PETALING JAYA: In the last few years, tailor David Tan (not his real name) has been paying RM8,000 in taxes upfront annually and because of poor business due to the Covid-19 pandemic, he had expected to pay less. So, he was puzzled when he was told to pay about RM5,000 extra in taxes upfront. Tan, who operators a tailor shop at a shopping complex in Kuala Lumpur, does not know why he has to fork out additional money for tax. “Normally, I pay a lump sum of about RM8,000 in advance every year. But this year, I was told to pay an extra 30% despite my business being affected, ” he said when contacted yesterday. For businesses, after the end of each financial year, the company will usually have to submit its accounts for auditing purposes. In Tan’s case, he was told that he was short of RM5,000 after the company’s account was audited by a tax consultant. He said like many other small businesses, he had struggled to find customers during the movement control order period. “I ... » Learn More about Some facing higher taxes despite lower revenue
2017 tax deadline
GEORGE TOWN: The Finance Ministry will be approving the reinstatement of the tax-exempt status for Penang's Lam Wah Ee Hospital and Mount Miriam Cancer Hospital, says Datuk Tan Teik Cheng. The MCA vice president said following the revocation of the tax-exempt status of both hospitals last June, donors were no longer able to apply for tax relief when filing up their income tax returns, and this had seriously affected donations to the hospitals. He said the matter has finally been resolved following mediation by MCA for both these hospitals, which included active participation by party president Datuk Seri Dr Wee Ka Siong. “The Finance Ministry has formally written to both hospitals to reinstate their tax-exempt status. MCA is committed towards safeguarding the well-being and welfare of the rakyat in a pragmatic manner, ” said Tan. “This news is indeed most welcome for the Lam Wah Ee Hospital and the Mount Miriam Cancer Hospital, their patients and the public at large as it ... » Learn More about Two Penang hospitals back to having tax-exempt status
Are you wondering if your assets would be charged for tax after you die? Not in Singapore — if you die on or after Feb 15, 2008. WHAT IS INHERITANCE TAX? Inheritance tax, also known as estate duty in Singapore, is the tax charged on the total market value of the assets of someone who has died, at the date of the death and regardless of whether there is a will. A deceased person's assets are referred to as the estate. An estate includes the following: Everything owned in the deceased's sole name, or jointly owned with others; Gifts made within 5 years before the deceased's death; Gifts made anytime from which the deceased retained some benefits. For example, if the deceased had been collecting monthly rental income from a house that was given to someone else, the house is included as part of the deceased's estate Assets held in trust which personally benefited the deceased, such as a bank account that was held in trust for a minor. IS INHERITANCE TAX THE SAME AS THE ... » Learn More about Is inheritance tax payable when you die in Singapore?
The Metro Manila Film Festival logo (Image: Facebook/Metro Manila Film Festival (MMFF) Official) The Metro Manila Film Festival’s (MMFF) planned summer film fest will no longer push through as cinemas remain closed due to the COVID-19 pandemic. The MMFF will only be holding such an event when partner cinemas are open once again to the public, it said in a statement released by spokesperson Noel Ferrer via Instagram yesterday, April 15. The film festival’s executive committee, led by Metro Manila Development Authority (MMDA) chairman BenHur Abalos, has, meanwhile, decided to focus on the yearend holiday festival instead. “[The MMFF Executive Committee] has set the deadlines this early so that interested producers and filmmakers may be guided accordingly, while observing proper health protocols,” it said in the statement. In the calendar that came with the statement, the MMFF has set the deadline for the submission of the letter of intent to not later than 5 p.m. of June 30. ... » Learn More about MMFF drops summer film fest due to COVID-19, sets deadlines for yearend festival
Senior citizens enjoy horse racing at the Royal Turf Club in Bangkok. Thailand is already an aged society, with people aged 60 or above set to account for 20% of the population this year. (Photo by Patipat Janthong) The Finance Ministry is growing concerned about slow economic growth prospects and higher inflationary pressure in the long term as Thailand transitions to an "aged" society. A ministry source who requested anonymity said the country's demographics are rapidly ageing, resulting from falling fertility rates and rising life expectancy. Having a larger proportion of the population made up of the elderly means fewer people in the workforce. The country has been what is termed an "aged" society since 2005, meaning 10% of the population is already 60 or older. The proportion of the population aged 60 or older is expected to reach 20% this year. Thailand's trajectory has it becoming a "super-aged" society in 2031, meaning 28% of the population will be 60 or older. ... » Learn More about An ageing conundrum
SINGAPORE: Like most office workers, economist Song Seng Wun used to spend his workdays behind a desk at his bank and never questioned it. Now, after being forced to work from home during the “circuit breaker” period last year, he has adjusted to a new rhythm. His mornings are spent at the office, then he may have meetings outside or travel around the island to check on any economic developments that piqued his interest - taking him to a manufacturing plant in Tuas or an airfield in Seletar. Later in the afternoon, he settles down at a pub near his home in Tanjong Pagar to go through reports and other reading material – washed down with a gin and tonic or a beer. He thinks he gets more done now, with the flexibility to structure his own time. “Technology essentially allows us to be more mobile … then the mindsets of companies and bosses were forced to change. If not for the pandemic and workers being stuck at home, most employers would have been reluctant to let workers out of ... » Learn More about IN FOCUS: Thinking out of the cubicle – What lies ahead for hybrid working?
SINGAPORE - The recent decision by the United Nations' drug agency to reclassify cannabis is one driven by money and profits rather than science and rationality, said Law and Home Affairs Minister K. Shanmugam on Saturday (Dec 5). "It is a decision that concerns us," he said, speaking to the media before the launch of a book on former offenders' rehabilitation journeys. "I put this down to the power of money. Companies see a huge amount of profit, and a very invidious idea that cannabis is not harmful, is being pushed." The annual Commission on Narcotic Drugs, the UN Office on Drugs and Crime's governing body, voted on Wednesday to remove cannabis from the most tightly controlled category of narcotic drugs, following the World Health Organisation's recommendation to make research into its medical use easier. It was a close decision, said Mr Shanmugam, with 27 countries voting to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs, a global text ... » Learn More about UN decision on cannabis driven by ‘power of money’, not rationality and science: Shanmugam
SINGAPORE - Accusations of sob stories and delayed as well as missing payments are emerging from suppliers and partners of beleaguered retailer Naiise a day after founder Dennis Tay announced he was liquidating the company and filing for personal bankruptcy. Several brand owners took to social media to express frustration at how Mr Tay blamed Covid-19 for poor business and the company's undoing. Many said late and missing payments and mismanagement of funds have been a problem since as early as 2016, calling into question Tay's intentions. Co-founder of Nom Nom Plush, Ong Yin Hao, told The Straits Times he dislikes "how (Tay) angled it as 'Covid did me in'". Owed around $15,000 for his food-themed plushies, Mr Ong faced late payments on and off since consigning with Naiise in 2015. He continued as "their sales records were good", and he would eventually get paid - although six to eight months late. "They were expanding, but we vendors were constantly owed money," said Mr Ong, ... » Learn More about Not so Naiise after all: Vendors voice anger at founder Dennis Tay and say rot began much earlier
RESIDENTS of the Taman Kumbar Permai flats in Teluk Kumbar, Penang, are relieved to receive funds for major lift maintenance works on five of their lifts. Its residents association chairman Kamaruzaman Suradi said while they have regular maintenance work carried out on the lifts, they were in need of major upgrading works. “In the last three or four years, we had scheduled maintenance from time to time but there are major parts in the lifts that needed to be replaced. “Fortunately we are able to obtain an 80% aid on the maintenance work. “With it, the residents will only have to pay 20% for the project and we are prepared to do that, ” he said, adding that there were 472 units at the flats with over 3,000 residents. State local government committee chairman Jagdeep Singh Deo said the state is providing nearly RM69,000 for the RM86,000 project and the rest of the cost would be funded collectively by the residents. “This is under the funds we allocated from the state’s ... » Learn More about Residents delighted with funds for lift maintenance
Our verdict: 77 per cent Unit efficiency 3.5/5 Unit size 4/5 Quality of fittings 4/5 Design 3/5 Variety of facilities 4.5/5 Quality of facilities 4/5 Surrounding amenities 3.5/5 Developer 4.5/5 Transport links 3.5/5 Driving accessibility 4/5 Upkeep of property 4/5 Price point 3.5/5 The Crest offers buyers a chance to own a home in a central location while enjoying unblocked views, but it's not exactly the most affordable option out there. What we like What we don't like Big pool 11-min walk to mrt Good facilities Could do with more deck chairs Bigger than usual units Project: The Crest District: 03 Address: Prince Charles Crescent Tenure: 99-year Leasehold No. of Units: 469 Site Area: 256,026 sqft Developer: Wingcrown Investment Pte Ltd TOP: 2017 ‘Life peaks at the top’. Now that’s a slogan that befits The Crest in more ways than one. Before I go into greater detail ... » Learn More about The crest condo review: Giant pool + bigger than usual units