Assalamualaikum w.b.t.,

Hidup di dunia yang sementara ini banyak mengabui mata kita tentang matlamat kehidupan yang sebenarnya. Kita semakin terdesak dengan himpitan kehidupan dan berlumba-lumba untuk mencari kehidupan yang lazimnya lebih menampakkan keduniaa semata-mata.
Apakah ada di antara pelaburan yang semakin hari semakin kurang diberikan tumpuan? Namun, apakah kita menidakkan keperluan yang perlu kita sediakan di dunia bagi persediaan akhirat? Bagaimanakah pula pelaburan di dunia yang wajar dilakukan untuk persediaan akhirat kita? Wajar rasanya kita sama-sama bincangkan dan jadikan maklumat bersama ini sebagai panduan kita merentasi dunia untuk menempah tempat yang selesa di akhirat kelak, insyaallah.

Pandangan serta komen rakan-taulan, pak-pak ustaz, profesionalis, akauntan, hartawan, dermawan, pak/mak wan dan sebagainya boleh dikongsi untuk dijadikan panduan disamping memperkuatkan ukhwah sesama kita. Sila diemailkan pandangan anda ke mryteratak@gmail.com.


Wassalam.
5/11/2009
------------
Pemberitahuan: Semua maklumat di blog ini adalah pandangan peribadi melainkan dinyatakan sebaliknya. Sila rujuk kepada institusi atau badan yang berkaitan untuk maklumat lebih lanjut. Sebarang rujukan dari blog ini adalah risiko sendiri.Pengarang tidak bertanggungjawab di atas sebarang masalah yang timbul disebabkan oleh bahan diblog ini.

Saturday, October 29, 2011

Scary Movie of EPF in 2010 Audit Report...

Now you see! Now you don't...!



Do 2010 audit report is correct???? Very scary.... If true then no wonder why dividend being paid so low..... and... do syariah compliance in here???? Any comment?


Malaysiakini: EPF loaned RM55bil without gov't guarantee backing


Aidila Razak

1:43PM Oct 28, 2011

The Employees Provident Fund (EPF) approved loans worth an astounding RM55.1 billion not backed by government guarantees.

However, the Auditor-General’s Report 2010 found only one of the 13 debtors was qualified to obtain a loan

Tuesday, October 18, 2011

Tax! Oh! Tax! Wher are you? Please come to MAMA FLOM...

Assalamualaikum w.b.t.,

Ha! Ha!... Panelized! Penalty! Do pinch your tax payer hardly... They are not your voters anymore...

But how with tax refund??? Until now didn't get my refund yet..??? What the hypocrite of the policy was... still want to make business with tax payer money...???  Isshhhh! Ishhhh! Labu! Labu!....

This is very fair policy indeeeeeddd! You don't declare and pay, you will be fined... You get late tax refund, no profit being return to you... 

So please think your valuable vote in the next election...

----

Thestar: Tuesday October 18, 2011

Tax payers to feel pinch as Govt increases compliance enforcement

By FINTAN NG
fintan@thestar.com.my


PETALING JAYA: Tax payers will start to feel the pinch as the Government intensifies efforts to increase compliance via several amendments to the Income Tax Act 1967 as part of measures to reform the country's finances.
However, tax specialists felt that there should be more open discussions on the amendments before they were tabled in parliament as the proposed changes could have far reaching repercussions to tax payers.
Sources said that one of the amendments was to Section 81 of the Act which would allow the director-general (D-G) of the Inland Revenue Board (IRB) to disregard any information or particulars produced by tax payers upon the expiry period for them to produce their tax information.
The amendment also stipulates that tax payers cannot dispute the assessment made under the Act before special commissioners or a court of law.
The amended Act would have a new section called 107D whereby the D-G could direct a person to make payment via instalments before the issuance of an assessment or composite assessment should there be reason to believe that he or she has made an incorrect return by omitting or understating any income.
Sources told StarBiz that the amendments would erode the basic rights of tax payers and they would find it more difficult to make an appeal with the changes.
“These are draconian measures to increase the powers of the IRD,” a source said.
He said that under section 107D, tax payers would be directed to pay an amount deemed necessary for that assessment year which “is basically collecting taxes before an assessment”.
He added that the amendment to Section 81 would mean that tax payers who produced documents after the stipulated time would not be able to use this to support their appeals in court.
“While there have been cases where people produce documents late, the IRB has been flexible on certain occasions. This amendment is excessive,” he said.
The Government had embarked on a programme of simultaneous economic and government reforms with the strategic reform initiatives (SRIs) as part of measures to boost competitiveness.
Among the SRIs identified was public finance reform to increase the effectiveness and transparency of public sector financial management.
Prime Minister Datuk Seri Najib Tun Razak had during his speech to introduce Budget 2012 said enforcement measures would be enhanced through the implementation of integrated operations with other relevant agencies as part of measures to have an efficient tax administrative system.

Monday, October 17, 2011

Harga MPV kelas menengah - Pemasangan Tempatan

Seperti mana dibincangkan sebelum ini di tautan (Kadar Pinjaman Kenderaan / Hire Purchase Rate & MPV mana yang berbaloi untuk dimiliki) di bawah adalah sepintas lalu  harga MPV kelas menengah yang mendapat perhatian di Malaysia.

Keluasan dan fungsi binaan dalam juga berbeza bagi MPV di bawah.  Harga biasanya akan berubah bergantung kepada tawaran khusus oleh penjual dan aksesori yang diminta. Di bawah sekadar untuk rujukan.

1) Kia Rondo (Naza Citra II) 2.0

  • Naza Citra II Rondo EX – RM84,888
  • Naza Citra II Rondo EXS – RM88,888

2) Nissan Grand Livina

  • 1.8  RM98,800.00


3) Kia Citra RS/SE (special Edition)

  • 2.0  RM64,088.00

4) Chery Eastar Full Spec/w sun roof
  • 2.0  RM 83,988
5) Proton Exora H-line (A)

  • 1.6 RM76,998.00
6) Perodua Alza (A) Ezi
  • 1.5 RM69.990.00

Saturday, October 15, 2011

Belanjawan 2012... Errr! Memang Rahsia Besar!!

Assalamualaikum w.b.t.,

Belanjawan 2012 telah dibentangkan oleh PM Malaysia XXX. Alhamdulillah tiada pengecualian cukai tambahan bagi perhiasan-perhiasan mewah termasuk under wear import oleh beliau.

Belanjawan ini juga tiada yang specialnya kepada majoriti rakyat secara umumnya yang akan menghadapi bebanan kos sara hidup yang bakal meningkat selepas pilihan raya ke 13 nanti. Dalam diam tak diam, cukai perkhidmatan telekomunikasi juga telah dikenakan oleh beberapa pengendali sistem telekomunikasi sehingga 6%. Yang ditangguhkan sementara adalah cukai berkaitan dengan pre-paid sahaja.

Dalam belanjawan ini juga kenaikan gaji telah diberikan kepada kakitangan perkhidmatan awam di antara 7%-15% sepertimana yang pernah dikhabar anginkan link di sini, maka benarlah berita itu. Apa pun diucapkan tahniah semoga rezeki tambahan ini akan membawa erti seribu makna untuk berkhidmat dengan tulus, ikhlas dan jujur untuk kesejateraan rakyat.

Agak mengecewakan juga apabila menteri-menteri dan orang besar JPA memperlekehkan kakitangan awam ini dengan mengupas supaya kakitangan awam segera berubah dan berkerja dengan efektif setelah beberapa siri kenaikan gaji telah diberikan oleh kerajaan memerintah, yang dikatakan masih jauh dari efisen. Adakah teruk sangat perkhidmatan kakitangan awam sehingga diwar-warkan dalam media?

Mungkin kita boleh renungi juga, beberapa isu yang berbangkit berhubung pemberian IC kepada pendatang (Sindiket MyKad: 5 soalan untuk KDN), apakah benar cerita ini ?  Pengesahan oleh Kenyataan Ketua Polis Daerah Sepang Superintendan *** bahawa warga asing datang berkursus usahawan (Alasan 'kursus usahawan' tak munasabah) apakah benar sedemikian?  Jika benar perkara sebegini berlaku alangkah malang nya Malaysia, dan jadi benarlah perkhidmatan awam masih belum bebas dan efisien. Harap-harap ianya tidak berlaku.

Dalam belanjawan 2012 "RAHSIA BESAR", tiada perubahan kepada sistem percukaian individu. Maknanya berbanding negara jiran kita masih lagi hebat dengan kadar cukai yang tinggi. Pekerja swasta jelas dianak-tirikan. Kenaikan tidak terkawal dan GST pasti membelengu ketat tahun hadapan.

Jadi pekerja swasta perlu menjadi pengerak kepada perubahan. Kita undi untuk berubah. Katakan suara pekerja swasta juga perlu didengar oleh pemerintah. 


"LETS VOTE FOR CHANGE."




Tuntutan Berkorban... Jom! Tambah Pelaburan Khas bulan Zulhijjah..

Assalamualaikum w.b.t.,

"LINK-KLIK: Refreshing 2009 post: Bulan Zulhijjah akan menjelma dua-tiga hari lagi. Rebutlah pelaburan yang tiada tolok bandingnya dijanjikan untuk kita bagi bekalan akhirat kita. Adakah ibadah haji di makkah? Sudah pasti yea untuk mereka yang menjadi tetamu Allah s.w.t., tetapi bagi kita yang masih belum berpeluang untuk mengerjakan haji, jangan bersedih, insyaallah satu masa nanti Allah s.w.t. akan menjemput kita ke sana juga.


Berkorban melalui SALURAN-1 : Muslim Aid (Korban For Life) - RM380.00/ekor kambing (Wow!!)

Boleh menuntut pelepasan cukai:  Rujukan LHDN: 01/35/42/51/179-6.6487



Kaedah menyertai dan pembayaran: http://www.qurbanforlife.com/2008/09/cara-pembayaran.html

Cara Untuk Sertai Q4L


6 Cara Untuk Sertai Q4L

1. Datang sendiri ke pejabat Yayasan Kemanusiaan Muslim Aid Malaysia
Link
2. Melalui kiriman wang pos

3. Deposit langsung (atas nama Yayasan Kemanusiaan Muslim Aid Malaysia)

CIMB - 1422-0000070-10-8
(sila pos atau faks, borang slip ke 03-22881966)

4. GIRO Antara Bank

5. Kad Kredit / Online
Visa dan Mastercard

6. Sukarelawan Bertauliah Q4L

Yayasan Kemanusiaan Muslim Aid Malaysia
8-1-2 Menara Mutiara Bangsar,
Jalan Liku, 59100
Kuala Lumpur
Tel: 03-2288 1996, 03-2282 1996
Fax: 03-2288 1966

atau boleh klik gambar di bawah



Friday, October 7, 2011

Tax comparision to Singapore? Income Tax package do we still dreaming?

Can we consider... the exchange rate MY to SIN$, 1SIN$ = RM2.44...

Ahhhhh! Lets take example for tax rate comparison below afffterrr the conversion. Like our ruling party government always do for subsidy cut especially on the petrol.

Malaysia:

RM70,000 - RM100,00 (tax rate : 24%)

Singapore:

Sin$80,000 - Sin$160,000 = RM195,000 - RM390,400 (tax rate: 14%)

Mmmm! I see! I see! Do we still the best...??

Hope "Rahsia Besar" won't turn to "Temberang Besar"... We see later..

----

Thestar: Friday October 7, 2011

Budget: Mr Prime Minister, please ease the pain of mid-income group

Friday Reflections - By B.K. Sidhu



AS in past years, the tabling of the Budget today brings the promise of goodies.
But unlike before, this year everyone has a chance to tell the Prime Minister what they expect in Budget 2012. Datuk Seri Najib Razak opened the lines of communication via his website, Facebook and Twitter, and anyone could share his or her thoughts and give feedback. Hopefully, the majority had taken the opportunity to speak their minds.
Of the many things the Prime Minister has to do for the country and rakyat, one area he should seriously look at is how to help ease the pain of the middle-income group. This is the group that is not as privileged as the super rich or does not get aid like the poor do. This group is squeezed between the super rich and poor.
People in this group do not have big mansions, and nice and fast cars. Nor can they go on luxury holidays like the super rich. And the Government is often not focused on them but the poor, for whom there is assistance in the forms of development and social initiatives.
Prime Minister Datuk Seri Najib Tun Razak all smiles with Budget 2012 report at Finance Ministry. - MOHD SAHAR MISNI/The Star
Today's Budget may have some goodies for the poor and that's a good move, but will the middle-income group get benefits too?
One way to help the middle-income group is to widen the personal tax rate bands, so that the higher tax rates are applicable at higher income levels than before.
Of course, a reduction of the personal tax rates by one, two or three percentage points is welcome, but the impact is greater if the tax rate bands are broadened.
The net effect of this would be higher disposable income for the mid-income group and that in turn helps spur economic activities.
The personal tax rate here is 26%, but only 17% and 15% in Singapore and Hong Kong respectively.
Budget likely to be geared towards reducing the ever-rising cost of living.
No doubt the citizens of those countries are also subject to a goods and services tax (GST), but the incremental amount is still lower that what we pay here in taxes.
Going by Malaysia's tax rate scale, if the chargeable income or gross taxable income less reliefs is anything from RM50,000 to RM70,000 per year, the applicable top tax rate is 19%, but if the income is RM70,000 to RM100,000, the tax rate for the top tier of income rises to 24%.
The minute the chargeable income hits RM100,001, the rate is 26%. That can result in a hefty sum to pay in taxes at a time when the cost of everything is rising.
Often, when Singapore is taken as a comparison, the naysayers don't like it, but let's not forget that those across the causeway pay less taxes than us.
An Ernst & Young study found there was a big disparity in the effective tax rate between someone working here and a counterpart across the causeway, on the assumption that their lifestyles are the same.
Let's say you are earning RM100,000 here and I am earning the same amount in Singapore dollars in the republic. My effective tax rate minus relief and based on 2010 tax rate would be 6.68%, while yours is 11.45%. That means I pay S$6,680 in taxes and you RM11,445.
That means I have more disposable income and that also explains why some of our talents prefer to work across the causeway too.
While we all know that the Government needs to collect more taxes to fund the economy, it can also look into selling spectrum and pushing for more private investments.
This year, the estimate is that the Government will collect RM97bil in taxes from an original estimate of RM91bil despite a softening growth outlook.
That represents a significant increase of 13% over a record RM86bil tax revenue collected the previous year.
The time has come to look at broadening tax bands. Widen them so that the top band (which attracts a tax rate of 26%) is for income of RM200,001 and more, instead of RM100,001 or more.
The thrust should be to put more money into people's pockets at a time when the whole world is bracing for a double-dip recession.
Putting more money in the hands of the middle-income group should also be the focus as they too are hit by the rising cost of living.
Over to you, Mr Prime Minister.
Deputy news editor B.K. Sidhu says, Thank you, Steve, for bringing iPad into our lives.'

Thursday, October 6, 2011

Mati Adalah Pasti...! Nafas terakhir...!

Assalamualaikum w.b.t.,



Hari ini banyak email diterima berhubung kematian Steve Job pengasas syarikat Apple yang terkenal dengan pengeluaran komputer, IPAD dan sebagainya disebabkan mengidap kanser... Wah! begitu kalut sekali apabila kematian orang-orang kenamaan yang terkenal seperti beliau... Namun adakah kita bermuhasabah yang kematian saban masa menghambat kita??? Peringatan ini semata-mata untuk diri ku yang selalu lupa dan malas untuk beribadah.... Hidup ini hanya sementara. Yang berkuasa mati, yang terkenal juga mati, yang zalim binasa, yang miskin ajal menjemput juga....

Dipetik sedikit ucapan beliau di Stanford untuk renungan kita, cerita kematian (rujuk yang diwarnakan merah):

"When I was 17, I read a quote that went something like: “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something.

Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.

About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn’t even know what a pancreas was. The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor’s code for prepare to die. It means to try to tell your kids everything you thought you’d have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.

I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I’m fine now.

This was the closest I’ve been to facing death, and I hope it’s the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept:

No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.

Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary............."
 
Sesungguhnya perlulah kita bermuhasabah, hidup ini adalah persediaan untuk mati... maka rugilah jika dunia sebagai tempat persediaan hanya untuk keuntungan dunia semata. Hebat di dunia belum menjadi jaminan untuk menjadi TERHORMAT di akhirat...
 
Maha Suci Allah s.w.t. yang menciptakan sesuatu bukan dengan sia-sia...
 
Wallah hu 'alam. 

Income Tax Budget....? or Electoral scheme budget?

Assalamualaikum w.b.t.,

Many peoples now start talking about what do we prefer or dreams for this coming 2012 budget..

My answer is to see total change after more than 20 years being cheated and would like to see Islamic management ways adapted and being implemented in Malaysia.

Since most people talk about income tax balance I will still prefer on tax deduction or exemption scheme being revised, in such for personal income tax:

1) Tax deduction on pre-school fees spent upto RM3000.00 for each children
2) Tax deduction for medical expenses spent at private hospital / clinic / alternative medication
3) Increase tax deduction on Life Takaful or Insurance to upto RM20,000.00 ( to promote saving and prepare for better retirement)
4) Tax deduction for all spent fees for personal/children education at university/collegue/pondok/etc
5) Increase tax deduction on Education / Health Takaful or Insurance  to upto RM10,000.00 or more
6) Tax deduction on sport equipment being increased to RM2000.00
7) Tax deduction on books being increased to RM5000.00
8) Tax deduction on others should also revised.

Why tax deduction  need to be increased? The main reason  is due to currently "rakyat" is subsidizing government by paying for the good quality of basic amenities that should be provided by the honest and concern government. And, I believe the service provider for item 1 to 7 are also paying their tax..

Do I still dreaming? I think so...


Wednesday, October 5, 2011

Govt likely to reduce tax burdens of middle-income earners

 Assalamualaikum w.b.t.,

Just nip my check... Errr! Do I make my self clear with the imbalance and injustice of personal income tax rate and tax exemption here?

Well... it is just the beginning.. Lets fight for our right... Vote for change, I believe  this is only magically temporary  scheme  under election swapping program.

If really honest then the whole income tax should be restructured to make balance and be fair to everybody.. Or if dare enough convert into Islamic Way, go for 2.5% flat rate as zakat or jizyah..

--------------

Thestar: Wednesday October 5, 2011

PETALING JAYA: The Government will reduce the tax burden of the middle-income group in the coming budget after it reduced the tax rates for the high- and low-income groups in the last budget.
Malaysian Rating Corp Bhd (MARC) chief economist Nor Zahidi Alias said in a pre-Budget 2012 report that there might not be any broad-based tax cuts for individuals and corporations, but there could be a reduction in the personal income tax rates for those in the middle-income group.
He said that a reduction of the tax rates for those with chargeable incomes of RM50,001 to RM70,000 and RM70,001 to RM100,000 would be justified to help offset the rising cost of living.
Nor Zahidi said a separation of the reliefs accorded to Employees Provident Fund contributions and insurance premium payments, as well as an increase in the amount of relief provided, would reduce the amount of taxable incomes for individuals and encourage purchases of medical insurance. He pointed out that the budget would be prepared against a backdrop of uncertainty and rising challenges for the domestic and global economies.
“Hence, the Government will have to walk the tightrope between promoting domestic demand and keeping its financial resources strictly in check, with any spending programmes to be based on the twin factors of affordability and economic importance.”
He expects Budget 2012 to focus on alleviating the impact on the rising living costs and addressing imbalances in the economy.
Among the measures that can be implemented are an increase in the housing allowance for civil servants working in high-cost areas as well as measures addressing rising food costs and property prices.
A definitive time frame for the implementation of the goods and services tax could be announced in order to prepare businesses sufficiently.
There could be measures to support the National Housing Policy that was announced in February including formal, contractual arrangements for cess-fund contributions from developers that would be standardised across states which then would be used for low-cost housing.

Affordable homes in Putrajaya???

Emmm!!!! Very affordable.... for Who? Price? 

Ahhhh!!! I see! I see!

Thestar: Oct 4, 2011

Buyers snapping up affordable homes in Putrajaya


PUTRAJAYA: A total of 560 affordable homes at Precinct 11 here, priced between RM120,000 and RM150,000 each, are open for applications.
These houses form the first phase of the recently launched 1Malaysia Housing Programme (PR1MA) project.
The project comprises 420 apartment units with a built up area of 815sq ft, which are priced at RM120,000 each. Another 140 units, measuring 1,006sq ft each, are for sale at RM150,000 each.
Unit PR1MA chief executive officer Datuk Abdul Mutalib Alias said eligible applicants should be Malaysian citizens aged 21 years and above.
They must also live or work in Putrajaya and be registered voters in the Putrajaya constituency,” he said, adding that they should not own more than one other home in Malaysia. “And, they must have a gross household income of not more than RM6,000 a month.”
Applicants would be selected via a balloting process on Oct 15 at Komplek Kejiranan in Presinct 11 here.
He said that as of 1.30pm yesterday, there were 470 applications for the apartments.
Applications must be made online or at special kiosks to be opened at several locations in utrajaya, including Perbadanan Putrajaya information counter, Federal Territories and Urban Wellbeing and Putrajaya Holdings Sales Gallery by midnight on Oct 12. For more information, visit www.pmo.gov.my.

Let we see... energy bringing forward...

Now it  happen again! Row! Row! Your Boat!... Lets recap what is moving forward... Nuclear Power?

What can we see here? Ahhhh! Nothing believe me not....

----
1) Thestar: Published: Monday October 3, 2011 MYT 11:59:00 AM

Stocks: Malaysia's Tenaga down on gas shortage concerns

KUALA LUMPUR, Oct 3 (Reuters) - Shares in Malaysia's state power firm Tenaga Nasional fell as much as 3.1 percent on Monday on concerns of lower fourth quarter earnings due to a prolonged gas shortage.
Citigroup said in a note that it expected Tenaga to post a weak fourth quarter results due to concerns that a prolonged gas supply interruption could worsen, forcing the company to buy expensive fuel oils for power generation.
Tenaga shares were trading at 5.03 ringgit($1.576)as at 0210 GMT(1010 Malaysian time), down 2.71 percent compared to the broader market which lost 1.8 percent.

2) Thestar: Saturday September 24, 2011

Gas shortage, fuel cost affecting rating performance of TNB

By EDY SARIF

PETALING JAYA: Gas supply shortage and high fuel cost are affecting Tenaga Nasional Bhd's (TNB) rating performance, with analysts dowgrading the stock on concern that solutions are nowhere to be seen.
TNB closed at RM5.02 yesterday, up two sen, with 3.98 million shares changing hands.
ECM Libra Investment Research, in its downgrade of TNB to “hold”, noted heightened risks as a result of the prolonged gas curtailment.
This was following a news report that TNB had bought 105,000 tonnes of fuel for October delivery and expected to continue purchasing steady volumes until next year.
ECM Libra said the news signalled that the much-awaited gas recovery at the Bekok C field, offshore Terengganu, had been delayed again.
“The previous timeline for Bekok C gas to be back online was by end-September. With this latest purchase of oil delivery in October, it looks very likely that the gas recovery has yet again been delayed,” it said.
TNB had estimated that for every 100 million standard cu ft per day of gas shortage that was met by burning oil and distillates (which was six times more expensive), the negative impact to the bottom line was about RM7mil to RM7.5mil a day.
Chief executive officer Datuk Seri Che Khalib Mohd Noh was quoted in the media as saying that TNB was incurring an additional RM400mil a month in fuel cost to replace the gas shortfall.
“On a separate note, the utility giant has realised its 11-month electricity sales figures, which showed a year-on-year unit demand growth of 3%.
“This is within our full-year estimate of 2.2%. August's demand is expected to be weak due to the Hari Raya festive season,” ECM Libra said.
The brokerage has pegged the utility's financial year 2012 (FY12) earnings per share estimate to a lower price/earnings multiple of 12.8 times, which was a 15% discount to the five-year average of 15 times.
“We currently do not have good visibility as to when the gas shortage issue will be solved. The many delays in getting back gas supply from Bekok C field have been disappointing,” it said.
“Right now, nobody knows for sure when the Bekok C gas field will be back online or whether Petroliam Nasional Bhd's gas fields will have further unplanned maintenance shutdowns.”
Meanwhile, on Thursday, Kenanga Research downgraded TNB to “underweight” from “neutral” as the utility company faced longer-than-expected gas supply curtailments.
This was largely due to the delay in the Bekok gas line, resulting in higher usage of medium fuel oil and diesel fuels which, based on per unit cost, is six times higher than that of gas, it said.

3) Thestar: Friday September 30, 2011

Petronas power play

By LEONG HUNG YEE

GMR deal part of its growth strategy under gas and power business
PETALING JAYA: Petroliam Nasional Bhd's (Petronas) acquisition of a 30% stake in GMR Energy Singapore Pte Ltd is part of the state firm's growth strategy under its gas and power business.
“Gas and power business is one of our core businesses. We are already in the sector domestically via our investment in Kimanis power plant and the proposed Lahad Datu power plant in Sabah,” Petronas said in a reply to StarBiz queries .
Petronas however declined to say how much it paid for the stake in GMR, which is developing an 800MW combined cycle gas turbine power plant on Jurong island, Singapore.
Anuar: ‘The acquisition marks Petronas’ maiden foray into international power market.’
Once the plant is commercially operational, GMR's electricity supply business will be managed by its wholly-owned subsidiary GMR Supply Singapore Pte Ltd, which holds an electricity retail licence in Singapore.
The acquisition by Petronas had puzzled some analysts, considering that Petronas only took a 30% stake and that it had bought into a power plant.
However, one industry observer said the move could pave the way for more collaboration with the GMR Group, which has vast businesses in India, including power plants and other energy related ventures.
Another possible outcome of Petronas equity purchase in GMR is an insight into the dynamic power market across the border.
“The power market in Singapore is more cost competitive than the local industry. The Singapore electricity retail market has been liberalised in phases to facilitate competition and to allow consumers to buy electricity from retailers of their choice,” said a research head.
An industry observer said Petronas' foray into Singapore via GMR would give it the opportunity to better understand the operations there, as Malaysia could eventually head that way.
In a media release on Monday to announce the deal, GMR's group chairman G. M. Rao said: “This relationship between GMR and Petronas opens up powerful synergies going forward for both groups. It is symbolic of true South-South co-operation and its immense potential in the energy market in the region.”
In the same release, Petronas executive vice-president (gas and power business) Datuk Anuar Ahmad said: “The acquisition marks Petronas' maiden foray into the international power market and is a major step in our effort to extend existing integrated presence in the energy value chain.”
Bangalore-based GMR group has interests in airports, energy, highways and urban infrastructure. It has 17 power assets of which four are in operation and 13 under various stages of implementation. The group currently has installed capacity of 823 MW of power projects with nearly 8000 MW under various stages of implementation and development.
Analysts said the move could add a new dimension to Petronas's operations in view of the high demand for power plants in India. In addition, the acquisition will give Petronas an exposure to how the deregulated power industry in Singapore operate.
It has been reported that the Kimanis and Lahad Datu power plants are being spearheaded by Petronas. The Kimanis Power Plant is jointly developed by Petronas Gas Bhd in partnership with Yayasan Sabah through NRG Consortium (Sabah) Sdn Bhd.
The Lahad Datu Power Plant is being built by a Tenaga Nasional Bhd-led consortium together with Petronas and a Sabah state entity. The two power projects will boost Sabah's electricity supply by 600 MW.

4) Thestar: Wednesday September 28, 2011

Govt studies splitting Tenaga Nasional into three units

By LEONG HUNG YEE

KUALA LUMPUR: The Government is looking into the proposal to split Tenaga Nasional Bhd (TNB) into the three units of power distribution, generation and transmission.
Speaking on the sidelines of Power-GEN Asia 2011/Renewable Energy World Asia 2011 conference, Energy, Green Technology and Water Ministry secretary-general Datuk Loo Took Gee confirmed that the matter was “under study”. She declined to elaborate.
“I think we need to be quiet and do our work well to present it to the market when we're ready,” Loo said when asked to comment on the matter.
Speculation is rife about a proposal to split up TNB in order to re-organise the dominant electricity supplier and to help it fix its financial woes.
TNB recently said it faced an additional RM3bil in costs from having to look for alternative sources of fuel for power generation due to a shortage of gas supply.
It has been reported that newly-established special purpose vehicle, MyPower Corp, will oversee TNB's “break-up” as part of the Government's effort to reform the country's power sector.
MyPower, which is currently under Loo's ministry, is headed by Datuk Abdul Razak Majid, a veteran in the power sector who was formerly TNB senior vice-president of corporate affairs.
The special unit's task involves restructuring the legal and regulatory framework of the industry to make it more equitable, competitive, liberalised and provide a level playing field. “MyPower will conduct studies based on nine aspects including power purchase agreements, governance issues, gas supply and tariff issues,” Loo said.
Asked if it was studying the deregulation of the power industry, she said: “Yes... this is also part of MyPower's task.”
Loo also said MyPower was reviewing the power purchase agreements with independent power producers.
In May, Energy, Green Technology and Water Minister Datuk Seri Peter Chin said the ministry was being assisted by MyPower and the Energy Commission to implement several changes to the country's electricity supply sector as identified by Khazanah Nasional Bhd on the need for reforms in the energy sector. “These changes are needed for a vibrant energy sector,” he had said.
Separate units: Speculation is rife about a proposal to split TNB in order to reorganise the dominant electricity supplier and to help it fix its financial woes.
Loo also said TNB was looking to have a clearer explanation of the respective costs they incur from the generation, distribution and transmission of electricity.
“We have to explain to the public how much of the tariff increase will come from generation, distribution and transmission,” she said.
Meanwhile, TNB chief operating officer and executive director Datuk Azman Mohd, speaking at the conference, said the electricity supply industry in Malaysia and generally in Asia faced multi-dimensional challenges.
Azman: ‘Consumer expectations are becoming increasingly sophisticated and unpredictable.’
He said these challenges included depleting indigenous energy resources, high demand growth, major infrastructure investment requirements, escalating and volatile fuel prices, public demand on the issues of environment.
“This is all happening as consumer expectations are becoming increasingly sophisticated and unpredictable. This calls for prudent risk management and planning to be put in place, which involves finding a balance between project development and its associated risks, and exploring alternative supply options and technologies,” Azman said.
He said TNB had developed biomass, solar power and solar-wind hybrid systems to help spur the renewable energy development and research.

Tax again???? Towards our golden years

I'm wondering.... ????

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Thestar: Monday October 3, 2011

By RONNIE LIM and YEE WING PENG

OLD is gold! However, just as the price of gold has spiralled, the cost of living in those golden years has also increased.
To add insult to injury, the tax refunds accruing to senior citizens from their dividend income have decreased in recent years and will totally vanish after 2013 due to the payment of tax exempt dividends under the single-tier tax system.
This reduction in tax refunds till 2013 can be minimised if senior citizens invest in companies which pay large taxed, rather than tax-exempt, dividends. In addition, those companies should have sufficient franking credit to support future taxed dividends and should not have elected to pay the tax-exempt dividends referred to earlier (published accounts should provide this information). Judging from the how vocal (and at times long-winded) retirees are at annual general meetings, they can make their point loud and clear we want taxed dividends.
Allowing senior citizens initial public offering (IPO) preferential allocations will provide a measure of compensation from the decreased and in future, total absence of such tax refunds. This nil cost measure to the Government merits early implementation.
A file picture shows EPF’s head office in Kuala Lumpur. The fund hopes that the retirement age for employees could be extended to 60.
Further, more trust funds meant for the investors from the golden age group may be introduced to provide a steady and secure revenue stream generally to those with low taxable income.
Room for improvement
A survey has shown that only 5% of Malaysians are financially ready for retirement. If this is the situation, there is certainly much room for improvement. Increasing life span and cost of living, medical expenses included, aggravate the situation as golden years' budgets, if these were prepared, may no longer hold good. It will be less taxing on future generations and the Government if adequate preparation for those golden years is currently made. Speaking of tax, improving our tax laws in Budget 2012 to promote such preparation would be a good move.
Some employers have set up retirement benefit schemes for their employees and have made payments to such schemes in addition to the minimum contributions to the Employees Provident Fund (EPF). Others have chosen to increase their employers' contribution to the EPF. There is currently a 19% limit on tax deductible contributions to the EPF. This ceiling was gradually increased from 15% in the 1990s but has not been improved upon in the last 11 years. It would be excellent if generous employers are not deterred from deciding to contribute to retirement funds more than 19% of their employees' remuneration by increasing this cap to 25%.
Repeated calls for an increase of the current RM6,000 deduction limit in respect of contributions to approved retirement funds and life assurance payments have been consistently turned down. This ceiling was last increased in 2005 from RM5,000 to RM6,000 and prior to that in 1994 when the deduction was raised from RM3,500 to RM5,000.
In this connection, it is interesting to note that Thailand accords a maximum deduction of RM60,000 (600,000 baht) for contributions to retirement funds and life assurance premiums. Singapore has also promoted greater savings towards retirement funding by allowing up to RM34,000 (S$14,000) deduction for voluntary cash Central Provident Fund (CPF) top ups. This deduction is in addition to the normal deduction caps of RM37,500 (S$15,300) for employees and RM75,000 (S$30,600) for the self-employed in respect to contributions to their provident fund and life assurance. If Malaysia adopts the same perspective as our neighbours, there is much room to increase our current deduction ceiling of RM6,000.
High medical costs
Medical costs tend to increase in the golden years. There is currently a tax relief limit of RM3,000 in respect of premiums for educational and medical benefits. We suggest that there should be a separate relief in respect of medical insurance with a very much higher deduction limit. This move will alleviate some of the strain on government hospitals and cost of public medical care.
Since the announcement of the Private Pension Fund (PPF) scheme in Budget 2011, not much more has been revealed about this move and we look forward to gaining more information in Budget 2012. We are sure that if the Government offers adequate separate tax deductions for PPF contributions, it will encourage provision for retirement through this route.
In addition, to kick start the PPF, employers should continue to be allowed a deduction for a special contribution upon the establishment of an approved fund. Currently, the special contribution is based on the last six years remuneration of the employees. A successful PPF would be in line with our national Capital Market Master Plan.
Greater self-dependence
The EPF hopes that the retirement age for employees could be extended to 60 or thereabouts. Any extension of the retirement age will reduce the funding requirement in the golden years. To promote greater self-dependence, senior citizens who are employed beyond the retirement age and any extension thereof, may be given tax exemption where chargeable income arising from employment does not exceed RM35,000. The maximum tax forgone by the Government would be RM1,525 per individual but the amount arising towards retirement funding and alleviation of dependence on others would be disproportionately larger at RM55,000.
If future generations and ultimately the Government are to be spared the burden of bearing the cost of venerable citizens, it is apparent that much more remains to be achieved currently by the Government and the rakyat to preserve the shine of those golden years and the above measures will be of assistance.

  • Ronnie Lim was Deloitte Malaysia's country tax leader. Having transitioned this leadership role to Yee Wing Peng earlier this year, Ronnie continues with the firm as advisor. He can empathise with senior citizens and advocates adequate retirement planning.