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Malaysia

Malaysia to keep September crude palm oil export tax at 5.5%

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KUALA LUMPUR:  Malaysia, the world’s second-largest palm oil producer after Indonesia, will maintain its crude palm oil export tax at 5.5 per cent in September, the same rate as the previous month, according to a government circular today. The South-east Asian nation calculated a palm oil reference price of RM2,677.91 per tonne for September. A price above RM2,250 incurs a ... Read More »

Malaysia’s economy seen on uptrend for next three to five years

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KUALA LUMPUR: Malaysia’s economy is expected to be on an uptrend for the next three to five years, supported by strong local and foreign investments, increase in exports as well as consistent government support for the companies. This, according to a report, will help the country’s gross domestic product to touch US$1.3 trillion by 2030 and overtake its neighbour Singapore. ... Read More »

M’sia set for record year in rubber glove exports

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PUTRAJAYA: Malaysia’s exports of rubber gloves in the first half of 2017 increased 25% to RM7.95bil compared to RM5.28bil in the same period last year, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said. Speaking at a meeting with leaders from the rubber industry, he said: “The high export growth in the first six months of 2017 signalled ... Read More »

Malaysia customs seizes 8,000kg of pangolin scales worth S$32m

Vietnam Customs seizes pangolin scales in Hanoi

KOTA KINABALU: Some 8,000kg of pangolin scales worth a whopping RM100 million (S$31.76 million) in illicit trade have been seized at the Sepanggar Bay container port by Malaysian custom officers. Sabah Customs and Excise Department director Datuk Janathan Kandok said on Friday (Aug 11) that the pangolin scales were found in 266 gunny sacks owned by a private company that ... Read More »

Malaysia taxes travel by the night

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KUALA LUMPUR: It’s official Malaysia’s new tourism tax will be effective 1 September at a flat rate of MYR10 (USD2.33) a night. Malaysians and permanent residents are exempt. Foreign tourists will be charged a flat rate of RM10 per room regardless of the accommodation category. However the Ministry of Tourism clarified that homestays and ‘kampung’ stays registered with the Ministry ... Read More »

Malaysia’s tax authority raids companies owned by Mahathir’s three sons

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KUALA LUMPUR: Malaysia’s Inland Revenue Board (IRB) has targeted companies owned by the three sons of former premier Dr Mahathir Mohamad, with tax officials visiting their offices on Tuesday and taking away some files. Officials at the companies confirmed the raids to Malaysiakini news site. The raids were also reported by other online media outlets. Kencana Capital, a venture capital ... Read More »

Malaysia’s CIMB sees ringgit bond issues hitting 5-yr high in 2017

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KUALA LUMPUR, Aug 10 (Reuters) – Ringgit-denominated bond offerings in Malaysia are likely to hit the highest in five years in 2017, fuelled by financing needs of infrastructure projects, the chief executive of CIMB <CIMB.KL> Investment Bank said. Bond offerings in ringgit – including sukuk Islamic bonds – are expected to rise to a range of 80 billion ringgit to ... Read More »

Malaysian palm oil price sees strongest gains in 2 weeks

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KUALA LUMPUR: Malaysian palm oil futures made their biggest daily gains in two weeks on Tuesday, reversing losses from the previous session, supported by strength in related edible oils. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 2 percent to 2,626 ringgit ($612.98) at the close of trade, its strongest daily gain ... Read More »

Malaysia June industrial output expected to grow 3.0% on-year

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KUALA LUMPUR: Malaysia’s industrial output growth in June likely slowed compared with the same period a year ago, according to a poll of economists. The industrial production index (IPI), which measures output from mines, factories and power plants, likely rose 3.0% in June compared with a year ago, according to the median forecast from a poll of eight economists by ... Read More »

Malaysia to implement tourism tax on Sept 1

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KUALA LUMPUR: A tourism tax will be officially enforced in Malaysia on Sept 1, Tourism and Culture Minister Nazri Aziz said on Tuesday (Aug 8). Foreign tourists will be charged a flat rate of RM10 (S$3.20) per room per night for all hotel classifications. Malaysians and permanent residents will be exempted. The tax will not apply to home stays and ... Read More »

Bauxite Customs officer remand extended

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KUANTAN: The remand order for a Royal Malaysian Customs Department senior officer to facilitate investigations into illegal bauxite mining has been extended to Aug 13. Magistrate Tengku Eliana Tuan Kamaruzaman issued the order today, following an application submitted by Malaysian Anti-Corruption Commission (MACC) deputy public prosecutor Mohamad Fadhly Mohd Zamri. The 56-year-old suspect was detained at 12.15am on Aug 2 ... Read More »

Malaysia forecasts 3.6% rise in palm oil exports in 2017

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KUALA LUMPUR: Malaysia’s ministry of plantation industries and commodities Monday forecast exports of palm oil and palm-oil based products to total 70 billion ringgit ($16.35 billion) this year, up 3.6% from a year earlier. Malaysia is the world’s second-largest producer of palm oil after Indonesia. Palm oil and palm-based products, which made up 8.5% of Malaysia’s June exports, rose 15.8% ... Read More »

Malaysian export growth hits six-month low at 10%

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KUALA LUMPUR: Malaysia runs into its slowest export growth in six months, 10% YoY in June, lower than last month’s 32.5%, according to a report. The report said net exports climbed by 34.7% to 24.1 billion in Q2. This shows the country has sustained current account surplus and positive net export GDP contribution. Export volumes rose 2.3% YoY, whilst import ... Read More »

Malaysia Airports posts double-digit surge in retail revenues in H1

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MALAYSIA: Malaysia Airports Holdings Berhad has reported a +15.9% leap in retail revenues year-on-year for the first half of 2017, to RM412.9 million (US$98 million). Non-aeronautical revenues at the group, which runs Malaysia’s major airports as well as having a stake in Istanbul Sabiha Gökcen Airport in Turkey, rose by +9.3% to RM981 million (US$233 million). Malaysia Airports attributed the ... Read More »

Customs going after ‘stubborn’ 500

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KOTA KINABALU: The Sabah Royal Malaysian Customs Department will be conducting a stale-level Ops Kutip Hasil, starting from August 3 to 31, in its quest to collect a total of RM30 million in arrears from 500 “stubborn” defaulters. Its director, Datuk Dr Haji Janathan Kandok said that a total of 40 ABT enforcement officers from his department would be collecting ... Read More »

Malaysia’s June export growth slows to 10% y/y, well below f’cast

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KUALA LUMPUR:  Malaysia’s exports in June grew 10 percent from a year earlier, government data showed on Friday, well below expectations, as shipments of manufactured goods fell. Export growth missed the 15.8 percent forecast by a Reuters poll and was sharply down from May’s 32.5 percent growth. Exports of metal products and tech equipment fell 13.3 percent and 7.0 percent ... Read More »

Malaysia seizes rare animal parts worth almost $1m sent from Nigeria

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KUALA LUMPUR: Malaysia has seized elephant tusks and pangolin scales from Africa worth almost a million dollars, an official said Wednesday, highlighting the country’s role as a hub for smuggling rare animal parts. The contraband was found in two separate raids in the cargo terminal of Kuala Lumpur’s main international airport on Sunday, customs officials said. In the first raid, ... Read More »

Malaysia exports growth likely to be slower in June

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KUALA LUMPUR: RAM Ratings expects Malaysia’s export growth to slow down in June after the jump in May due to slower demand for exports from China and Singapore, after consecutive months of rapid build-up in capacity and re-stocking. The ratings agency said in a statement that it expected June export growth to be a healthy 17.5% though slower than the ... Read More »

Malaysia seizes ivory, pangolin scales from Africa

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KUALA LUMPUR: Malaysian authorities say they’ve seized 23 pieces of elephant tusks and 301 kilograms (664 pounds) of pangolin scales believed to have been smuggled from Africa in a haul worth nearly $1 million. Customs senior official Mohamad Pudzi Man said officials raided the Kuala Lumpur airport cargo warehouse Sunday and found the ivory in two boxes marked as “food ... Read More »

Six Customs officers nabbed for allegedly helping secret society in trafficking drug

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KUALA LUMPUR: Six Royal Malaysian Customs officers have been arrested over the past two days for alleged involvement in helping a secret society to smuggle drugs into the country. Bukit Aman Criminal Investigation Department director Datuk Seri Mohmad Salleh, when contacted, confirmed the arrests.b “Yes, we have arrested them and will conduct further investigations,” he said. The officers, who were ... Read More »