<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 1): The High-Value Goods Tax, previously known as the Luxury Goods Tax, is set to be implemented from May 1, 2024, according to the Ministry of Finance.</p></div>

<div class=newsTextDataWrapInner><p>In a written parliamentary response to Chong Zhemin (PH-Kampar), the ministry stated that it is in the final stages of finalising the high-value goods tax policy and legislation.</p></div>

<div class=newsTextDataWrapInner><p>"The implementation mechanism, types of goods, and high-value goods tax rates will be announced as soon as the matter is finalised and approved by the Cabinet," the ministry added.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The ministry also ensured that the process of setting policies and drafting legislation took into account input received from various parties during engagement sessions conducted by the ministry and the Royal Malaysian Customs Department.</p></div>

<div class=newsTextDataWrapInner><p>On October 13, while presenting Budget 2024 at the Dewan Rakyat, Prime Minister cum Minister of Finance Datuk Seri Anwar Ibrahim announced that the Luxury Goods Tax would be set at 5% to 10%.</p></div>

<div class=newsTextDataWrapInner><p>Anwar also mentioned that new legislation related to the imposition of the new tax would be introduced, applying to items such as jewellery and watches that exceed a certain price threshold.</p></div>


The High-Value Goods Tax, previously known as the Luxury Goods Tax, is set to be implemented from May 1, 2024, according to the Ministry of Finance.

High-Value Goods Tax to commence on May 1, 2024 — MOF

With signs of a simmering settlement with the government in one of the longest-standing civil land disputes in history dissipating, the Court of Appeal (COA) has fixed Sept 19 to hear the appeal by Semantan Estate (1952) Sdn Bhd in its seven-decade dispute over 263.272 acres of land along Jalan Duta that is currently occupied by public properties.

No settlement in sight, Semantan Estate’s appeal to resume in Sept

China’s exports rose slightly more than expected in April in a boost for the economy, and imports surged.

China’s exports return to growth in April, boosting economy

BEIJING (May 9): Two Chinese provincial capitals lifted all home purchase restrictions on Thursday to lure buyers and shore up their sagging real estate markets, raising the prospect of other megacities following suit.

As of May 9, Hangzhou and Xian will no longer vet the eligibili...

Two Chinese megacities lift home purchase curbs to attract buyers

BUENOS AIRES (May 9): Argentine unions launched a huge general strike on Thursday against painful austerity measures and planned reforms by new libertarian President Javier Milei, whose cost-cutting drive has stabilized local markets but hammered the real economy.

The South America...

Argentine workers launch general strike against Milei reforms, austerity

The Biden administration added 37 Chinese entities to a trade restriction list on Thursday, including some for allegedly supporting the spy balloon that flew over the US last year, heightening tensions between Beijing and Washington.

Chinese companies hit with US trade restrictions over spy balloon incident

Shares of Globetronics Technology Bhd [KL:GTRONIC] surged on Friday as analysts project a promising outlook for the group's earnings in the second half of the financial year 2024 (2HFY2024), despite first quarter performance below consensus expectations.

Globetronics surges to one-month high as analysts project strong outlook for 2HFY2024

TORONTO (May 9): Some of Canada's biggest business lobby groups on Thursday asked Prime Minister Justin Trudeau's Liberal government to scrap a planned tax hike on capital gains, a move they said would stifle growth and investment climate in the country.

The federal government...

Canadian business groups urge government to scrap capital gains tax hike

Shares of MCE Holdings Bhd (KL:MCEHLDG) rose to their highest in at least two decades after the automotive parts manufacturer said Brahmal Vasudevan of private equity firm Creador is its newest substantial shareholder.

MCE Holdings surges to highest in at least two decades

Despite global economic turbulence, Asia-Pacific (Apac) is projected to account for 60% of global gross domestic product (GDP) growth in 2024. This optimism isn’t unfounded — it’s rooted in the tangible growth that countries within the region are making, with Malaysia being a prime example. Since...

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CIMB Securities Sdn Bhd, a unit of CIMB Group Holdings Bhd (KL:CIMB), said on Friday it is targeting “high” single-digit growth in market share by year end.

CIMB Securities eyes single-digit growth in market share by year end

<p>KUALA LUMPUR (May 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>

<p><strong>Salcon Bhd</strong> (KL:SALCON) said Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Engineering Bhd, has been awarded a job by Rantau Urusan (M)...

Salcon, Supermax, MAHB, Pentamaster, Solarvest, Scientex, Globetronics, Mr DIY, MCE, Kerjaya Prospek, MAA, KNM and Annum

<p>Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.</p>


HLIB says Genting is undervalued, target price RM7.12

<p>Bank Negara Malaysia (BNM) has been working to pilot a fast-track pre-approval framework for corporates who bring back foreign currency funds and convert to ringgit, to enable them to re-invest abroad when the time comes, according to deputy governor Adnan Zaylani.</p>


BNM aims to pre-approve oversea reinvestments to encourage repatriation of foreign proceeds

<p>Shares of MCE Holdings Bhd (KL:MCEHLDG) rose to their highest in at least two decades after the automotive parts manufacturer said Brahmal Vasudevan of private equity firm Creador is its newest substantial shareholder.</p>


<p>TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.</p>


TA Securities values ACE Market-bound Smart Asia Chemical at 54 sen 

<p>The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.</p>


Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes

<p>Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.</p>


Phillip Capital raises target price for Pentamaster to RM6.23 

<p>The graph of people's support for Pakatan Harapan (PH) candidate shows an encouraging uptrend from the results of the face-to-face campaign conducted by the party machinery ahead of the last days of the Kuala Kubu Baharu state by-election campaign.</p>


KKB by-electon: Graph of voter support for PH candidate rising, encouraging — Amirudin

<p>World stocks rallied on Thursday, led by surging European shares and a larger-than-expected rise in US weekly jobless claims that buoyed interest rate cut hopes, while the dollar eased as the market awaits key inflation data next week.</p>


Asia stocks rally on renewed global rate cut optimism

<p>Apple Inc issued a rare apology for an advertisement touting its latest iPad Pro that upset many creatives and other customers. The company also said it won’t air the ad on television as planned.</p>


Apple apologises for iPad Pro ad, scraps plan to air it on TV

<p>Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.</p>


KLCI seen hovering between 1,600 and 1,610 on Friday

<p>Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, says it is going to hire a new audit firm to conduct a special audit on its revenue, after its external auditor Messrs SBY Partners PLT said it cannot verify the figures Annum reported despite performing additional audit procedures.</p>

<p>Annum, which is involved in the manufacturing of wood-based products, just hired SBY in March this year after approaching 31 other auditors who turned down the job. Most had cited resource constraints, according to the group.</p>


Annum plans special audit after newly hired auditor declines to vouch for its financials

<p>The Selangor government on Thursday launched the Selangor State Structure Plan 2035 (Amendment) draft, a planning document aimed at complementing the First Selangor Plan 2021-2025 in managing the state's physical development.</p>


Selangor govt launches State Structure Plan 2035 draft for public feedback

<p>US President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.</p>


Biden poised to impose tariffs on China EVs, strategic sectors, Bloomberg reports

<p>Main-Market listed Warisan TC Holdings Bhd (KL:WARISAN) has lodged a 30-year medium-term notes (MTN) programme worth RM500 million with the Securities Commission of Malaysia (SC).</p>

<p>The move is to raise funds for its capital expenditure, working capital requirements, projects, investments and asset acquisitions, as well as repayment of borrowings, the group told Bursa Malaysia.</p>


Warisan TC lodges 30-year, RM500m medium term notes programme

<p>Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and forecast its net interest margin at the higher end of a 2.20% to 2.25% range for the full year.</p>


Singapore's OCBC posts record 1Q profit, lifts margin guidance for 2024

<p>CIMB Securities Sdn Bhd, a unit of CIMB Group Holdings Bhd (KL:CIMB), said on Friday it is targeting “high” single-digit growth in market share by year end.</p>


<p>Shares of Globetronics Technology Bhd [KL:GTRONIC] surged on Friday as analysts project a promising outlook for the group's earnings in the second half of the financial year 2024 (2HFY2024), despite first quarter performance below consensus expectations.&nbsp;</p>


<p>Goldman Sachs Group Inc led major investment banks posting higher profits in Japan as bond trading boomed, offering a cushion last year in an otherwise tough environment globally.</p>


Goldman tops investment banks reaping windfall in Tokyo trading

<p>Zeekr Intelligent Technology Holding Ltd, the high-end electric car brand under Zhejiang Geely Holding Group Co, sold shares in an expanded initial public offering (IPO) at the top of a marketed range to fetch about US$441 million (RM2.09 billion), according to people familiar with the matter.</p>
