MONEY MASTER

The  Ministry of Finance (MOF)  announced that the  Budi95 targeted fuel subsidy  has been extended to  boat users in Sarawak , following its rollout to Sabah fishermen last week. Under the latest expansion, over  1,400 registered private boat users  in Sarawak are now eligible for Budi95, based on data from the  Sarawak Rivers Board  and state agencies. At the same time, the  monthly fuel ceiling for full-time e-hailing drivers  has been  doubled from 300 to 600 litres , benefiting  more than 53,900 drivers  nationwide. Launched in late September,  Budi95  enables eligible Malaysians to purchase  RON95 petrol at RM1.99 per litre , capped at 300 litres per month, as part of the government’s  subsidy rationalisation initiative . The programme has since expanded to cover fishermen, private boat owners, and e-hailing drivers with higher quotas. The MOF said over  16 million Malaysians  are n...

Sapura Energy Berhad (SEB)  has announced that it has entered into a  Conditional Funding Agreement  with  Malaysia Development Holding Sdn Bhd (MDH) , securing  RM1.1 billion  in redeemable convertible loan stocks. This investment, provided by a special purpose vehicle of the  Ministry of Finance (MOF) , is aimed at helping  Sapura Energy  settle outstanding liabilities to local service providers in Malaysia’s oil and gas sector. Key Points: Funding for Settlement : The funds will be used exclusively to settle  liabilities owed to Malaysian vendors , particularly small and medium-sized enterprises (SMEs) that have been facing financial difficulties, especially since the  COVID-19 pandemic . Support for Local Vendors :  Muhammad Zamri Jusoh , CEO of SEB, emphasized the company’s responsibility to help preserve Malaysia’s oil and gas ecosystem, especially given the significant hardship faced by  over 2,000 local vendors ...

  As of October 14, 2024 , a total of 7,400 companies in Malaysia have adopted the e-invoice system , issuing 58 million e-invoices , according to the Ministry of Finance (MOF) . This reflects a positive reception toward the system, which aims to improve tax compliance and curb issues such as tax leakages and the shadow economy. The e-invoice implementation is rolling out in phases: First phase (started on August 1, 2024 ): Targeting large companies with annual sales exceeding RM100 million . Second phase (from January 1, 2025 ): Involving companies with annual revenues between RM25 million and RM100 million . Full implementation (by July 1, 2025 ): Encompassing all businesses, including micro, small, and medium enterprises (MSMEs) . The system assigns a unique identification number to each verified e-invoice, allowing the Inland Revenue Board of Malaysia (IRB) to track transactions and enhance the efficiency of tax collection. It is expected to address tax fraud and underr...