Saturday, February 15, 2025

No Gym, No Diet—5 Easy Ways to Improve Health & Wealth

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Good health and financial security go hand in hand. While most advice focuses on diet and exercise, simple daily habits can boost both your well-being and your wallet. Avoiding costly medical bills, reducing stress-related expenses, and making smarter choices about healthcare can protect your finances as much as your body. Here are five easy habits that support your health—without stepping…



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5 of the Worst Fast Foods for Your Health — and 5 That Aren’t so Terrible

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We all know fast food is bad for our health. Alas, many of us love it anyway. If you simply can’t kick your fast-food habit, you can at least make it more healthful. Recently, telehealth platform PlushCare looked at five fast-food items at 24 chains and determined which restaurants offer the best option for your health — and the worst. They rated each product based on its values for…



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Only This Retailer Beats Amazon for Customer Satisfaction (Yet Again)

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For many consumers, “online shopping” might be synonymous with “Amazon.” The enormous multinational retailer has come a long way from its beginnings as an online bookstore. But Amazon isn’t alone in the online-shopping marketplace, and there’s one company that beats out the Seattle-based behemoth when it comes to customer satisfaction — in 2023, 2024 and again this year.



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8 Deep Discounts Available on Amazon This Friday

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Friday, February 14, 2025

This Habit Eases Stubborn Back Pain — No Drugs Necessary — Cleveland Clinic Says

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Up to 20% of adults across the globe suffer from long-term or recurring lower-back pain. Many of them take medication to ease the ache. However, a recent study has found that just 12 weeks of therapeutic virtual yoga can reduce back pain intensity, improve back-related functionality and reduce the use of pain medication. It can even improve quality of sleep. For the study…



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3 Quick and Easy Ways to Track Your Income Tax Refund

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If you have a tax refund coming, you probably feel it cannot arrive soon enough. Fortunately, the IRS gives you multiple ways to track the status of your cash. Whether you prefer cutting-edge technology or are an old-fashioned type, the IRS has an option for you when it comes to tracking your federal tax refund. In most cases, you shouldn’t have to wait too long. The IRS says it issues more…



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Thursday, February 13, 2025

If You Have Arthritis, This New Makeup Brand Is for You

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The phrase “beauty is pain” can be left in the past. Tilt is a new makeup brand with products designed to make beauty accessible to everyone. It’s the first beauty brand and mascara product to receive the Arthritis Foundation’s Ease of Use certification. This means that its product packaging is easy for everyone to open, close, hold and apply — and ideal for people with arthritis or chronic pain.



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Wednesday, February 12, 2025

4 of the Worst Things to Do With Your Tax Refund

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Some taxpayers dread what they might owe at tax time while others are so excited that they spend their refund before it hits their bank account. There are a lot of smart uses for a tax refund — but sadly, just as many terrible ones. Following are some of the worst ways to use that money.



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Tuesday, February 11, 2025

9 Simple Ways to Slash Your Utility Bills This Winter

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Winter can be a time of joy, but it can also bring soaring utility bills. As temperatures drop, heating your home and using electricity for longer hours can quickly add up. Fortunately, there are several simple and cost-effective ways to cut down on your utility costs this winter without sacrificing comfort. Here are nine easy tips to help you save money on your bills this season.



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5 Mistakes That Will Delay Your Tax Refund

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Not getting money when you expect to is no fun — especially if you were literally banking on it to get by. If you’re not self-employed or an active lender, this is more likely to come up in the context of a tax refund. Following are situations in which the IRS says a tax refund could be delayed — and what you can do about each.



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Monday, February 10, 2025

Kinergy Advancement acquires 47.5% in Jati Cakerawala for RM35m

PETALING JAYA: Kinergy Advancement Bhd (KAB) is acquiring a 47.5% equity stake in Jati Cakerawala Sdn Bhd, a wholly-owned subsidiary of Pesaka Ventures Sdn Bhd (PVSB) for RM35 million.

This acquisition marks KAB’s potential entry into being an independent power producer (IPP).

KAB will assume the role as one of the project developers, alongside other stakeholders, in driving the repowering of this 650-megawatt power plant.

The energy asset was a 650-megawatt (MW) power plant situated on a strategically located 37.5-hectare coastal site in Perlis, owned by Teknologi Tenaga Perlis Consortium Sdn Bhd (TTPC), an independent power producer (IPP) in Malaysia.

The plant completed its 21-year power purchase agreement (PPA) and was decommissioned in March 2024.

Having been a critical asset in the nation’s energy supply for over two decades, the site has now reopened as a high-potential project.

Its redevelopment and repowering present a unique opportunity to further strengthen the nation’s energy infrastructure and offer longer-term energy security for Malaysia’s future growth.

KAB has secured this deal with PVSB, having been identified as the developer to redevelop and repower this site.

Beyond the land asset that accompanies this acquisition, the competitive advantage lies in the infrastructure, which is expected to deliver significant benefits and drive the success of this repowering project, solidifying the group’s investment rationale.

KAB executive deputy chairman cum group managing director Datuk Lai Keng Onn said the strategic value of this acquisition is rooted in the robust energy infrastructure established in the past.

“Its proximity to TNB’s 275kV transmission line and the Peninsular Gas Utilisation (PGU) III pipeline ensures seamless access to both power distribution and natural gas supply,” he said in a statement.

Additionally, Lai said the availability of a reliable water source at the site further confirms that this land is primed for the development of a new power plant.

“Recognising the critical power supply gap in West Malaysia, this acquisition and the subsequent repowering will be instrumental in addressing the nation’s energy shortage.

“It will make a decisive and lasting contribution to stabilising Malaysia’s energy supply, ensuring long-term energy security for the entire country.”

From the date of this announcement, KAB is committed to utilising its full capabilities and resources alongside all other stakeholders to ensure the successful development of this pivotal energy project.

Upon commissioning of the new power plant, KAB anticipates it will make a significant and sustainable contribution to the group’s earnings growth.

As a flagship repowering project, it will further solidify KAB’s expertise and experience, reinforcing its position to pursue continued growth opportunities in the energy sector.

Lai said the strategic value of this acquisition is rooted in the robust energy infrastructure established in the past.



Source: The Sun Daily

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Tax Matters – Fragmented contracts no longer a means for avoidance

INDUSTRIES that require significant expenditure in infrastructure and plant and machinery together with specialised technology from overseas will engage foreign contractors to implement such projects, and the cost of such contracts could run into hundreds of million, and even billions in some cases, of ringgit.

These contracts are found in the oil and gas industry, power sector and large government infrastructure projects, among others. To execute such contracts, there will be a need to bring in foreign contractors to supply specialised equipment, technology and specialist people. The contracts would involve engineering, design, procurement, construction, testing and commissioning. In short, they are called EPCC contracts.

Taxation of EPCC contracts

It is not uncommon to expect the whole of the contract value to be brought to tax in Malaysia. However, in practice, this does not normally occur because there is a tendency to break up or fragment the contract into different parcels. The intention here is to minimise the taxes in Malaysia and the multinationals that enter into such contracts will use tax planning to locate the profits outside Malaysia possibly back to their home country, or to countries where taxes are lower than in Malaysia.

If the foreign EPCC contractor declares the full profits in Malaysia, then it will be subject to tax at 24% of the profits in Malaysia. Any payments to non-residents by the EPCC contract will attract withholding taxes and imported service taxes.

Tax planning measures

Normally, such large contracts will be broken up into work carried out in Malaysia and the work carried out overseas. The large foreign taxpayers have a tendency to shift a larger part of the profits outside of Malaysia on the basis that a significant value of the work is actually performed overseas and consequently a significant part of the profits should be allocated to the overseas operation on the basis that the value created overseas is greater than the value created in Malaysia.

Transfer pricing methodologies will be used to support the shifting of the profits overseas.

What will the tax authorities do?

Many authorities around the world are aware of this practice and view such shifting of profits out of the home country such as Malaysia as aggressive tax planning. They are already attacking such transactions from different perspectives: It could be from a transfer pricing perspective by challenging whether the profit left behind in Malaysia does not meet the arm’s length test, and/or may challenge such allocations using the anti-avoidance provisions on the basis that the split of the profits may not be commercially explainable.

The tax authorities have significant information that they can use to challenge such treatment of the taxation. The information easily available to them from the larger companies will be the CbCR (Country-by-Country Reporting) documentation which contains the information of the total multinational group. In addition, if the authorities were to request for information on the total profits of the contract made in Malaysia and overseas, the local tax authorities can see the full picture of the operations and can compare the level of profits left behind in Malaysia.

Such exchange of information is possible because, in most cases, the tax treaties allow the tax authorities to obtain the information from the other member states. Malaysia has more than 70 tax treaties with other countries and obtaining information from most developed countries cannot be ruled out. Among the larger countries, it is only with the United States that we do not have a full tax treaty.

The tax authorities in Malaysia are tracking such large contracts and are aware of such tax planning measures. In most cases, these issues will come up when the multinationals revert to the Malaysian authorities to obtain a refund of the excess withholding taxes paid. Inevitably, such refund applications will lead the Inland Revenue Board to examine each contract in depth.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Paragon Globe open to participating in data centres, digital economy

KUALA LUMPUR: Paragon Globe Bhd’s sale of land to Bridge Data Centres Malaysia IV Sdn Bhd (BDC) indicates the company’s focus on digital infrastructure in Johor.

Executive chairman Datuk Seri Edwin Tan said the land sale to BDC underscores Johor’s growing prominence as a regional digital hub and PGB’s role in facilitating its development.

“While our primary role in this transaction is as a land provider, it aligns with our broader strategy to contribute to high-value sectors like digital infrastructure integral to the Johor-Singapore Special Economic Zone (JS-SEZ).

“At this stage, PGB is focused on optimising its land bank and enabling developments that drive regional economic growth. However, we remain open to exploring potential partnerships or strategic initiatives that could involve more direct participation in the data centre or digital economy sectors.

“By acting as an enabler for such projects, we position ourselves to remain agile and responsive to future opportunities in this space, should they align with our strategic objectives,“ Tan told SunBiz.

He said PGB remains focused on its core business as a property developer, and the company’s strategic direction is aligned with developing sustainable, high-quality properties.

“While we recognise the growing demand for digital infrastructure in Johor, especially with the state’s strategic positioning under the JS-SEZ, we are always open to potential opportunities across various industries, including tech and digital infrastructure companies.”

The recent disposal of two plots of industrial land in Desa Cemerlang, Johor, to BDC presents unique opportunities that allowed PGB to unlock significant value from its land bank while supporting Johor’s ambitions to become a regional digital hub.

When asked about PGB’s plans to expand its involvement in projects that cater to the digital economy, Tan said Johor’s strategic location and its inclusion in the JS-SEZ initiative offer immense opportunities in the digital economy.

“We are already contributing through land transactions that enable the development of data centres, and our future projects are designed to cater to the needs of a tech-driven demographic,“ he added.

At an extraordinary general meeting held in December last year, shareholders endorsed PGB’s plans to diversify its income streams and pursue strategic partnerships, including a proposed joint venture with Tropicana Danga Bay Sdn Bhd (TDB) to develop a landmark project in Danga Bay. The development rights agreement with TDB is valued at RM102.46 million.

Tan said Danga Bay is a highly sought-after location in Johor Bahru, known for its waterfront appeal, proximity to Singapore,and strong potential for urban development.

The project has a gross development value of RM1.49 billion, underscoring PGB’s commitment to delivering high-quality, strategically positioned developments. The exclusive residential development is designed to meet the needs of professionals, expatriates, and investors seeking premium urban living in one of Johor’s most vibrant and well-connected locations.

Tan said while the JS-SEZ initiative primarily fosters commercial and industrial growth, its economic significance indirectly supports the residential property market.

“As the region’s economy expands and attracts talent and businesses, the demand for well-located, high-quality residences in areas like Danga Bay is set to rise. This positions the development as a key residential offering catering to an affluent and discerning market.

“Additionally, the project is set to achieve the prestigious GreenRE Gold certification, reflecting PGB’s unwavering commitment to sustainable development and environmental stewardship. The development’s alignment with sustainable and ESG-focused principles reinforces our vision of creating impactful, future-ready communities,“ Tan said.

With the shareholders’ approval, PGB is well-positioned to execute its growth strategy and solidify its position as a leading property developer in Malaysia. The group remains focused on delivering innovative and sustainable developments that meet the market’s evolving needs.



Source: The Sun Daily

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New auto landscape emerging in Malaysia as Chinese EV brands make inroads

PETALING JAYA: Despite their dominance in the domestic motor vehicle market, Proton Holdings Bhd and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) will likely face increasing pressure in transitioning to electric vehicles.

Industry observers believe this is due to Chinese EV manufacturers’ rapid expansion in Malaysia, intensifying competition, reshaping market dynamics, influencing investment trends and driving shifts in supply chain strategies.

Malaysia University of Science and Technology Prof Emeritus Dr Barjoyai Bardai pointed out that Proton and Perodua account for nearly two-thirds of total industry volume.

He said Proton’s partnership with China’s Zhejiang Geely Holding Group offers a competitive edge, but more affordable EV models are needed to capture a larger market share.

“Malaysia’s high EV import taxes and lack of charging infrastructure remain major barriers to widespread adoption.

“Chinese EVs can cost as little as a few thousand ringgit, making affordability a potential game-changer if pricing strategies adjust,” he told SunBiz.

Leading Chinese brands such as BYD are capturing nearly 40% of Malaysia’s EV market, and local and global automakers are facing mounting pressure to adapt.

According to industry data, BYD leads Malaysia’s EV market with a 39.33% share, followed by the US’s Tesla at 23.58% and Germany’s BMW at 9.06%.

Other notable players include Great Wall Motor, Chery and Smart, reflecting China’s growing influence in the sector.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid also highlighted the significant market dominance of Chinese EV brands.

“It not only intensifies competition but could also spur innovation and collaboration among local players.

“Pricing remains the key differentiator, but factors like charging infrastructure, maintenance and resale markets will shape long-term success,” he said.

Malaysia Automotive Robotics & IoT Institute (MARii) said the entry of Chinese EV manufacturers into the Malaysian market is a strategic opportunity rather than a threat.

MARii emphasised that the increasing presence of Chinese brands is accelerating the adoption of EVs in the country, driving innovation and setting higher standards for technology, pricing and consumer experiences.

“This challenges local players to enhance their capabilities to become a regional hub for next-generation vehicles.

“By spurring existing local automakers to invest more in research and development and for strategic alliances, Chinese competition fosters greater technological advancement and industry-wide growth, benefiting the entire Malaysian automotive ecosystem,” a MARii spokesperson said.

On another note, traditional auto part suppliers face an urgent need to upgrade capabilities or risk being phased out, as EVs require fewer moving parts than conventional internal combustion engine vehicles.

The increasing presence of global automakers establishing direct operations in Malaysia is also reshaping the industry.

Companies such as Stellantis, Chery, Great Wall Motor and Shanghai Automotive Industry Corporation are bypassing traditional distributors, intensifying competition in the downstream automotive supply chain.

Maybank Investment Bank Bhd (Maybank IB) expects the increasing presence of global automakers also to put pressure on local distributors and parts suppliers, leading to industry consolidation.

“Technical partnerships and upskilling will be crucial for Malaysian firms looking to remain competitive,” Maybank IB said in a research note.

As the competition intensifies, the bank-backed research firm said, Proton and Perodua will have to address several technological and strategic gaps to solidify their positions in the EV market.

MARii proposed that co-developing battery technology and e-motors on a shared platform would be a strategic move.

“This collaboration would reduce production costs, enhance efficiency and accelerate innovation while ensuring scalability across different models.

“By leveraging shared R&D and local manufacturing, both companies can offer more competitive and high-performance EVs, driving wider adoption in Malaysia’s growing EV market,” the MARii spokesperson said.

Industry observers agree that the rapid rise of Chinese EV manufacturers is forcing a transformation across Malaysia’s automotive industry. While it presents challenges to local automakers and suppliers, it also opens doors for innovation, strategic partnerships and supply chain development.



Source: The Sun Daily

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Sunday, February 9, 2025

Cut Your Costs: 15 Things to Ditch When You Turn 50

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Reaching 50 is a milestone, and it’s the perfect time to rethink your spending habits. As priorities shift, so should your budget. Cutting out unnecessary expenses can free up money for retirement, travel, and financial security. These simple changes can help you take control of your finances and make your money work harder for you.



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10 Undeniable Reasons Why You Need a Financial Advisor Before Retiring

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Retirement should be a time of relaxation and fulfillment, not financial stress. But without proper planning, savings can run out, unexpected expenses may pile up, and investment mistakes could derail your future. That’s where a financial advisor comes in. With expert guidance, you can protect your wealth, maximize your income, and create a financial plan that sustains you for decades.



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Saturday, February 8, 2025

You Don’t Usually Need a Degree for These 20 Remote Jobs

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You don’t always need a bachelor’s degree to find a great career that’s also flexible. A growing number of companies accept skills and experience in place of a traditional degree for a variety of jobs across many career categories. To help job seekers without a bachelor’s degree find professional positions, we’ve identified remote jobs that generally don’t require a four-year college degree.



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Money in a Minute for the Week Ending Feb. 7

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Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. US Job Growth, Rising Inflation Views Leave Room for Fed to Hold Rates Steady (Feb. 7, Bloomberg): The…



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8 Deep Discounts Available on Amazon This Friday

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Friday, February 7, 2025

20 Dog Breeds That Won’t Shed All Over the Place

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Don’t feel forced to choose between your love of dogs and your desire to keep allergies at bay: Some pooches are classified as hypoallergenic by the American Kennel Club. That means these breeds are less allergenic than others because they produce less dander, which is what typically triggers allergies in people. Some dog breeds also shed their coat less often than others.



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Thursday, February 6, 2025

9 Truths About Money and Happiness—What Really Matters

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Money may not guarantee happiness, but financial security can make life significantly easier. While you can’t put a price on love, purpose, or peace of mind, having the resources to cover your needs—and enjoy life’s experiences—reduces stress and increases opportunities. Create financial stability so you can live life on your terms. This list explores the complicated relationship between money…



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Wednesday, February 5, 2025

9 New Products to Discover at Sam’s Club in February 2025

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There are a lot of benefits to bulk shopping — one trip could stock up your essentials for a month, depending on the size of your household. It’s nice to always bet on your go-to items being in stock, but what about the new goodies that come out every month? Your new favorite snack or go-to household product could be on the shelves waiting for you. You don’t want to miss it.



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Tuesday, February 4, 2025

30 Best Side Hustles You Can Do From Home

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Your day job may be your dream job, but it may not be enough. It might not provide the income you want or have enough security to make you feel stable. Or, you might have stopped growing professionally but aren’t ready to leave. Whatever the reasons, a side job may be the answer to whatever it is you’re experiencing, whether it’s to make extra money and earn cash from home, learn new skills…



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6 Reasons You Shouldn’t Wait to File Your Taxes This Year

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Although the federal filing season doesn’t end until April, you shouldn’t wait until the last minute to submit your 2024 income tax return. Most taxpayers have received their reporting forms by this point in the season and are therefore able to file their return. So there’s no need to delay. What’s more, there are numerous advantages to filing sooner rather than later — perhaps including some…



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Monday, February 3, 2025

Tax Matters – Challenges in settling intercompany balances

AS BUSINESSES expand, they often form groups with multiple subsidiaries or associate companies to provide specialised services and support one another.

For example, a property development company may rely on its subsidiaries for construction, procurement, landscaping and project management. This structure is commonly found in larger groups, where specialisation allows for economies of scale.

As the group grows, the volume of intercompany transactions inevitably increases. These transactions generally fall into three categories: goods and services, financing (loans and advances), and payments made on behalf of one another.

However, as businesses grow, particularly in medium-sized and smaller groups, accounting for these intercompany transactions may not receive the attention it deserves. Entrepreneurs often justify this neglect with the reasoning that accounting is a “back-office operation” that does not directly generate revenue. Unfortunately, this mindset can lead to significant problems, particularly in the accurate recording and reconciliation of transactions between related companies.

Over time, inaccuracies in these records can result in discrepancies that accumulate, sometimes leading to substantial imbalances. When these discrepancies go unaddressed, they can spiral into larger issues, especially when the discrepancies involve large sums of money.

Addressing these differences at a later stage can be challenging and costly, with both accounting and tax implications. Entrepreneurs who once paid little attention to the details may find themselves facing unexpected surprises. Adjustments to reconcile these balances will not only affect the profit and loss account but also the balance sheet. These adjustments will also require justification to auditors, tax authorities, investors and other stakeholders, adding to the complexity of the situation.

The tax ramifications

The first step in settling intercompany balances involves rectifying discrepancies by adjusting the balances upwards or downwards between the involved parties.

These adjustments can have a significant impact on the current year’s profits and losses, as well as retained earnings for the respective companies. This can raise concerns among bankers, investors, and shareholders, who may not fully understand the reasons behind the adjustments.

One key issue when settling intercompany balances is distinguishing between trade and non-trade items. If there is a waiver or forgiveness of a debt, the entity benefiting from the waiver may face taxable income. However, the party forgiving the debt may not be entitled to a tax deduction unless it can be demonstrated that the debt is a bad debt, irrecoverable under the law, and that the write-off is justifiable.

The Public Ruling on this matter states that businesses should “make a stringent examination before deciding to write off a trade debt arising from a related or connected person.” Furthermore, to support such write-offs, businesses must provide evidence proving that the decision was made on an arm's length basis and for valid business or commercial reasons.

Where intercompany debts have arisen from trade transactions, and one party has claimed deductions or capital allowances, waiving the debt can trigger tax consequences. If a debt was written off in one party’s tax records but later forgiven or waived, the tax benefits previously claimed may need to be recaptured.

Another common approach to settle the intercompany balances is to capitalise the amount outstanding through the issue of new shares by the debtor to the creditor. This will be tax neutral.

Whether a company chooses to write off intercompany debts, waive them, or capitalise them, it is essential to consider the broader accounting, tax, and legal implications of these adjustments.

Conclusion

Settling intercompany balances is not a simple task and requires careful attention to accounting practices and tax regulations. The potential tax consequences, such as the recapture of tax deductions, and the need to demonstrate arm’s length and business-driven decisions, mean that businesses must be thorough in their approach to managing these balances. Therefore, businesses must prioritise proper documentation, regular reconciliations, and a proactive approach to intercompany accounting to mitigate these risks.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Greater integration of blockchain and cryptocurrency ahead: Wealth Wolves

PETALING JAYA: Blockchain and cryptocurrency integration is expected to increase in Malaysia, according to Wealth Wolves Sdn Bhd.

Executive director Leong Seng Tat foresees greater blockchain integration by the government alongside increased transparency in transactions and higher interest in using cryptocurrency for payments.

“Whether we like it or not, the government has long implemented blockchains. In the nearest future, we will see a major integration taking place although the government does not announce it,” he told SunBiz.

Leong expects increased transparency through governance, transactions and enforcement of legislation. “For instance, government records such as police summons are stored in a system unless settled. Our history is kept in a system unless we pay it off,” he explained.

Businesses will follow suit as they also need to comply with government requirements, he added.

Key challenges for businesses in the next few years, Leong said, will be to lead the transition toward accepting cryptocurrency as a form of payment. “This requires significant adjustments to align with government regulations. Currently, the ringgit is the only legal tender in Malaysia, which poses regulatory challenges for cryptocurrency adoption among merchants.”
Leong stressed that while the shift towards crypto payments may appear straightforward, businesses must navigate various legal, technical and market-related obstacles to successfully implement and integrate blockchain-based transactions.

Bitcoin’s price reached an all-time high above US$109,000 (RM485,700) ahead of the US President Donald Trump’s inauguration last month, driven by anticipated regulatory shifts.

The new US administration has shown support for cryptocurrencies, with the president issuing executive orders aimed at reviewing digital asset regulations and considering the establishment of a national bitcoin reserve.

The US Securities and Exchange Commission, under the new leadership, has softened its approach to crypto regulation. A Crypto Task Force has been established, and restrictive accounting rules have been rescinded, creating a more supportive environment for the crypto industry.

Additionally, crypto exchanges are expanding their presence in the European Union due to the enforcement of the Markets in Crypto-Assets Regulation (MiCA), which provides clear guidelines. Exchangessuch as OKX, Crypto.com and Bitpanda have secured MiCA licences in Malta and Germany, respectively.



Source: The Sun Daily

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Fiuu taps into Asean’s rapidly evolving cross-border payments landscape

KUALA LUMPUR: The cross-border payments landscape in Asean is evolving rapidly, with member countries integrating their individual networks to enable seamless transactions in most parts of the region.

Thanks to interconnected networks, Malaysian payment methods can now be used in some Asean countries and vice versa. This trend is transforming cross-border payments by eliminating the need for physical currency exchange.

A key example is the Malaysia-Thailand corridor, where merchants in both countries can accept payment methods such as Touch ‘n Go and Thailand’s PromptPay, enhancing convenience to customers.

Fiuu CEO Eng Sheng Guan said, however, not all Asean countries are integrated. He noted that countries such as Vietnam, Cambodia and Myanmar have yet to establish such payment networks.

“Despite this, ongoing efforts by countries such as Malaysia, Indonesia, Thailand, Singapore and the Philippines are reshaping the payments landscape and fostering greater regional connectivity and efficiency, he told SunBiz.

Fiuu is a digital payment service provider that helps merchants unlock more than 110 major methods across Southeast Asia while enabling businesses to accept local and cross-border transactions in the region.

Fiuu also has an established instalment payment solution, connecting businesses with seven banks, namely HSBC Bank, Standard Chartered Bank, Hong Leong Bank, RHB Bank, AmBank, Affin Bank and OCBC Bank. It provides a single platform that simplifies the payment setup and removes the need to approach multiple banks.

Moving on, Eng said more payment corridors have been established in recent years. He added that Malaysia and Singapore have been interconnected for over two years, while Indonesia-Singapore and other corridors, such as Malaysia-Philippines and Singapore-Thailand, are also emerging.

These integrations are uniting previously fragmented payment systems by linking banks and networks under one framework, streamlining cross-border transactions across Asean, Eng said.

Asked about the growing trend of using cryptocurrencies as a mode of payment, Eng said acceptance of crypto as a payment method remains sensitive and highly regulated.

“Fiuu currently supports cryptocurrency payments only in Singapore, where the Monetary Authority of Singapore (MAS) provides clear regulatory guidelines. For other Asean countries, regulations vary, and many lack a defined framework for merchant acceptance of cryptocurrencies or converting crypto to fiat currency.

“Fiuu facilitates crypto payments for merchants through its Singapore entity, which is licensed and compliant with MAS regulations. Merchants outside of Singapore who wish to accept crypto must register with Fiuu’s Singapore entity to ensure compliance.

“While Singapore leads in crypto regulation within the region, most other Asean countries primarily focus on regulating crypto exchanges rather than merchant transactions. This lack of a clear regulatory pathway limits the expansion of crypto payment solutions beyond Singapore for now,” Eng said.

Fiuu operates across key Asean countries, excluding Vietnam, connecting to each country’s in-country payment networks. Through Fiuu’s application programming interface, merchants gain access to a unified platform, enabling them to open payment channels across the region seamlessly.

Unlike credit card systems that require local company registration, Fiuu simplifies the process for alternative payment methods. Merchants only need to sign up with Fiuu in one Asean country to access payment methods across the entire region.

Fiuu’s focus is entirely business-to-business, serving merchants by linking them to multiple payment channels. However, customers can simply use the payment options offered by merchants connected to Fiuu. This approach ensures streamlined operations for businesses looking to expand within Asean without the complexities of managing individual country registrations or fragmented payment systems.

Eng highlighted that major e-commerce platforms such as Shopee, Lazada and TikTok Shop are among Fiuu’s key merchants, reflecting evolving consumer behaviour in the Asean market.

A notable trend, he said, is the shift towards smaller ticket sizes – whereby average purchases have decreased to about 60 from 80 – indicating consumers now shop more frequently but in smaller quantities.

“This behaviour is driven by the efficiency of modern logistics, which ensures faster deliveries, often within one or two days, and the availability of free shipping. As a result, transaction volumes have been growing annually by about 30%, boosting the adoption of e-payments across the region.

“Retail, online shopping, and travel sectors are thriving, with travel experiencing a significant post-pandemic boom. These trends highlight the dynamic growth opportunities in e-commerce and related industries in Asean,“ said Eng.



Source: The Sun Daily

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Sunday, February 2, 2025

5 Jaw-Dropping Presidents’ Day Deals You Can’t Afford to Miss

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Major retailers and brands are known for discount prices during Presidents’ Day weekend to clear last year’s inventory. Retailers and manufacturers are eager to prepare space for upcoming spring merchandise and clear existing inventory; it’s a win-win for shoppers and sellers. Ready? Here’s a list of the five most valuable deals and savings that might be available during Presidents’ Day…



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BNM: Malaysia’s banking system maintains strong liquidity buffers in December 2024

KUALA LUMPUR: Malaysia’s banking system maintained strong liquidity buffers in December 2024, with an aggregate Liquidity Coverage Ratio (LCR) of 160.7%, up from 147.9% in November, supporting ongoing financial intermediation, Bank Negara Malaysia (BNM) said.

In its Monthly Highlights December 2024 report released on Friday, the central bank noted that the aggregate loan-to-fund ratio remained broadly stable at 83.5% (November 2024: 83.8%).

“The banking system’s resilience continues to be underpinned by sound asset quality, with the overall gross impaired loans ratio improving to 1.4% from 1.5% in November, while the net impaired loans ratio remained steady at 0.9%,” BNM said.

The report also highlighted that the loan loss coverage ratio, including regulatory reserves, remained prudent at 129.1% of impaired loans, up from 128.0% in November 2024.

According to the central bank, the higher increase in LCR was primarily due to a decline in expected cash outflows, as interbank borrowing maturities were rolled over beyond 30 days.

“This is in line with banks’ pre-emptive measures to build buffers in preparation for seasonal year-end deposit competition,” it said.

BNM said that, in December, headline and core inflation declined to 1.7% (November 2024: 1.8%) and 1.6% (November 2024: 1.8%), respectively. Both headline and core inflation averaged 1.8% in 2024.

It said the Index of Wholesale and Retail Trade grew by 3.9% in November 2024 (October 2024: 5.1%).

The central bank said that credit to the private non-financial sector grew by 5.2% (November 2024: 5.4%), amid a moderation in growth for outstanding business loans (5.1%; November 2024: 5.4%) and corporate bonds (3.4%; November 2024: 3.8%).

The bank said that the financial markets were largely influenced by expectations for a more gradual US monetary policy easing path in 2025, amid upward revisions in the US Federal Reserve’s growth and inflation forecasts.

“In addition, uncertainties arising from potential trade policies by the US administration continued to weigh on investors’ risk sentiment,” it added. – Bernama



Source: The Sun Daily

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Malakoff completes acquisition of stakes in Zec Solar and TJZ Suria

PETALING JAYA: Malakoff Corporation Bhd has fulfilled all conditions precedent under the share sale and purchase agreement (SSPA) for the acquisition of 22,393,389 ordinary shares, representing a 51% equity interest, in Zec Solar Sdn Bhd, and 49,000 ordinary shares, representing a 49% equity interest, in TJZ Suria Sdn Bhd.

The completion of the acquisition provides a bigger opportunity for Malakoff to become one of the key players in the country’s growing renewable energy (RE) sector, and is expected to immediately increase its effective capacity to 159MW in the RE sector and optimise operational costs through resource synergies, resulting in economies of scale, the company said in a statement.

Zec Solar is the owner and developer of a large-scale solar (LSS) facility with a capacity of 29 MWac in Kota Tinggi, Johor under the country’s LSS programme with a 21-year solar power purchase agreement (SPPA) effective until 2040.

Zec Solar won the project through the first round of LSS competitive tendering issued by the Energy Commission (EC).

Malakoff managing director and group CEO Anwar Syahrin Abdul Ajib said: “This expansion will significantly enhance Malakoff’s technical capabilities, bringing the total of Malakoff’s installed RE capacity to 159MW. It also provides a reference plant to meet the requirements of future LSS bidding exercises, both domestically and internationally.”

He added that Malakoff has also ventured into a hydropower project via the RP Hydro (Kelantan) Sungai Galas Project, with a capacity of 84MW.

Additionally, the company secured SPPAs with major industry players such as DRB-Hicom Group, UMW Group, Railway Assets Corporation, and Keretapi Tanah Melayu Bhd.

“There is an undeniable sense of momentum at Malakoff as we accelerate the country’s energy transition. It is a testament to our commitment towards contributing to the nation’s target of achieving net zero emissions as early as 2050 and increasing RE capacity to 70% within the same period, fostering a greener future,” said Anwar Syahrin.

To date, through its newly established business pillar Malakoff Green Solutions, the group’s RE portfolio stands at 159MW ranging from the implementation of LSS and rooftop solar projects to small hydropower generation as well as the installation of carbon-free mobility infrastructure.



Source: The Sun Daily

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Saturday, February 1, 2025

9 Deep Discounts Available on Amazon This Friday

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