06 December 2023

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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7 Guilty Pleasures That Are Draining Your Bank Account

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How many times have you assumed you had money in the bank, only to find that most of it has trickled away, thanks to monthly subscriptions, pricey indulgences and mindless spending on guilty pleasures? If you’re like many people, it’s easy to lose track of everyday and monthly spending. But paying attention to bank account-draining expenses and fees can help you save money to put towards…



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12 Home-Selling Mistakes You’ll Regret

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Editor's Note: This story originally appeared on Point2. We often talk about how buying a home is one of the most complicated transactions you’ll ever make. But, selling one isn’t much easier, and there are many mistakes first-time sellers might make that can cost them thousands of dollars, not to mention a lot of stress. From stiff competition to last-minute viewings…



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05 December 2023

Here’s Every New Title on Max in December — and Many Leaving Soon

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If you are a subscriber of Max — which dropped “HBO” from its name in May — read on to find out what shows, movies, documentaries and more are arriving this month, as well as those that will be gone soon. If you are curious about the service or considering signing up for it, we’ve also got details on how you can test it out for free. Max is a streaming service of Warner Bros. Discovery.



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5 Great Gifts on Sale at Amazon Today

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04 December 2023

The Best No-Contract Internet Providers

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Editor's Note: This story comes from CableTV.com. Our top no-contract internet providers all have low prices and allow you to bow out whenever you want. Optimum offers fast packages, while Astound Broadband Powered by RCN and AT&T have affordable fiber internet plans. And though CenturyLink and T-Mobile aren’t our first picks for no-contract internet, they may have some affordably priced…



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Tax Matters – Demystifying bumiputera discounts paid to state govt

THERE is some confusion regarding the tax treatment of contributions made to the state government by property developers. These contributions can colloquially be referred to as a “levy” or a payment to allow property developers to release unsold bumiputera units to non-bumiputeras.

Many cases have been brought to the courts and the decisions have gone in favour of both the developers and the Inland Revenue Board (IRB).

The IRB is constantly challenging the deductibility of such payments.

How the mechanism works

Normally, bumiputera discounts range from 7% for commercial units to 10% for residential units. In the event bumiputera units are not sold at the end of a project, a developer, for example in Selangor, can apply to the Majlis Mesyuarat Kerajaan Negeri (MMKN) for the units to be released to non-bumiputeras after the developer has at least advertised the project for three months. Once MMKN has given its approval, the units can be sold to non-bumiputera purchasers on the condition that a sum equal to the bumiputera discount is paid to Lembaga Perumahan dan Hartanah Selangor. In the event the developer sells the developer units to the non-bumiputera buyers before MMKN’s approval is obtained, a penalty of 5% will be imposed.

Breaking down the issues

The decision by the courts to allow a deduction or not is primarily based on whether the payment is a penalty or is an expenditure incurred in the production of income. The courts have also considered whether this is a pure contribution to the state government, or is it a payment to remove an obstacle to running the business, or is it a capital payment?

It is clear when developers fail to meet the initial requirements of MMKN and a penalty has been imposed, such a payment is not deductible on the grounds that a penalty is imposed on the infringement of the law, and therefore not a deductible expense in running the business or generating the income. Therefore the 5% penalty imposed by the state government for the non-compliance where. for example. the developer sells the property before the completion of the project or fails to meet the conditions imposed by the state is not deductible.

However, the contribution made to the state government which is equivalent to the bumiputera discount is intended to sell the properties that would not have been sold, and thereby producing revenue for the property developer will be tax deductible. It is effectively removing an obstacle for generating the sales. These payments are not capital expenditure that provides a permanent benefit to the developer. This is merely a payment that is of a temporary nature to unlock the sales.

Another viewpoint that has been discussed in the courts is that the expenditure could be deductible on the grounds that it is simply a contribution to the state government which is specifically allowed in the Income Tax Act 1967 which should be deductible.

Disputes should be avoided through engagements

It is high time that property developers and the IRB sit down and agree a set of criteria which clearly spell out the situations where property developers will be given a tax deduction for such payments, or otherwise. Challenging the property developers does not help the country and disallowing such expenses merely adds to the cost of properties which ultimately gets passed on to the property buyers.

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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Be adaptable and creative, have strong work ethic

How has your life experience made you the leader you are today?

I started my career at Bank Negara Malaysia, which gave me a front-row seat to the ins and outs of the finance industry in Malaysia. During my stint at Bank Negara, I was responsible for implementing effective supervision of a Malaysian regional bank and contributed towards the development of key policies for ensuring safety and soundness of the financial system.

The daily challenges which include navigating the complexities of financial systems has moulded me into a leader who values structure and discipline, which are now the cornerstone of my leadership style.

Then came the transition to Wise, which felt like a whole new adventure on its own. In my current role, I lead new market entry expansions across several markets in Asia Pacific including Malaysia, and manage financial partnerships and regulator relationships.

The fast-paced environment of fintech has played a pivotal role in shaping me into a resilient and adaptable leader, pushing me to continually stay on the cutting edge of innovation. It has also sharpened my decision-making skills, and instilled a collaborative mindset that is essential for navigating diverse teams at Wise, a global company with more than 5,000 employees representing 125 nationalities across 11 global key locations around the world.

In short, my career journey from the foundational years at Bank Negara to the dynamic environment at Wise has been a fulfilling one that continually shapes and reshapes the leader I am today, honing the leadership qualities crucial for success in this ever-evolving industry.

What traits do you look for in your talent or how do you decide who is right for a job?

I value adaptability, creativity, and a strong work ethic when evaluating potential candidates. It is important to me that candidates resonate with our company’s values, as it fosters a positive and productive work environment.

At Wise, we have a mission-driven culture underpinned by four core values which guide how work is done, how we interact with each other, and how we engage our customers to drive our mission forward.

I want to build a cohesive team that not only collaborates well, but also enjoys working together to drive Wise’s growth in Malaysia.

How do you think the industry you are in will evolve in the future?

The financial industry is constantly growing and changing, and is poised for digital transformation. Customers are expecting faster, more affordable, increasingly convenient, and above all — transparent experiences. This expectation will extend across all facets of financial services, both for domestic and international payments.

Consumers and businesses have become used to their domestic payments arriving instantly, and they now want cross-border payments to do the same. They also want to know what and how much they’re paying for without hidden fees due to inflated exchange rate mark-ups.

Partnerships is an area where we can expect to gain momentum. Rather than trying to build something from scratch or acquire another player, we’re seeing more partnerships among banks, payment firms and corporations.

Doing so allows industry players to tap into each other’s strengths, enabling players to scale their services and enhance customer experience.

For instance, we built the Wise Platform a few years ago – the infrastructure offering for banks and larger enterprises – to leverage on Wise’s technology and embed the best way to send, receive and manage money internationally. By partnering with the Wise Platform, banks and businesses can now offer their customers fast, cheaper and transparent ways to manage their money across borders seamlessly, from the convenience of their existing app or platform.

In a few short years, we have seen Wise Platform’s continued and expand, and today we have over 70 partners globally which include some of the world’s largest banks, neobanks and business tool providers such as Monzo, Shinhan Bank, Google Pay, Bank Mandiri, Brex and Ramp.

As customers demand for faster, low-cost, convenient and more transparent international payments, we can expect the industry to look towards partnerships to solve the problem of international payments.

What do you want to accomplish in the next five years?

At Wise, our mission has never changed. We want to build the best way to move and manage the world’s money, making it faster, cheaper, easier and more transparent for people and businesses. Looking ahead, we will continue to expand and invest in our underlying infrastructure to drive down price, increase speed, and ultimately build a network for the world’s money.

This also applies to my aspiration for Malaysia and across the Apac region. Wise in Malaysia is relatively new, and we’re striving to bring more of Wise’s products and services to Malaysia, and make Wise increasingly convenient and useful for people and businesses.

Whether it’s expanding our product suite through our Wise Account, catering to businesses through Wise Business, the one account for international businesses to go global without high fees, or building on our partnerships to bring Wise Platform to more banks and enterprises, we have a lot more to do in reaching our mission. We look forward to growing further from here.



Source: The Sun Daily

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Malaysia eyeing two-year timeline for autonomous vehicles: Cyberview CEO

KUALA LUMPUR: Malaysia is eyeing a two-year timeline for autonomous vehicles while awaiting the government regulatory framework, according to technology hub developer Cyberview Sdn Bhd.

Cyberview CEO Kamarul Ariffin Abdul Samad said Malaysia is in the testing stage for autonomous vehicles.

“For the autonomous vehicle, we are currently still at the testing stage, as this involves safety on public roads and other considerations, there is a need for a regulatory framework, the law to allow that to happen. I believe that the government is still in the process of developing the regulatory framework. So probably we will need another one or two years before we can see this,” he told reporters at Schneider Electric Sustainability Survey 2023 press event recently.

Additionally, in terms of technology, he stressed the importance of achieving a certain level of maturity for technology, particularly since it directly involves the public.

“Ensuring that the technology is both mature and safe is crucial as this involves the public,” he said.

Kamarul also expressed Cyberview’s encouragement of autonomous vehicle advancements through its Living Lab initiative.

In a parallel development, he pointed out that Sarawak is exploring hydrogen as an alternative, and it is also in the testing stage.

“In the case of Sarawak, for example, they are also exploring hydrogen as an alternative. While progress is underway, even in Sarawak, it remains in the testing stage,” he said.

In August, it was reported that Cyberview is expected to have the first autonomous vehicle tested on a public road by year-end upon approval from the Transport Ministry and Sepang Municipal Council

Currently, tech companies are only allowed to test autonomous vehicles on private roads, including within Cyberview headquarters.



Source: The Sun Daily

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