, says tax expert

The Malaysian government is serious about resolving issues surrounding the palm oil industry in the country, said Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.

Govt serious about resolving palm oil industry issues, says Johari Ghani

Three new semiconductor companies are keen to invest in Penang with total investments of US$100 million (RM477 million), said Chief Minister Chow Kon Yeow.

Three semiconductor firms keen to invest US$100m in Penang

Tan Sri Mokhzani Mahathir and his brother Mirzan Mahathir, who have been asked to declare their assets by the Malaysian Anti-Corruption Commission (MACC), have both denied being investigated by the agency.

Mahathir's sons, Mirzan and Mokhzani, deny being under MACC probe

Defence Minister Datuk Seri Mohamed Khaled Nordin said the government had no plans to temporarily suspend the service of Fennec and HOM helicopters.

Govt not suspending service of Fennec and HOM helicopters, says minister

It will be a four-way fight in the upcoming Kuala Kubu Bahru by-election between Pakatan Harapan’s pick Pang Sock Tao, Hulu Selangor Bersatu action division head Khairul Azhari, Parti Rakyat Malaysia’s Hafizah Zainudin and independent Nyau Ke Xin.

NEWS: Four-cornered fight in KKB by-election

Parti Rakyar Malaysia’s Hafizah Zainudin says that if elected, PRM will stand on a platform of increased transparency in government.

NEWS: Parti Rakyat Malaysia will run on more transparency

The Malaysian Palm Oil Association (MPOA) said there is an urgent need to accelerate replanting to address the issue of ageing oil palm trees, and urges the government to provide replanting tax incentives to support such efforts.

Ageing oil palm trees: MPOA calls for govt incentives to speed up replanting

Pakatan Harapan’s Pang Sock Tau, who will be representing her party in the Kuala Kubu Bahru by-elections, says that amid all the noise, her focus will be on the rakyat’s issues, especially those concerning the youth and women.

NEWS: PH campaign to focus on core issues

Former prime minister Datuk Seri Najib Razak was never confronted by the Malaysian Anti-Corruption Commission (MACC) on whether Blackstone Asia Real Estate Partners — which received millions from 1Malaysia Development Bhd (1MDB) and transferred it to his private banking account — was controlled or owned by fugitive Eric Tan Kim Loong, an alleged associate of Low Taek Jho or Jho Low.

Court told MACC never asked Najib if he knew who owned shell company that transferred US$30 mil to his account

PN chairman Tan Sri Muhyiddin Yassin is confident of the coalition’s odds in the Kuala Kubu Bahru by-election, and says the experience of its candidate, Khairul Azhari Saut, gives him an edge over the others.

NEWS: PN confident of wresting KKB seat

The creation of Flexible Account 3 for anytime withdrawals from May 11 means Employees Provident Fund (EPF) members can choose to take out up to a third of the balance in their existing Wellbeing Account 2.

Who pays for anytime EPF withdrawals?

The Kuala Kubu Baharu (KKB) state by-election will see a four-cornered fight between the candidates of Pakatan Harapan (PH), Perikatan Nasional (PN), Parti Rakyat Malaysia (PRM), and an independent.

A four-way bout in Kuala Kubu Baharu by-election

Kuala Lumpur Kepong Bhd (KLK) is investigating allegations of unethical recruitment practices made against the sub-agents of SOS Manpower Service, its appointed agent to recruit Nepalese foreign workers for its subsidiary&nbsp;KL-Kepong Rubber Products Sdn Bhd.

The allegations, according to KLK, were made by Sajha Sabal Media, a news portal in Nepal.

KLK investigating allegations of unethical practice linked to its foreign worker recruitment agent

Former prime minister Datuk Seri Najib Razak was never confronted by the Malaysian Anti-Corruption Commission (MACC) on whether Blackstone Asia Real Estate Partners — which received millions from 1Malaysia Development Bhd (1MDB) and transferred it to his private banking account — was controlled or owned by fugitive Eric Tan Kim Loong, an alleged associate of Low Taek Jho or Jho Low.

Global&nbsp;stocks were higher on Friday, as Big Tech gains lifted Wall Street shares, while Japan's yen&nbsp;sank to a&nbsp;34-year low after the Bank of Japan (BOJ)&nbsp;kept&nbsp;monetary policy loose.

Global stocks gain on Big Tech lift; yen slides to 34-year low

Alphabet Inc&nbsp;closed decisively above a US$2 trillion (RM9.54 trillion) market capitalisation for the first time on Friday, as a powerhouse earnings report reassured investors that the Google parent would be a major player in artificial intelligence (AI).

Alphabet joins US$2 trillion club as results show AI strength

Bank of Singapore Ltd, the private-banking arm of Oversea-Chinese Banking Corp (OCBC), has fired up to 40 employees over the misuse of medical benefits, according to a CNA report.

Singapore bank fires workers over misuse of medical claims — CNA

The Perak government is expected to establish cooperation with Star Group Industries (SGI), a leading South Korean company with experience in the production of downstream products of rare earth elements (REE).

Perak to collaborate with rare earth elements company from South Korea, says MB

Richly valued US&nbsp;stocks are leaving investors with little tolerance for disappointment, raising the stakes ahead of a week in which two more technology and growth giants are set to report.

Lofty US stocks leave investors punishing earnings disappointments

Candidates contesting the upcoming Kuala Kubu Bharu by-election, a semi-urban seat located in the Hulu Selangor district, have started executing their campaign strategies over the weekend. The by-election is being held following the demise of its incumbent, Lee Kee Hiong from DAP, on March 21 due to cancer.

The Week Ahead: Attention on KKB by-election, FOMC decision, trade data in Asia

The nomination centre&nbsp;for the Kuala Kubu Baharu state by-election closed at 10am on Saturday.

The announcement was made by returning officer Yuhanas Auree Kamaruddin&nbsp;at the Hulu Selangor Multipurpose Hall and District Sports Complex here.

Nomination centre for Kuala Kubu Baharu by-election closes at 10am

The Malaysian Palm Oil Association (MPOA) said&nbsp;there is an urgent need to accelerate replanting to address the issue of ageing oil palm trees, and urges the government to provide replanting tax incentives to support such efforts.

Singapore will introduce a new law this year that will help so-called gig-economy workers plan for their retirement needs and get work injury protection, Minister for Manpower Tan See Leng said.

Singapore plans law to support gig workers’ retirement needs

The Kuala Kubu Baharu (KKB) state by-election&nbsp;is the time for Barisan Nasional (BN) to return Pakatan Harapan’s (PH) favour in assisting Umno candidates in the previous elections, said&nbsp;Datuk Seri Dr Ahmad Zahid Hamidi.

Time for BN to return PH's favour in Kuala Kubu Baharu by-election, says Zahid

US&nbsp;regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp (FDIC) said on Friday, underscoring the challenges facing regional banks a year after the collapse of three peers.

US regulators seize troubled lender Republic First, sell it to Fulton Bank

Two earthquakes, the largest a 6.1 magnitude, struck Taiwan's eastern county of Hualien on Saturday, the island's weather administration said, with no immediate reports of damage.

The quakes, within half an hour of each other in the early hours of the morning, shook buildings in the capital, Taipei.

Taiwan rattled by quakes again, no immediate reports of damage

Tan Sri Mokhzani Mahathir and his brother Mirzan Mahathir, who have been asked to declare their assets by the Malaysian Anti-Corruption Commission (MACC), have both denied being investigated by the agency.

China's industrial profits posted smaller gains for the first quarter compared to the first two months, official data showed on Saturday, adding to evidence of an uneven recovery for the world's second-biggest economy.

China's first-quarter industrial profits rise at slower pace

Apple Inc&nbsp;has renewed discussions with OpenAI about using the start-up’s technology to power some new features coming to the iPhone later this year, according to people familiar with the matter.&nbsp;

Apple intensifies talks with OpenAI for iPhone generative AI features

Nomination&nbsp;for the Kuala Kubu Baharu state by-election opened at 9am on Saturday at&nbsp;the Hulu Selangor Multipurpose Hall and District Sports Complex here.

Budget 2022

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