Property Q&A

Publication: NST

Date of publication: Jul 19, 2013

Section heading: Real Estate & Decor

Page number: 011

Q/A1

Clarence S.@KL: Assuming a new home buyer opts for life insurance in lieu of MRTA for his loan, what is his/her obligation on the life insurance once the loan has been fully settled?

RED: If you were to settle your loan before your loan tenure ends, you can always continue with the policy. If you assign your policy to the bank, you can re-assign it back to yourself once your loan is fully settled. By Michael Yeoh, financing consultant.

Q/A2

Patrick L.@Subang: I am 51 and am earning a decent income. I plan to buy a few properties overseas in places like New Zealand and Australia. What is the maximum the banks there can lend mein terms of loan tenure, and do I really need to declare all my other properties in other countries e.g. Malaysia and Singapore, that are still under financing?

RED: The age of financing will depend on the banks - some will lend up to age 65 and some will lend up to 30 years regardless of your age. It's entirely up to you whether you want to declare all your assets and liabilities to the banks. To build a strong case for your application, you may have to. However, a consultant can advise you. You can sign up for a financing application even before you buy. By Alice Chow (www.firstleadinvestments.com)

Q/A3

Wai Kwan@Jelapang: How could the proposed GST (Goods & Services Tax) affect the property market, directly or indirectly? Although it might not affect actual property prices, could it have a significant impact on legal and agent fees, etc or other property related service charges?

RED: GST is a consumption tax based on the value-added concept. GST is imposed on goods and services at every production and distribution stage in the supply chain, including importation of goods and services. Although it is proposed that GST will not be imposed on the sale of residential properties, it appears that commercial properties would be subject to GST and unless the developers are willing to compromise on their profit margins, we should expect to see a slight increase in commercial property prices due to the imposition of GST on those properties.

It is proposed that only businesses with an annual sales turnover of RM500,000 and above are liable to register under GST. This would mean that you as a consumer, will still have a choice of engaging the services of smaller businesses under this sales turnover threshold, which do not charge the GST. By Richard Oon, tax consultant.

Ask the RED-expert: Please fax your questions to: 03-2283 1700 or email to nstred@mediaprima.com.my

Large hidden values of Sime Darby

Published: Thursday July 18, 2013 MYT 12:00:00 AM 
Updated: Thursday July 18, 2013 MYT 6:55:51 AM


ANALYST REPORTS

SIME DARBY

By Affin Investment Bank

Add (maintained)

Target price: RM10.30

SIME Darby is currently evaluating the best option to extract value for shareholders, amongst which includes the listing of its property division.

This follows earlier statements by its president and group chief executive that the group’s flagship companies – Sime Darby Property, Sime Darby Industrial, Sime Darby Motors, Sime Darby Energy & Utilities and Sime Darby Healthcare – would be listed one at a time.

We expect the property listing to happen at the earliest in 2014, as the group looks at various options and combination of assets for the exercise while continuing to focus on streamlining core operations, capitalise on synergies, and achieve operational excellence.

Not to be discounted is the option of pooling the property assets of the Sime Group – including 29.8%-owned Eastern & Oriental and its 40% stake in the Battersea project – with those held by PNB – including SP Setia, Island & Peninsular and Pelangi – to create a giant property group in the country.

There are substantial hidden values in the Sime Group to be unlocked, as evident from IOI Corp’s revaluation and impending listing of its property development and property investment businesses as well as transaction prices of RM20 to RM25 per sq ft (psf) for recent land purchases in the Klang Valley.

Based on its 2012/13 annual report, Sime owns a total of 11,666 acres of development land all over Malaysia with a net book value (NBV) of RM786.5mil, i.e. at a very low average cost of RM1.55 psf.

In addition, the group owns upstream plantation land amounting to 38,967ha in Selangor, 46,332ha in Negeri Sembilan and 45,847ha in Perak; with NBV of 17 sen psf, 13 sen psf and 16 sen psf respectively.

According to its chief operating officer, the group’s land bank that has been identified for property development could amount to as much as 35,000 acres.

Sime also owns investment and hospitality properties in Malaysia, Singapore, Vietnam, the United Kingdom and Australia with a total built-up area of 620,616 sq m with a NBV of RM1,329.6mil averaging RM199 psf.

Revaluation of just the existing development land bank of 11,666 acres at a conservative RM10 psf would enhance the valuation for Sime by about 85 sen per share.

Revaluation of the 35,000 acres identified for property development would add another RM2.54 per share.

The potential value enhancement is therefore huge and shareholders should be able to monetise some of these gains from a restricted offer of shares, especially at an attractive offer price as in the case of IOI Corp.

While looking forward to the listing of its property business, we see a number of challenges to the group.

Key among them is the weakening crude palm oil (CPO) prices, driven down by unimpressive exports growth, prospects of weaker demand from China and India as growth slows, and expectations of a seasonal upsurge in CPO production.

CPO 3-month futures average has dipped below RM2,400 per tonne year-to-date versus RM2,959 in 2012 while the average for second quarter of 2013 is RM2,358, 3.9% lower compared with RM2,453 in the first quarter of 2013.

With fourth quarter financial year 2013 fresh fruit bunches (FFB) production likely to be about 2% lower quarter-on-quarter and unless there are significant offsets from the other core divisions, financial year 2013 core net profit might just be around RM3,000mil, 4.5% below our forecast of RM3,142mil and 8.7% below the consensus average of RM3,286mil.

Key performance indicator net profit of RM3,200mil (based on a CPO average selling price assumption of RM2,700 per tonne), however, can still be achieved if the estimated one-off gain of RM340mil from the disposal of the healthcare business is included.

BOUSTEAD HOLDINGS

By HwangDBS Vickers Research

Hold (maintained)

Target price: RM5.30

BOUSTEAD has announced the proposed privatisation of its 53.6%-owned Al-Hadharah Boustead REIT.

Other major shareholders of the REIT are Lembaga Tabung Angkatan Tentera or LTAT (12.7%), Kumpulan Wang Persaraan or KWAP (8.1%) and Lembaga Tabung Haji (7.7%).

Based on the privatisation offer price of RM2.10 (17% premium to net asset value (NAV) of RM1.79 and 12.3% premium to last close of RM1.87, including special dividend of 20 sen/share), Boustead would need to fork out RM611mil to take the REIT private.

As at 31 March 2013, Boustead had a net debt position of RM6.5bil or 1.2 times net gearing, which would increase to 1.4 times with the privatisation. The exercise is expected to complete by end-2013.

Including the REIT’s 19.900ha of plantation land, Boustead will then own a total plantation land bank of 81.300 ha (84% planted). It plans to list the enlarged plantation business within the next 12 months.

Assuming a valuation of 16x price per earnings (PE), the enlarged plantation business could raise RM720mil (13% of market capitalisation) for the group if Boustead divests 40% equity stake. This is likely to unlock value for the group given the potentially higher valuation.

In addition, the proposed privatisation would remove the elements of profit sharing and fixed land rental (in the REIT), and ultimately benefit the group should CPO prices recover faster than expected.

We maintain “hold” with target price of RM5.30.

Boustead’s valuations are fair at 13 times earnings per share of financial year 2013 forecast and 1.1 times net tangible assets on the back of flat year-on-year earnings growth. Dividend yields are attractive at 6% (70% payout).

Its 2013, key performance indicator of 30 sen dividend per share is in line with our forecasts.

KINSTEEL BHD

By MIDF Research

Sell (downgraded)

Target price: 26 sen

KINSTEEL has RM100mil Murabahah Commercial Papers/Medium Term Notes (CP/MTN) programme and RM100mil Murabahah Medium Term Notes (MTN) programme.

Malaysia Rating Corp Bhd (MARC) recently downgraded the rating of the group’s Islamic Debt Securities Programme toMARC-4ID/BB+ID from MARC-3D/BBB-ID.

The rating for its debt programme has been dropped to non-investment grade from investment grade.

We understand that concerns were on Kinsteel’s poor financial performance and difficult steel market conditions, which have caused its weak liquidity position.

In the rating downgrade, MARC highlighted that the group has not complied with the requirement under the debt programme to build up its Finance Service Reserve Account (FSRA) by RM5mil. This payment into FSRA was due on July 6 and was for its MTN which will be maturing soon.

The group has 40mil notes under its CP/MTN programme and RM10mil under its MTN programme with principal payments due on Aug 28 and Sept 6 respectively.

Our main concern is on the group’s inability to build up its FRSA which is one of the conditions for its debt programmes.

This could trigger an event of default by bondholders and potentially a recall of all outstanding under the programme.

There is a possibility of it also missing its payments to service its CP/MTN and MTN which will be maturing soon. We view this as material as it may also lead to a classification of PN17 as a company under financial distress.

Should this happen, it will be detrimental to shareholders/investors. Capital restructuring exercise (if any) may impair the position of shareholders/investors.

In view of the group’s high gearing (debt/equity) ratio of 1.9 times as at first quarter of the financial year 2013 coupled with its weak operating cashflow, we are less optimistic on its ability to source for further external funding to meet its liquidity needs.

As highlighted above, any debt restructuring may lead to a negative impact on the equity position of shareholders/investors.

We now ascribe a lower price-to-book (PB) multiple of 0.5 times on book value of equity per share for the financial year 2013 compared with a PB multiple of 0.8 times previously. This changes our target price for the stock to 26 sen (previously 41 sen).

We now downgrade our rating for the stock from “neutral” to “sell”.

MAH SING GROUP

By UOB KayHian

Hold (maintained)

Target price: RM2.15

Having achieved RM750mil worth of sales in the first quarter of 2013, it is on track to hit its yearly sales target of RM3bil.

Demand for its Iskandar projects remains robust, and it believes that its sales would be relatively resilient amid the recent and potentially more property curbs.

We recently met Mah Sing to get updates on its development projects (26 ongoing and 9 projects under planning).

The company is planning to launch another RM3.2bil worth of projects in the following quarters, mainlyn the Klang Valley (60% of gross development value or GDV) and Iskandar Malaysia (18% of GDV).

Mah Sing revealed that the bulk of its new launches relate to the resilient mid-priced segment and only 37% of its sold projects’ GDV came under the Developers Interest Bearing Scheme (DIBS).

As of March 13, the company had launched about RM505mil in GDV, recording RM750mil of sales and is on track to achieve its RM3bil full-year sales target.

Unbilled sales remained healthy at RM3.55bil, or 1.8 times our 2013 forecast property division’s revenue.

Major contributors to sales were Mah Sing i-Parc, Iskandar (RM142mil), M City Jalan Ampang (RM104mil), M Residence 1 @ Rawang (RM99mil) and Sutera Avenue, Sabah (RM83mil).

The company plans to launch a further RM3.2bil worth of projects mainly concentrating in the Klang Valley (60% of GDV) and Iskandar Malaysia (18% of GDV) with concentrations in landed residential properties.

We believe that the move is fair given the future glut that the high-rise residential market may face in the near term.

In terms of pricing of residential properties, about 60% of the developments are priced below RM1mil/unit.

Management expects demand to be resilient despite the recent credit tightening measures on consumer credit.

In addition, management stressed that the pricing of its recent launches have been largely in the affordable range and it could explore alternative sales incentives if the government disallowed DIBS.

The Government is mulling introducing the GST to replace the current sales and services tax.

We understand that should the GST be implemented, developers cannot explicitly pass on the GST cost for residential properties, but are able to pass on costs for commercial properties.

THE TRANS PACIFIC PARTNERSHIP

Jul12th 2013
Written by chedet

An edited version of this article appeared in the New Straits Times of July 12, 2013

1. The secretary to the Ministry of Trade and Industry avers that trade negations must be done in secret, I suppose by the officers concerned. There should apparently be no public debate or even within the Government.

2. I don’t think it is such a good practice, if indeed that is the practice. Let us see the record of trade and other agreements negotiated by the Malaysian Government. They do not seem to favour Malaysia much. In fact they seem to result in Malaysia accepting unfavourable terms.

3. Firstly let us look at the water agreement with Singapore. Malaysia agreed to sell raw water at 3 cents per 1000 gallons. In return Malaysia can buy 12 per cent or less of the treated water for 50 cents. If the rates are to be revised both countries must agree.

4. If Malaysia raises the rate to 6 cent per 1000 gallons (i.e. 100 per cent) then Singapore can raise by the same factor to 1 dollar per 1000 gallons of treated water. This is not going to benefit Malaysia. And so we never tried to renegotiate the prices.

5. The first agreement lapsed in 2011 and we did not renegotiate at all. The next agreement will lapse in 2060. So we will be getting 3 cents per 1000 gallons of raw water when the cost of living has probably gone up many-many times.

6. To avoid Singapore revising the price of water if we raise the price of raw water, Johor was given enough money to build its own treatment plant. Not having to depend on supply from Singapore, we could raise the price of raw water without Singapore raising the price of treated water.

7. I am told that Johor still needs to buy treated water from Singapore. I really do not know why. So the price has not been renegotiated and I suppose will not be renegotiated until 2060.

8. Today the Singapore Dollar is 2 ½ times the value of the Malaysian Ringgit. At the time of the agreement it was one to one. Are we receiving payment in Singapore Dollar or Malaysian Ringgit? Or is this a secret also?

9. Frankly I don’t think we thought very carefully when we negotiated. Incidentally Johor sells water at 30 cent per 1000 gallons to Melaka, i.e. 1000 per cent higher than for Singapore.

10. Then there is the purchase of the F/A-18 fighter aircraft. Actually the Government wanted the MIG-29. Somehow part of the fund was used to purchase the F/A-18. I suppose the people who made this decision know why they must have the F/A-18.

11. Unfortunately the agreement to purchase did not include the source code. Without the source code the F/A-18 can only fly on missions approved by the United States. Until then these very expensive fighter planes can only be used for show at LIMA. Very expensive toys.

12. Then there is the AFTA, the Asean Free Trade Area. We agreed that cars with 40 per cent local contents qualify as national and tax-free entry into ASEAN markets. Forty per cent local contents are easily achieved by cars from outside ASEAN. This means the Japanese, Korean, Chinese and European cars can get ASEAN countries’ national status merely by being assembled in ASEAN countries together with batteries, tyres and a few other components.

13. We produce the Proton in Malaysia with 90% local contents. Naturally our costs are higher and cannot compete with non-ASEAN cars assembled in ASEAN countries. While these cars flood the Malaysian market, hardly any Proton is seen in ASEAN countries.

14. The negotiators may think they negotiated a good deal but I just don’t think so. We are simply opening our markets to countries with closed markets.

15. But to make matters worse, while Proton must comply with Malaysian safety and other standards, the imported cars are given exemptions from most of these. If Proton wishes to export to the countries of the manufacturers, it must comply with all their standards. So far we cannot export to Japan, Korea and the European countries. This is how good the agreements we have entered into.

16. We lost Pulau Batu Puteh but we cannot build the bridge or remove the causeway, or settle the provident fund issue. But we have given up our railway land worth billions to Singapore for practically nothing. And now we must ask Singapore’s permission to build our high speed train.

17. Look at all the agreements we have entered into and you will find practically none of them favours us.

18. Now we want to swallow the American conceived TPP, Trans Pacific Partnership. This is another attempt by America to let their huge corporations penetrate the domestic markets of the small countries, in particular Government procurements.

19. When the GATT (General Agreement on Trade and Tariff) failed they invented WTO (World Trade Organisation) for the same purpose. That also failed. They then invented APEC. Still they cannot achieve their objective. They introduced bilateral free trade agreements. Then they promoted a Globalised World, a world without borders in which their money can go anywhere, destroy economies and then pull out. In case we have forgotten they did this in 1997 – 8.

20. Still they cannot get at Government procurement. And now they invented TPP, a partnership of unequal, of the strong to take advantage of the weak.

21. This is going to be legally binding. If we breach the agreement, their corporations can sue the Government for billions. I have my doubts about our ability to convince the international arbitrators or courts. We cannot even convince the World Court over Pulau Batu Puteh.

22. They will have the best lawyers, lots of them. We will exhaust all our funds to pay our less experienced lawyers. At the end we will lose and pay indemnities and fees running into billions. And we will continue to pay until we comply. And when we comply we will lose more money.

23. We have a domestic problem and we have to solve this problem. They don’t care. Anyone who talks about the New Economic Policy (NEP) is labelled racist by our officials. When the currency rogues attacked us the purpose was to gain control over our economy. We resisted that because we were still free then. But after we sign the TPP we will be bound hand and foot. No more capital control. We will be colonised again. President Sukarno was right about neo-colonialism.

24. I know MITI is already set to agree to the TPP. It will not entertain any counter arguments. It wants to do this secretly. We don’t punish people who make agreements detrimental to the interest of this country. So what is there to lose.

25. This is my country as much as it is the country of the officials and politicians. If people secretly do harm to my country I have a right to complain.

26. We talk a lot about transparency. Let us see transparency regarding the TPP negotiation. The October 2013 ultimatum should be ignored. And let China also be included.

Source: http://chedet.cc/?p=1020#more-1020

Ke mana pergi Akta Antipencatutan?

ARKIB : 16/07/2013

Oleh ZULKIFLI JALIL

pengarang@utusan.com.my

BERSERABUT sebenarnya kita dengan isu kenaikan harga ayam ini. Sekilogram sahaja sudah mencecah RM10, itu antara harga terbaharu semalam dicatat paling mahal di Balik Pulau, Pulau Pinang.

Dalam isu kenaikan harga ayam, dua kementerian sahaja yang bertanggungjawab dalam hal ehwal perkara ini. Kementerian Pertanian dan Industri Asas Tani atau MOA seingat penulis, telah pun menjalankan tanggungjawabnya. Sudah dua kali menterinya, Datuk Seri Ismail Sabri Yaakob membuat kenyataan.

Pertama sebelum puasa lagi, telah membuka permit import ayam untuk lambakan bekalan itu bagi menstabilkan harga. Ini dengan membenarkan pengimportan ayam dari China. Kedua, memberi komitmen untuk berusaha memastikan bekalan pengguna di bulan Ramadan dan menjelang Hari Raya Aidilfitri mencukupi.

Setakat ini, itu antara daya usaha MOA. Bagaimanapun kita maklum, MOA sebenarnya tidak ada kuasa untuk mengawal harga ayam. Hal ini kerana pemborong dan peruncit di bawah bidang kuasa Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan atau KPDNKK.

Pada masa sama, yang paling mustahak lagi Akta Kawalan Harga adalah di bawah bidang kuasa menterinya, Datuk Hasan Malek. Di kementerian Hasanlah terdapat Akta Antipencatutan yang boleh menghalang harga dinaikkan sesuka hati oleh pemborong dan peruncit.

Rakyat, penulis percaya mula semakin bimbang dengan 'permainan' orang tengah yang cuba mengaut keuntungan ini. Bukan 'sikit-sikit anak'.

Mengikut kedudukan harga dan bekalan ayam yang dicatat semalam, Isnin 15 Julai, pengeluaran ayam adalah 2 juta ekor sehari dalam bulan Ramadan. Menjelang Aidilfitri, akan meningkat 2.2 juta sehari.

Permintaan ayam pada hari biasa kira-kira 1.6 juta ekor. Kos pengeluarannya RM5.05 per kg, harga exfarm RM5.40-5.70 per kg, harga ayam standard (RM8.40 per kg) manakala ayam super RM9.40 per kg.

Sebenarnya, dalam isu kenaikan harga ayam, KPDNKK kenalah lebih serius mengekangnya. Penulis perasan (dan mungkin ini juga dikongsi banyak pihak) sejak isu ini timbul, menterinya macam agak 'buntu', tak tahu nak buat apa. Asyik bagi amaran kepada pemborong dan peruncit. Walhal akta-akta yang tersedia utuh di bawah bidang kuasa kementerian itu boleh diambil terhadap mereka yang tamak haloba ini.

Penulis difahamkan juga, di dalam kementerian itu terdapat sekurang-kurangnya 10 anggota Majlis Penasihat Harga Barang yang diketuai Ketua Setiausaha kementerian serta enam wakil terdiri daripada orang awam, pertubuhan bukan kerajaan (NGO) dan industri serta empat pegawai kerajaan - yang dapat menentukan sama ada peniaga melakukan pencatutan atau mengaut keuntungan secara berlebihan.

Cuma, ke mana perginya mereka dalam sehari dua ini?

Hakikatnya, Akta Kawalan Harga dan Anti Pencatutan 2010, yang telah pun berkuat kuasa sejak 1 April 2011 dalam banyak hal berjaya bertindak sebagai penghalang kepada mana-mana peniaga yang menaikkan harga secara sewenang-wenang.

Dengan adanya Akta Anti Pencatutan, tindakan boleh diambil terhadap para peniaga yang terlibat mengambil untung secara berlebihan terutama semasa musim perayaan dan semasa krisis.

Di bawah Akta Kawalan Harga, kerajaan perlu menetapkan harga siling dan mewartakan harga sebelum tindakan boleh diambil terhadap para peniaga yang menjual barangan mereka melebihi harga siling.

Tetapi dengan Akta Antipencatutan, tindakan boleh diambil terhadap para peniaga yang sengaja menaikkan harga pada bila-bila masa.

Kenapa pihak KPDNKK masih teragak-agak mahu menguatkuasakan akta ini? Ini bukan akta yang digubal dengan mudah tetapi selepas diluluskan, mengapa tidak dikuatkuasakan dalam isu kenaikan harga ayam.

Akta Kawalan Harga dan Antipencatutan 2010 ini berasal dari Akta Kawalan Harga (1946) yang dipinda bagi memasukkan langkah-langkah anti pencatutan memandangkan aduan yang diterima setiap kali menjelang musim perayaan berhubung kegiatan pencatutan oleh peniaga.

Dan kerana bersangkut-paut dengan pelaksanaan cukai perkhidmatan dan barangan (GST), keputusan telah dibuat bagi menguatkuasakan Akta Kawalan Harga dan Anti Pencatutan 2010 bagi memastikan para peniaga tidak menaikkan harga sesuka hati. Sejak pelaksanaan akta itu dua tahun lalu, banyak kejayaan yang dicapai dalam mengekang ketamakan pemborong, peruncit dan orang tengah.

Unit penguatkuasaan KPDNKK dikatakan telah melawat lebih daripada 7,000 premis dan hampir 60 notis dikeluarkan kepada peniaga yang menaikkan harga secara tidak sepatutnya.

Masih tidak luput di ingatan penulis ketika Akta Anti Pencatutan itu digunakan buat pertama kali pada 2011 apabila tiga penjual ikan di Pulau Pinang dituduh menjual dengan harga berlebihan. Masing-masing diberikan notis mengikut Akta Kawalan Harga dan Antipencatutan 2010 yang baru dilaksanakan.

Dan buat pertama kali notis dikeluarkan di negara ini yang dijalankan oleh Bahagian Penguat Kuasa KPDNKK.

Tiga penjual ikan, yang merupakan sebahagian daripada 46 peniaga menerima notis itu sejak akta itu dilaksanakan, diberikan tiga hari untuk memberikan alasan kenaikan itu. Alasan berkenaan memerlukan mereka memberikan butiran mengenai kos pengeluaran, harga bahan mentah, tenaga buruh, pengangkutan dan sewaan.

Maklumat hasil siasatan akan dikemukakan kepada Majlis Penasihat Harga yang akan menentukan jika wujud pengambilan untung berlebihan.

Hukuman yang dikenakan di bawah akta ini agak berat. Pertubuhan yang ingkar boleh didenda sehingga RM500,000 atau dikompaun sehingga RM250,000. Individu pula boleh didenda sehingga sehingga RM100,000, dipenjara tidak lebih tiga tahun atau kedua-duanya atau dikompaun sehingga RM50,000.

Dalam mengekang kenaikan harga ayam, penguatkuasaan Akta Antipencatutan 2010 boleh memastikan peniaga tidak menaikkan harga sewenang-wenangnya.

Dari sudut pandangan perniagaan, apabila harga naik dan turun sekali lagi, peniaga sudah pasti mahu mendapat untung. Mereka selalu mahu untung dan akta berkenaan memastikan ini tidak akan berlaku sesuka hati.

Dalam isu kenaikan harga ayam, pengguna boleh menghubungi talian hotline 1-800-88-6800 sekiranya mereka mengetahui mengenai mana-mana peniaga yang dipercayai terlibat mengambil untung berlebihan.

Namun, aduan atau laporan sahaja tidak cukup tanpa komitmen tegas bahagian penguat kuasa KPDNKK menguatkuasakan Akta Anti Pencatutan 2010.

Hari ini ayam, esok lusa barang apa pula yang naik.

Artikel Penuh: http://www.utusan.com.my/utusan/Rencana/20130716/re_01/Ke-mana-pergi-Akta-Antipencatutan?#ixzz2ZFzIJQZ1 

© Utusan Melayu (M) Bhd 

Elak TPP jejas ekonomi Bumiputera

Artikel ini disiarkan pada : 2013/07/17

Kuala Lumpur: Pertubuhan Generasi Muda Berjaya Malaysia (GMB Malaysia) menyarankan kerajaan supaya merangka dua pelan utama bagi memastikan Perjanjian Perkongsian Trans Pasifik (TPP) yang sedang dirundingkan tidak akan memberi implikasi terhadap ekonomi terutama membabitkan golongan usahawan muda Bumiputera.

Presidennya, Agil Faisal Ahmad Fadzil berkata, Kementerian Perdagangan Antarabangsa dan Industri (MITI) melalui Perbadanan Pembangunan Perdagangan Luar Malaysia (MATRADE) perlu merangka pelan bagi memudahkan syarikat tempatan menerokai pasaran TPP dengan tumpuan kepada aspek tinjauan dan akses pasaran. Sementara kementerian serta agensi seperti Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK) dan Perbadanan Perusahaan Kecil Sederhana Malaysia (SME Corp) perlu memiliki pelan komprehensif supaya dapat membantu usahawan muda Bumiputera lebih bersedia daripada aspek pematuhan produk, persijilan, kualiti, jenama dan pembungkusan. “TPP diakui akan menawarkan kemasukan pasaran luas bukan daripada aspek aktiviti eksport, malah peluang untuk melabur di negara anggota TPP yang tidak mempunyai sebarang perjanjian perdagangan seperti Amerika Syarikat, Kanada, Mexico dan Peru. Bagaimanapun, kita perlu memastikan ia tidak memberi kesan negatif kepada usahawan tempatan,” katanya pada Forum dan Dialog Penjelasan dan Persoalan Mengenai TPP di sini, kelmarin.

Acara anjuran GMB Malaysia itu adalah satu landasan terbaik buat usahawan Bumiputera di bawah pertubuhan terbabit untuk memahami TPP supaya lebih memahami mengenai faedah dan pengajarannya.

Ketua Setiausaha MITI, Datuk Rebecca Fatima Sta Maria berkata TPP tidak akan ditandatangani dalam tempoh terdekat kerana masih banyak aspek belum dipersetujui. Apa paling penting, pihaknya tetap berpegang pada polisi dan tidak akan bertolak ansur dengan perkara yang boleh mengancam kepentingan rakyat dan kedaulatan negara.

GST tingkat daya saing firma tempatan

2013/07/15 - 07:24:10 AM

Pelaksanaan cukai barangan dan perkhidmatan (GST) akan membolehkan syarikat tempatan menjadi lebih kompetitif untuk bersaing pada peringkat antarabangsa, kata sebuah syarikat percukaian, audit dan perakaunan, MNZWAJ Associates. 

Ia berikutan potensi penjimatan kos pengeluaran hasil penghapusan pelbagai cukai tersembunyi membabitkan pembelian barang mentah perniagaan. 

Selain mengurangkan modal pengeluaran, GST juga membolehkan peniaga menuntut kembali pembayaran cukai bahan mentah, iaitu cukai GST yang dikenakan untuk pembelian setiap barangan mentah daripada cukai GST yang dikenakan bagi jualan produk siap. 

Pengarah Urusannya, Mohd Nasri Ismail, berkata kini cukai sedia ada yang dikenakan bagi pembelian bahan mentah syarikat menjadikan produk keluaran mereka tidak boleh ditawarkan pada harga kompetitif berbanding produk sama luar negara. 

Katanya, keadaan itu menyebabkan syarikat tempatan mengenakan harga lebih tinggi berbanding pesaing luar negara kerana faktor kos pengeluaran lebih tinggi yang mana ia menyebabkan syarikat tempatan hanya bergantung kepada jualan dalam negara. 

“Walaupun tujuan pelaksanaan GST adalah untuk meningkatkan sumber pendapatan kerajaan, ia tidak akan menyebabkan pertambahan beban cukai sedia ada kerana GST bertindak menggantikan cukai yang tidak seragam yang kini dikenakan ke atas kebanyakan bahan mentah. 

Pengaruhi eksport negara 

“Justeru, tidak akan berlaku pertambahan bayaran cukai secara keseluruhannya, tetapi ia membolehkan kerajaan mengekang ketirisan cukai dalam kalangan syarikat kerana GST memerlukan simpanan rekod bagi membolehkan syarikat menuntut kembali cukai input mereka,” katanya kepada BH di Shah Alam, baru-baru ini. 

Beliau berkata, GST juga akan mempengaruhi eksport negara secara positif kerana selepas cukai itu dilaksanakan, ia tidak akan dikenakan terhadap barangan dan perkhidmatan tempatan yang dieksport ke luar negara. 

Setakat ini, 146 negara di seluruh dunia sudah melaksanakan GST atau VAT dan bagi rantau Asia Tenggara, hanya Malaysia, Brunei dan Myanmar saja yang masih belum lagi melaksanakan sistem cukai berdasarkan penggunaan itu.

Economist: GST allows govt to reduce corporate, income taxes

12 July 2013| last updated at 10:23PM

KUALA LUMPUR: The implementation of the goods and services (GST) tax will allow the government to reduce corporate and income taxes to encourage investments, said an economist.

The economist, who declined to be named, said the GST will also help the country retain talent to boost economic growth in a competitive global environment. 

He said the country's economic growth will help create value-added jobs and increase income. 

"However, as rakyat we need to improve ourselves also in order to benefit from it," he told Bernama here today.

Although the government has not specified the rate when the GST Bill was tabled, it has indicated the fixed rate will start from four per cent, he said.

"At this rate, the GST is lower than the sales and services taxes at 10 per cent and six per cent respectively," he said.

Companies with revenue not exceeding RM500,000 per annum were also likely to be exempted from charging GST, he said. 

"That means you will pay less for certain products and services if the businesses pass on the savings to the rakyat. 

"In the real world, however, it may not always happen, as some businesses would take advantage and keep the savings as their profits," he said.

The economist said with the GST, the government will collect more revenue and tax evasion will be reduced due to the tax's self-policing mechanism that discouraged evasion. 

"It is a fairer tax since it is a tax on consumption. The more you consume, the more you need to pay. On the converse, the harder you work, the more will be your income and you should enjoy paying less income tax," he said. 

Based on Singapore’s experience, he said, over 80 per cent of the GST collected was from the rich and tourists as the values of consumption were generally higher.

Meanwhile, RHB Research said the GST will help the government put in place a broader tax structure. 

"As it stands, the government’s tax base is narrow with only 11 per cent of registered companies and 14.8 per cent of employees paying taxes," it said in a note. 

The narrow tax base, coupled with the dependency on oil revenue, which accounted for 34 per cent of total revenue in 2012, will make it difficult for the government to manoeuvre, it said.

"As a result, there is limited capacity for the government to cut corporate and individual income taxes to make Malaysia more attractive to investors and retain talent," it said. -- BERNAMA

Read more: Economist: GST allows govt to reduce corporate, income taxes - Latest - New Straits Times http://www.nst.com.my/latest/economist-gst-allows-govt-to-reduce-corporate-income-taxes-1.318221#ixzz2ZAADEpyu

'GST will be neutral to business costs'

Published: 2013/07/10

THE introduction of Goods and Services Tax (GST) to replace the current sales tax and services tax (SST) system has been a long-standing issue in Malaysia.

First mooted in the 1980s, GST has been put off countless times due to the public's doubts over it.

Much of the criticism of GST fall into three distinct categories:

* GST is hard to comply with, as it requires proper accounting and audit systems;

* GST is "regressive" since it is a flat tax and doesn't take into account the income level of consumers;

* GST is supposedly inflationary since it is applied to the prices of all goods, at all stages.

All three criticisms have some validity but not to a degree that critics will have them to be.

First, because of the multi-stage nature of GST and input tax credits, businesses incur no tax liability. Businesses paying GST on raw materials can offset this cost against the GST they collect on sales, which gives them an incentive to invest in the systems. GST, therefore, also does not have a "cascading" cumulative tax effect.

In other words, GST will be neutral to business costs, unlike the sales tax, which is levied at the manufacturing stage and incorporated into the input cost at the retail level.

Second, the regressive nature of GST should be balanced against the equally regressive sales tax. In fact, the government can make GST somewhat more progressive than the sales tax, as basic staple goods such as food can be "zero-rated", i.e. not charged GST at all. 

Certain other consumer items that are deemed beneficial, such as books, are typically often zero-rated as well.

Third, the historical evidence regarding the implementation of GST and other ad-valorem taxes (VAT) across the globe shows that, at worst, such taxes cause a one-time increase in the final prices of consumer goods. 

There have not been cases where the introduction of such a tax has caused a systemically higher rate of inflation. Consumers only pay the final tax rate, not the cumulative effect of GST levied at each stage of production.

In cases where GST/VAT system has replaced a pre-existing sales tax system, the evidence suggests final prices change very little, and in one case (Canada), have actually fallen. 

At the level that is being discussed (circa seven per cent) relative to the sales tax (10 per cent), the likelihood is that GST will cause little movement in consumer prices, if at all.

The arguments against GST are thus weaker than they appear at first blush.

To counterbalance any weaknesses, a GST system causes far less market distortions and is much more efficient than the SST, while promising to yield higher tax revenue at lower tax rates. 

Consumers will see how much tax they're incurring on consumer goods, unlike under SST where the tax burden is "hidden". No tax system is perfect, but a GST is much less imperfect than many assumed.

GST allows govt to reduce corporate, income taxes: Economist

Posted on 12 July 2013 - 03:59pm

Last updated on 12 July 2013 - 05:01pm

KUALA LUMPUR (July 12, 2013): The implementation of the goods and services (GST) tax will allow the government to reduce corporate and income taxes to encourage investments, said an economist.

The economist, who declined to be named, said the GST will also help the country retain talent to boost economic growth in a competitive global environment. He said the country's economic growth will help create value-added jobs and increase income.

"However, as rakyat we need to improve ourselves also in order to benefit from it," he told Bernama here today.

Although the government has not specified the rate when the GST Bill was tabled, it has indicated the fixed rate will start from four per cent, he said.

"At this rate, the GST is lower than the sales and services taxes at 10 per cent and six per cent respectively," he said.

Companies with revenue not exceeding RM500,000 per annum were also likely to be exempted from charging GST, he said.

"That means you will pay less for certain products and services if the businesses pass on the savings to the rakyat.

"In the real world, however, it may not always happen, as some businesses would take advantage and keep the savings as their profits," he said.

The economist said with the GST, the government will collect more revenue and tax evasion will be reduced due to the tax's self-policing mechanism that discouraged evasion.

"It is a fairer tax since it is a tax on consumption. The more you consume, the more you need to pay. On the converse, the harder you work, the more will be your income and you should enjoy paying less income tax," he said.

Based on Singapore's experience, he said, over 80 per cent of the GST collected was from the rich and tourists as the values of consumption were generally higher.

Meanwhile, RHB Research said the GST will help the government put in place a broader tax structure.

"As it stands, the government's tax base is narrow with only 11 per cent of registered companies and 14.8 per cent of employees paying taxes," it said in a note.

The narrow tax base, coupled with the dependency on oil revenue, which accounted for 34 per cent of total revenue in 2012, will make it difficult for the government to manoeuvre, it said.

"As a result, there is limited capacity for the government to cut corporate and individual income taxes to make Malaysia more attractive to investors and retain talent," it said. – Bernama

Maybank Research: RM784bil household debt not systemic threat, yet

Published: Friday July 12, 2013 MYT 1:44:00 PM 

Updated: Friday July 12, 2013 MYT 2:06:15 PM

KUALA LUMPUR: Malaysia's household debt is not yet a "systemic risk" but there are real concerns that it is outpacing GDP growth, Maybank Investment Bank Research said in the wake of Bank Negara Malaysia's move last week to control the debt level.

Household debt is currently at 82.9% of GDP and growing at 11.5% a year - and could hit 97% in 2018 if GDP were at 7.5% per annum.

However, the research house said on Friday there was little evidence of stress in household debt at this point.

"In fact, household non-performing loan (NPL) ratios have fallen dramatically over the past few years from 7.5% in 2006 to just 1.4% presently," it pointed out.

Morever, cumulatively savings - in terms of deposits and EPF contributions - in 2012 is at a comfortable 108% of household debt.

Asset quality also remained impeccable, financial assets coverage high, and debt-servicing capabilities decent as the job market and income growth in the country continued to be stable, it said.

"Concerns would arise if unemployment or inflation/higher interest rates becomes an issue. As it stands, we are expecting inflation to rise from an average of 1.8% this year to 2.0%-2.5% in 2014 with the re-commencement of the gradual subsidy reduction programme that would result in higher electricity and fuel prices," Maybank Research said.

The introduction of the much delayed Goods and Services Tax (GST) is another factor to consider, although this is not expected to happen in 2014.

"Interest rates, however, are likely to remain stable, for economic growth is likely to take precedence. At worst, we expect the overnight policy rate to be raised to 3.25% in 2014," it said.

Malaysia's household debt/GDP ratio of 81% at the end of 2012 was one of the highest in Asia, second only to South Korea at 91%. The ratio was nevertheless lower than that of the other developed economies, which averaged about 90%.

What are the main components of household HH debt in the country?

Maybank Research said there were three: mortgages at 45% (end March 2013), vehicles 18% and personal financing at 17%. Others include non-residential properties at 7.5%, securities at 6% and credit card at 4.2%.

(The number of credit cards in circulation has fallen from a peak of 10.8 million cards in 2008 to 8.2 million by the end of May 2013, following Bank Negara's move to restrict credit card issuance in 2011. Credit card balances making up just 4.2% of household debt today.)

Although Bank Negara has introduced a series of measures to control housing loan since 2010, monthly mortgage loan growth has averaged 12-14% since July 2010 and continues at 12-13% year-on-year up to May 2013, with little sign of cooling down.

House prices have continued to rise and the National Property Information Centre (NAPIC)'s all-house price index rose another 6% year-on-year the first quarter of 2013, fueling the strong demand momentum.

As at the end of March this year, Malaysians had borrowed more than RM350bil for residential property purchase, RM138bil for vehicle purchase and close to RM132bil for personal finances.

On July 5, Bank Negara introduced three measures to control household debt, including 1) a maximum tenure of 10 years for personal loans, 2) a maximum tenure of 35 years for property loans, and 3) a ban on pre-approved personal financing products.

GST kurangkan cukai pendapatan

2013/07/13 - 05:17:23 AM

Pelaksanaan cukai barangan dan perkhidmatan (GST) akan membolehkan kerajaan mengurangkan cukai korporat dan pendapatan untuk menggalakkan pelaburan, kata seorang pakar ekonomi. 

Pakar ekonomi yang enggan dikenali itu, berkata GST itu akan membantu negara mengekalkan bakat untuk mendorong pertumbuhan ekonomi dalam persekitaran global yang berdaya saing. 

Beliau berkata pertumbuhan ekonomi negara akan membantu mencipta pekerjaan nilai tambah dan meningkatkan pendapatan. 

“Bagaimanapun, sebagai rakyat, kita perlu memperbaiki diri kita untuk mendapat manfaat daripadanya,” katanya kepada BERNAMA di Kuala Lumpur, semalam. 

Kadar tetap 

Sungguhpun kerajaan belum menentukan kadarnya ketika Rang Undang-Undang GST dibentangkan, ia telah membayangkan kadar tetap akan bermula daripada empat peratus, katanya. 

“Pada kadar ini, GST adalah lebih rendah daripada cukai jualan dan perkhidmatan pada masing-masing 10 peratus dan enam peratus,” katanya.

Syarikat dengan pendapatan tidak melebihi RM500,000 setahun juga mungkin dikecualikan daripada mengenakan GST, katanya. 

“Ini bermakna, kita akan membayar harga yang lebih rendah untuk beberapa barangan dan perkhidmatan jika perniagaan itu menyalurkan penjimatan itu kepada rakyat. 

“Dalam dunia sebenar, bagaimanapun, ini tidak selalunya terjadi, memandangkan beberapa perniagaan akan mengambil kesempatan dan menyimpan penjimatan itu sebagai keuntungannya,” katanya. 

Pakar ekonomi itu berkata dengan GST, kerajaan akan mengumpulkan lebih banyak pendapatan dan aktiviti mengelak cukai boleh dikurangkan berikutan mekanisme cukai itu yang boleh mengekang perkara itu. 

“Ia adalah cukai yang lebih adil kerana ia adalah cukai berdasarkan penggunaan. Lebih banyak anda pakai, lebih banyak anda bayar. Sebaliknya, semakin rajin anda bekerja, semakin banyak pendapatan anda dan anda patut menikmati cukai yang kurang,” katanya. 

Berdasarkan kepada pengalaman Singapura, beliau berkata, lebih 80 peratus daripada GST yang dikumpulkan adalah daripada golongan kaya dan pelancong kerana nilai penggunaan pada umumnya lebih tinggi. 

Sementara itu, RHB Research berkata GST akan membantu kerajaan melaksanakan struktur cukai yang lebih luas. 

"Kini, asas cukai kerajaan adalah sempit, dengan hanya 11 peratus daripada syarikat berdaftar dan 14.8 peratus pekerja membayar cukai," katanya dalam satu nota penyelidikan baru-baru ini. 

Asas cukai yang kecil, bersama dengan kebergantungan kepada hasil minyak, yang mewakili 34 peratus daripada jumlah perolehan pada 2012, akan membuatkannya lebih sukar bagi kerajaan untuk bergerak, katanya. 

"Hasilnya, terdapat kapasiti terhad daripada kerajaan untuk mengurangkan cukai pendapatan korporat dan peribadi untuk menjadikan Malaysia lebih menarik kepada pelabur dan mengekalkan bakat," katanya. - BERNAMA

Iktibar Arab Spring Mesir

ARKIB : 12/07/2013

Oleh ROHAMI SHAFIE 

PENULIS ialah Pensyarah Kanan Perakaunan dan Kewangan, Pusat Pengajian Perakaunan, Kolej Perniagaan, Universiti Utara Malaysia

BANYAK faktor yang menyebabkan rakyat Mesir bangkit menggulingkan kerajaan Mohammed Morsi. Dalam banyak-banyak faktor, faktor ekonomi adalah punca utama kebangkitan rakyat. Meskipun tidak boleh mempersalahkan Morsi semata-mata kerana sebelum Morsi menjadi Presiden, Mesir adalah sebuah negara yang miskin, namun rakyat Mesir seolah-olah hilang kesabaran apabila ekonomi negara terjejas teruk.

Keadaan ketidaktentuan dan ketidakstabilan ekonomi selepas penggulingan bekas Presiden Hosni Mubarak telah merebak menjadi barah ketika era pemerintahan Morsi.

Kenaikan harga barangan, pengangguran tinggi dan gaji rakyatnya yang rendah antara faktor yang menyebabkan rakyat bangkit menentang Morsi. Kadar inflasi hampir sembilan peratus pada tahun lalu, manakala kadar pengangguran melebihi 12 peratus. Rata-rata, rakyat Mesir berminat bekerja di sektor awam, manakala sektor swasta tidak dapat menjana dan merancakkan ekonomi Mesir.

Dianggarkan hampir separuh rakyatnya berada di bawah garis kemiskinan. Sementara dianggarkan 30 peratus kanak-kanak Mesir tidak dapat menikmati makanan berzat.

Tunjang sektor ekonomi Mesir iaitu sektor perkhidmatan melalui pelancongan pula merudum teruk sejak era kebangkitan rakyat pada tahun 2011. Pelabur dan pelancong kurang yakin dengan Mesir.

Ketika era pemerintahan Morsi, hutang kerajaan semakin meningkat daripada AS$30 bilion kepada AS$40 bilion. Wang kerajaan pula banyak dibelanjakan untuk ketenteraan. Rezab wang kerajaan berkurangan separuh daripada AS$34 bilion kepada AS$16 bilion. Kos sara hidup rakyat semakin tinggi. Lebih teruk lagi, mata wang Mesir semakin merudum kesan daripada ekonomi Mesir yang semakin teruk.

Apakah iktibar di sebalik kebangkitan rakyat Mesir kali ini? Iktibar utama sudah tentulah Kerajaan Malaysia tidak boleh bersikap sambil lewa dalam mengurus ekonomi negara dan rakyat.

Setakat ini kerajaan kita berusaha untuk mengurus kewangan negara sebaik-baik mungkin. Kadar inflasi dan pengangguran adalah rendah, manakala hutang kerajaan masih dalam lingkungan yang boleh diurus. Sektor swasta pula menjadi enjin pertumbuhan ekonomi di bawah Program Transformasi Ekonomi.

Rakyat pula tidak begitu bergantung dalam sektor awam untuk mendapatkan pekerjaan. Ringgit Malaysia pula semakin kukuh. Kerajaan juga telah berjaya mengurangkan kadar kemiskinan pada tahap terendah.

Sektor pendidikan bersesuaian dengan kemahiran dalam dunia pekerjaan sebenar. Sektor pelancongan pula semakin mendapat tempat di hati pelancong yang mana pada tahun depan Tahun Melawat Malaysia bakal dilancarkan.

Kadar pertumbuhan negara pula semakin baik, manakala defisit negara semakin berkurangan saban tahun. Kerajaan juga telah dan sedang berusaha untuk merasionalisasikan subsidi untuk memastikan wang lebihan subsidi digunakan untuk golongan sasaran seperti Bantuan Rakyat 1Malaysia (BR1M).

Bagi mengukuhkan lagi pendapatan kerajaan, cukai barangan dan perkhidmatan (GST) akan diperkenalkan. Namun, kerajaan perlu terlebih dahulu mengurangkan cukai individu terutamanya cukai individu golongan menengah bagi memberi erti terhadap pengenalan GST.

Pembaziran, penyelewengan, rasuah dan ketirisan juga perlu ditangani segera agar kutipan cukai daripada wang rakyat dapat dikembalikan semula kepada rakyat secara berkesan, cekap dan ekonomik.

Apa yang berlaku di Mesir sewajarnya menjadikan rakyat Malaysia menzahirkan kesyukuran dengan kurniaan Allah SWT. Malaysia negara yang aman damai dan rakyatnya pula bebas beribadat dan mencari rezeki.

Pada saat umat Islam seluruh dunia termasuklah umat Islam Malaysia menyambut kedatangan Ramadan dengan gembira tanda kesyukuran ke hadrat Allah SWT, Mesir pula bermandikan darah dan rakyatnya berbalah sesama sendiri.

Artikel Penuh: http://www.utusan.com.my/utusan/Rencana/20130712/re_08/Iktibar-Arab-Spring-Mesir#ixzz2ZA55SUAZ 

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GST boleh kurangkan cukai pendapatan?

ARKIB : 13/07/2013

KUALA LUMPUR 12 Julai - Perlaksanaan cukai barangan dan perkhidmatan (GST) akan membolehkan kerajaan mengurangkan cukai korporat dan pendapatan untuk menggalakkan pelaburan, kata seorang pakar ekonomi.

Pakar ekonomi itu, yang enggan untuk dinamakan, berkata, GST akan membantu negara mengekalkan bakat untuk mendorong pertumbuhan ekonomi dalam persekitaran global yang berdaya saing.

Beliau berkata, pertumbuhan ekonomi negara akan membantu mencipta pekerjaan nilai tambah dan meningkatkan pendapatan.

"Bagaimanapun, sebagai rakyat, kita perlu memperbaiki diri kita untuk mendapat manfaat daripadanya," katanya kepada Bernama hari ini.

Sungguhpun kerajaan belum menentukan kadarnya ketika Rang Undang-Undang GST dibentangkan, ia telah membayangkan kadar tetap akan bermula daripada empat peratus, katanya.

"Pada kadar ini, GST adalah lebih rendah daripada cukai jualan dan perkhidmatan pada masing-masing 10 peratus dan enam peratus," katanya.

Syarikat dengan perolehan tidak melebihi RM500,000 setahun juga mungkin dikecualikan daripada mengenakan GST, katanya.

"Ini bermakna, kita akan membayar harga yang lebih rendah untuk beberapa barangan dan perkhidmatan jika perniagaan itu menyalurkan penjimatan tersebut kepada rakyat.

"Dalam dunia sebenar, bagaimanapun, ini tidak selalunya terjadi, memandangkan beberapa perniagaan akan mengambil kesempatan dan menyimpan penjimatan itu sebagai keuntungannya," kata beliau.

Pakar ekonomi itu berkata, dengan GST, kerajaan akan mengumpulkan lebih banyak perolehan dan pengelakan cukai boleh dikurangkan berikutan mekanisme cukai itu yang boleh mengekang pengelakan.

Berdasarkan kepada pengalaman Singapura, beliau berkata, lebih 80 peratus daripada GST yang dikumpulkan adalah daripada golongan kaya dan pelancong kerana nilai penggunaan pada umumnya lebih tinggi.

Sementara itu, RHB Research berkata, GST akan membantu kerajaan melaksanakan struktur cukai yang lebih luas.

"Pada masa ini, asas cukai kerajaan adalah sempit, dengan hanya 11 peratus daripada syarikat berdaftar dan 14.8 peratus pekerja membayar cukai," katanya dalam satu nota. - BERNAMA

Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20130713/ek_02/GST-boleh--kurangkan-cukai-pendapatan?#ixzz2ZA4aq6og 

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