Anwar rubbishes 1MDB PM Najib’s TN50

 Anwar rubbishes 1MDB PM Najib’s TN50

Opposition icon Anwar Ibrahim has rubbished 1Malaysia Development Berhad (1MDB) Prime Minister Najib Razak’s National Transformation Programme 2050 (TN50). (Read these for context: http://victorlim2016.blogspot.my/2016/10/pathetic-budget-2017-what-did-you.html and http://victorlim2016.blogspot.my/2016/10/1mdb-pm-najibs-tn50-is-just-crap.html)

Anwar said Najib’s 30-year roadmap would head nowhere if the latter’s government did not correct abuse of power and rectify good governance.

No News Is Bad News is also re-posting four other interesting reads for the convenient reading pleasure of visitors and regular readers:

"BY 2050, MALAYSIA MAY ALREADY BE ‘DEAD’: ANWAR RUBBISHES NAJIB’S 30-YEAR ROADMAP INTO MORE CORRUPTION & ABUSE

Politics | October 27, 2016 by | 0 Comments


Former opposition leader Anwar Ibrahim has panned Prime Minister Najib Abdul Razak’s vision of TN50 (Transformasi 2050) unveiled in Budget 2017 last Friday.

He said such vision may be headed nowhere.

“If his government does not correct the abuse of power and rectify good governance, the country would head nowhere,” he said on the sidelines of his court case today.

He also said the government should handle the huge deficit that the country is facing and the high prices faced by the people.

Anwar, who was former finance minister during Dr Mahathir Mohamad’s cabinet in the 1990’s was asked to comment on Najib’s budget speech.

MKINI/Malaysia Chronicle"


"NAJIB’S GREAT 1MDB SCAM IN JUST ONE PAGE

Politics | October 27, 2016 by | 0 Comments



MEMO TO MR ARUL KANDA

Below, in three slides, could you please review and check if we got it right this time. Amend as necessary. BTW, you like? Imagine:



All you need to know about 1MDB in less than 50 words — not even you could do it.

What do you think?

Now, can we take it to the kampung? We’ll start with Kinabatangan. A***hole!

***

Slide A



*

Slide B



*

Slide C

https://shuzheng.wordpress.com/Malaysia Chronicle"


"‘CUNNING’ NAJIB LAUGHS ALL THE WAY TO THE BANK WHILE CONSUMERS GET SCREWED: TIP OF THE GST ICEBERG – TAX COLLECTION MUCH LARGER THAN HE REVEALS

Politics | October 27, 2016 by | 0 Comments



Interesting postings on GST.

GST : Penipuan by the BN Government!

I attended one of the briefings by the Treasury on GST. They explained very clearly how the tax should be calculated and reported to the Customs. Basically, the GST should be charged on the “value added” portion only. Look at the following example:

I went to the Car Service Center to change my tyres. The cost breakdown should be as follows :

1. Tyres – MR 1,000
2. Service Charge – MR 100
3. GST on S/Chages – MR 6
4 TOTAL – MR 1,106
(Note: The tyre cost is inclusive of the GST when the shop bought from the tyre dealer). So the value added cost here is only the service charges.

What is happening today is different.
The shop is calculating the GST on MR 1,100. That comes to MR 66. So, the total bill comes to MR 1166.
Therefore, the consumers are being doubled charged with the GST on the tyres.

Ini yg dikatakan penipuan by the Govt. That is the reason they are earning very much higher than expected.

This is a very straightforward and easy example. I am sure this similar calculation errors are happening in all businesses. That’s the reason why all barang2 naik harga dgn mendadak after the implementation of the GST.

There is no proper procedures developed to help the business in calculating the tax.

I am sure they realise that this double taxation is happening in the country. But they are not doing anything because they are getting higher revenues.

So, in the end we, the consumers, are being screwed.

PLEASE NOTE THAT INI BUKAN FITNAH. I DO MY OWN INVESTIGATION. THIS IS THE RESULT. SAKIT HATI BILA TERASA KENA TIPU.

With Thanks to MYR.

http://steadyaku-steadyaku-husseinhamid.blogspot.my/Malaysia Chronicle"

"IF NAJIB LOSES US$6.5BIL IPIC ARBITRATION, THERE GOES THE RINGGIT: 1MDB ISSUES A ‘CONTINGENT LIABILITY’ ON NATION’S RATING, WARNS FITCH

Business, Politics | October 27, 2016 by | 0 Comments


KUALA LUMPUR – Fitch Ratings said Malaysia’s Budget 2017 signals a further stability in public finances, regardless of another expected fall in revenue from the oil and gas (O&G) sector.

However, it viewed the unresolved issues over 1Malaysia Development Bhd’s (1MDB) affairs as an indication that governance standards remain a weakness in Malaysia’s credit profile.

While it noted that the impact of 1MDB’s affairs on government policymaking, political stability and fiscal finances had been limited so far, it said the issue “remains a source of uncertainty”.

“Fitch views 1MDB as a close — if informal — contingent liability of the sovereign, and will be monitoring it for any discernible negative effects on Malaysia’s fiscal position. Its unresolved issues also illustrate how governance standards remain a weakness in Malaysia’s credit profile,” it said in a statement yesterday.

Meanwhile, it expected Malaysia’s 2016 deficit to come in at 3.2% of gross domestic product (GDP), one percentage point higher than Putrajaya’s 3.1% target. However, it believed the official deficit target of 3% in 2017 will be achievable.

“We believe it is unlikely that the [2017] target will be missed by enough to push public debt above the self-imposed ceiling of 55% of GDP. Fitch estimates that federal government debt will remain under 54% of GDP at end-2016,” it said in a statement.

The international rating agency also noted it had been keeping Malaysia’s sovereign rating at an “A-” rating, on a stable outlook since mid-2015, though the commodity price crashed since mid-2014.

Malaysia, it said, was better placed than many net commodity exporters to cope with the lingering effects of the negative shift in its terms of trade.

In contrast, it downgraded 31 emerging market sovereign ratings in 2015 and 2016 due to the dramatic fall in commodity prices.

Nevertheless, Malaysia, being the largest net exporter of petroleum and natural gas products in Southeast Asia, had not been immune to the effects of the collapse in prices, it noted.

Still, it noted that the country’s reasonably strong GDP growth had remained a credit strength despite the negative terms-of-trade shock, and helped stabilise its federal government deficit and debt levels.

“Capital expenditure has fallen in the O&G sector, particularly at Petronas, but the impact on GDP growth has been partly offset by increases in consumer spending. Household spending continues to be supported by a hike in public-sector salaries that took effect on July 1, and will receive another boost from a 26% increase in transfers to lower-income households included in the 2017 budget,” it said.
THE EDGE/Malaysia Chronicle"


"STUNG BY 1MDB: WHILE NAJIB RUNS AROUND BEATING OUT FIRES, MALAYSIA FALLS AGAIN IN WORLD BUSINESS INDEX
Business, Politics | October 27, 2016 by | 0 Comments


KUALA LUMPUR – Malaysia dropped to the 23rd spot in World Bank’s ease of doing business ranking among 190 economies from 22nd last year, partly due to issues related to the implementation of the Goods and Services Tax (GST).

This had led to Malaysia reporting a weaker scoring in starting a business segment, with a ranking of 112, as companies with an annual revenue of more than RM500,000 have to be registered as a GST payer.

The scoring and ranking are based on 10 different indicators including getting credit, trading across borders and enforcing contracts, to name a few. It was also based on feedback from accountants, engineers and lawyers.

Despite the drop in ranking, World Bank Group Global Knowledge and Research Hub in Malaysia country manager Faris H. Hadad-Zervos said more time is needed for the GST system to run smooth and reach its maturity.

“Given that this has been the first year of introduction of GST, naturally it will create an additional few steps that were reflected in DB (doing business) that we hope over time will smooth out,” he told a press conference on the release of Doing Business Report here yesterday.

Malaysia’s distance to frontier score was down from 78.18 to 78.11, according to the “Doing Business 2017: Equal Opportunity for All” report.

Faris highlighted that Malaysia continues to maintain its strong performance in several areas of doing business. It was one of the top 15 performers globally in dealing with construction permits.

Besides that, Malaysia retains its spot as the third best economy in terms of protecting minority investors.

“For example, Malaysia sets the best practice in terms of information that companies must share in order to enter into transactions with related parties,” he said.

Faris also applauded Malaysia’s effort to implement two reforms in the past year, namely the strengthening of credit reporting by providing consumer credit scores and the introduction of an online system for filing and paying GST.

Malaysia was the second best performer among Asean economies’ rankings, just after Singapore, which ranked as the second best country to do business in.

The other top-ranked economies globally are New Zealand (1), Denmark (3), Hong Kong (4) and South Korea (5).

Faris said Malaysia performed particularly well in the paying taxes indicator segment, which was expanded to include measures of post-filing processes relating to tax audits and tax refunds.

“Malaysia performs well on this measure. For example, it takes about five hours to comply with a corporate income tax audit, compared with the regional average of 18 hours,” he added.

This time around the Doing Business report also considered gender equality aspects for three sets of indicators, namely starting a business, registering property and enforcing contracts.

On a separate note, Pemudah (The Special Task Force to Facilitate Business) which was set up in 2007 to improve the ease of doing business in the country, said it will focus on accelerating the implementation of identified initiatives and accommodate the changes in the methodology to improve the country’s ranking and realise the ambition of being one of the top 10 economies.
THE SUN DAILY/Malaysia Chronicle"