PAC report: RM1.5b in approved GST refunds unpaid as of May 31, 2018
A notice announcing the GST is displayed on the shelves of a supermarket in Kuala Lumpur April 1, 2015. — AFP pic KUALA LUMPUR, July 15 — The Public Accounts Committee (PAC) has found that Goods and Services Tax (GST) refunds totalling RM1.5 billion that have been approved had not been paid as of May 31, 2018.This is among the findings contained in the PAC’s report on the RM19.4 billion outstanding claims for GST refunds due from the Royal Malaysian Customs Department (RMCD).According to the report which was based on the testimony from the RMCD, there were RM9.6 billion  worth of claims which still needed to be reviewed, but the RMCD director-general confirmed that more than 90 per cent of the claims were legitimate.The PAC also found that RM3.9 billion worth of claims were subject to the normal review and were not being investigated or audited and RM0.9 billion of the claims have been settled and must be paid when the MOF exempted Mass Rapid Transit Corporation Bhd and Prasarana Malaysia Bhd.Meanwhile, RM3.5 billion worth of claims still needed to be investigated but it does not mean that the claims were baseless.On August 8, 2018, Finance Minister Lim Guan Eng told the Dewan Rakyat that since 2015, the outstanding claims for GST refunds stood at RM19.4 billion, while only RM1.0 billion was left in the GST repayment fund as of Dec 31, 2017.To complement its investigations, the committee had sought the views of the Attorney General (AG), Tommy Thomas in relation to the management of GST collections and the refunds.According to the PAC, Thomas had opined that the government’s move to transfer the GST funds directly to the consolidated revenue account was a breach of fundamental trust law principles and trust accounting requirements.He said the action contravened Section 7 of the Financial Procedure Act 1957 and Section 54 of the GST Act 2014, which guaranteed that eligible taxpayers will receive a refund for the amount of GST they paid.The PAC said that the Finance Ministry and RMCD were of the opinion that channelling the GST collection to the consolidated revenue account was in line with Article 97 of the Federal Constitution; however, the AG said the practice was against the law. — Bernama [...]
Nasdaq-listed Micron's RM1.5b investment in Penang for SSD centre of excellence
KUALA LUMPUR: Nasdaq-listed Micron Technology, Inc. plans to invest RM1.5bil over the next five years to build a centre of excellence for solid-state drive (SSD) assembly and test in Penang as it aims to expand its presence in Malaysia. [...]
ADB approves RM1.5b for new power transmission project in Bangladesh
The bank says a top priority of the govt is to address infrastructure deficiencies which face recurring shortages By TMR / Pic By BLOOMBERG Asian Development Bank (ADB) has approved a US$357 million (RM1.46 billion) assistance package to develop two power lines to support Bangladesh’s national target of electricity for all by 2021. It is estimated some 35 million people in the country are without access to electricity. The investments comprise a US$350 million ADB loan, a US$7 million grant from the Japan Fund for the Joint Crediting Mechanism to partially finance new high-technology energy efficient conductors, and a US$500,000 grant from Republic of Korea’s e-Asia and Knowledge Partnership Fund to promote socially inclusive growth with gender equality. “Bangladesh has been experiencing impressive economic growth over the last decade, but to maintain and even accelerate this, more investments are needed for the power transmission network to meet growing electricity demand,” ADB senior energy specialist Aiming Zhou said in a statement. Despite its recent economic success, the statement said Bangladesh continues to face major challenges. It said a top priority of the government is to address infrastructure deficiencies, including modern and affordable energy services, which face recurring shortages and ever-rising demand. Inadequate transmission lines and substation transformer capacities in the southern and western regions are the main contributors to transmission bottlenecks. At the same time, construction of new transmission lines has become more challenging because of the high population density and limited right-of-way, according to the statement. The Southwest Transmission Grid Expansion Project builds on ADB’s previous work in the Bangladesh power sector, including the recently approved Rupsha 800MW combined cycle power plant in the southwest region, to address continuing deficiencies in the transmission system through providing more efficient power transfer to the load centres of the southern and western zones. The project will develop a 126km-long 230kV transmission line from Barisal to Faridpur; and a 104km-long 400kV transmission line from Bogra to Rohanpur, along with substations, transformers and associated extensions and connections. The new transmission lines will introduce Bangladesh to a new type of high temperature conductor to allow more power transfer at lower energy losses, the statement said. The lines have less resistance to power flow, higher power transferring capacity and operate more reliably in tropical weather. In addition, the use of these conductors also helps minimise right-of-way requirements. ADB said the project is also contributing to climate-change mitigation since the new conductors reduce carbon dioxide emissions compared to conventional transmission conductors that are used in Bangladesh. var VUUKLE_EMOTE_SIZE = "90px"; VUUKLE_EMOTE_IFRAME = "180px" var EMOTE_TEXT = ["HAPPY","INDIFFERENT","AMUSED","EXCITED","ANGRY","SAD"]The post ADB approves RM1.5b for new power transmission project in Bangladesh appeared first on The Malaysian Reserve. [...]