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August 16, 2018 2:51 PM Takeover of toll concessionaires may cost less than RM400 billion, says Pua

KUALA LUMPUR: The toll concessions takeover may cost less than the RM400 billion projected by the previous government, said Ministry of Finance special officer Tony Pua. "The RM400 billion figure was being tossed around by the previous government by taking into account the compensation to be paid to the toll concessionaires which includes future gains 4

August 15, 2018 11:44 AM Government will repay RM19.25b GST refunds from 2019

PETALING JAYA: Finance Minister Lim Guan Eng said in a statement today that the government will repay RM19.25 billion in outstanding GST refunds to 121,429 companies and individuals from next year. The GST Refunds Trust Account currently only holds RM148.6 million and Lim did not elaborate on how the government would make good on the payments, which 4

August 14, 2018 3:39 PM YTL Hospitality REIT acquiring Hokkaido ski resort for RM222.5m cash

PETALING JAYA: YTL Hospitality REIT (YTL REIT) is acquiring The Green Leaf Niseko Village for ¥6 billion cash (RM222.5 million) from Niseko Village KK (Niseko Village), an indirect wholly owned subsidiary of YTL Corp Bhd. In a filing with Bursa Malaysia today, YTL REIT said its wholly owned subsidiary Starhill REIT Niseko GK (Starhill Niseko) has entered 4

August 14, 2018 7:29 AM Former Brazil finance minister charged with corruption

BRASÍLIA: Former Brazil finance minister Guido Mantega was indicted Monday on money laundering and other charges as part of the corruption scandal that has rocked the country's business and political elites. Mantega, 69, is accused of taking money from construction giant Odebrecht in exchange for helping to advance legislation that favoured the company 7

August 13, 2018 10:41 AM Sabah State Assembly approves additional budget of over RM592.3 million for this year

KOTA KINABALU: The Sabah State Legislative Assembly has approved an additional budget of RM592,310,727 for government administrative expenditures this year. The First Supplementary Supply Bill 2018 tabled by Chief Minister Datuk Seri Mohd Shafie Apdal, who is also State Finance Minister, was passed unanimously after its third reading at the State Assembly 7

August 13, 2018 10:06 AM Sabah govt to continue providing allocation to non-Muslim religious bodies, schools

KOTA KINABALU: Chief Minister Datuk Seri Mohd Shafie Apdal today said that the state government will continue to provide annual allocation to non-Muslim religious bodies, missionary schools and Chinese private schools in Sabah. Mohd Shafie, who is also Sabah Finance Minister, said the objective of such allocation was to ease the financial burden of the institutions 6

August 13, 2018 9:48 AM Bursa Malaysia ends lower on selling pressure

KUALA LUMPUR: Bursa Malaysia ended lower today on selling pressure across-the-board as market sentiment remained volatile due to external factors, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was lower at 1,783.40, down 22.41 points, from Friday's close of 1,805.75. The index opened 2.10 points lower at 1,803.65 and moved between 8

August 13, 2018 7:15 AM GST refund shortfall more than we thought: Lim

KUALA LUMPUR: Finance Minister Lim Guan Eng has clarified that the amount left in the government's trust fund meant for Goods and Services Tax (GST) refunds was not RM1.486 billion, but only a tenth of that figure. He said in his speech in the Dewan Rakyat last week, he had revealed that the total outstanding amount of GST refunds since its introduction 5

August 12, 2018 4:22 AM No SST for construction services, some building materials

KUALA LUMPUR: The pressure on house prices, industrial and commercial buildings is expected to ease off with the abolition of the Goods and Services Tax (GST) and exemption of some building materials from the Sales and Services Tax (SST), Finance Minister Lim Guan Eng (pix) said. He said the federal government hoped that the construction costs could 12

August 11, 2018 5:21 AM GST refunds should be settled before SST kicks in: MP

KUALA LUMPUR: The Finance Ministry has been urged to find a swift solution regarding the Goods and Goods and Services Tax (GST) refunds before the implementation of Sales and Services Tax (SST) this September. "The failure to refund the input tax has caused losses to businesses in the form of 'cost of capital' because their cash flows have been affected 5