10/03/2025

BIZ & FINANCE MONDAY | MAR 10, 2025

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Malaysian Paper

/thesundaily /

BlueShark Malaysia sees its e-bike sales tripling this year

Bursa approves Capital A’s regularisation plan KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved Capital A Bhd’s regularisation plan, marking a crucial step towards the company’s exit from Practice Note 17 (PN17) status. CEO Tan Sri Tony Fernandes said Capital A’s journey has been focused on rebuilding its financial foundation. “With this announcement, the company has taken a giant leap toward a future of financial strength and operational excel lence. We are fully committed to executing the plan and delivering even greater value to all our stakeholders, including our customers and our Allstars who never gave up,” he said in a statement on Friday. The Bursa Securities approval was granted via an official letter dated March 7, 2025. “This milestone reflects the company’s transformation from a financially distressed company into a group with agile, technology driven businesses that are ready to capitalise on new opportunities in aviation, engineering, logistics, digital travel, and brand manage ment,” said Capital A. – Bernama Rating on Segi Astana RM415m Asean Green MTN upgraded PETALING JAYA: MARC Ratings Bhd has upgraded its rating on Segi Astana Sdn Bhd’s RM415 million Asean Green Medium Term Notes (MTN) to AA- from A+. The rating outlook has been revised to stable from positive. Segi Astana is the con cessionaire for the integrated complex, gateway@klia2, at Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) in Sepang, Selangor. MARC said the rating upgrade

o Company confident of growth surge as green mobility adoption accelerates on govt support, subsidies, expanding battery-swapping facilities and strategic tie-ups

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

He also noted that listed companies must now declare their carbon footprint. This has been the case for Main Market-listed firms since 2024, and all listed companies are required to comply from this year onwards. “Companies are evaluating their Scope 1, Scope 2 and Scope 3 emissions. We offer solutions for both Scope 2 and Scope 3,” he said. BlueShark anticipates strong business-to-business growth from 2025 to 2030 and plans to launch a targeted strategy this year to capture the business-to-consumer market. Further to that, BlueShark is rapidly expanding its battery swapping infrastructure in collaboration with Petroliam Nasional Bhd (Petronas) to address range anxiety and improve accessibility. “Our battery-swapping pro gramme has seen significant growth – usage has surged 400-500% from early 2024 to the year’s end,” Chong said. Currently, swap stations are available at 20 Petronas locations, with nationwide expansion planned. “The stations are already in Johor, Penang and the Klang Valley,” Chong said, adding that customers who initially charged their e-bikes at home are now opting for battery swapping for convenience. Chong said demand is rising among businesses and government agencies seeking to reduce their carbon footprint. authorities will then look at individual documents such as invoices to check whether the transaction has been carried out in accordance with the agreement. The purpose here is to ensure that the terms and conditions of the contract are being reflected in the conduct of the parties through subsidiary documents. In the event the actual conduct differs from the agreement, the authorities will scrutinise the transaction undertaken by the taxpayer more thoroughly Having proper legal documentation is crucial for transactions between third parties to support the bona fide nature of the transactions. Without proper written documentation, the credibility of the representations made by the taxpayer may be in doubt. This is even more important when transactions are between related parties where the starting position taken by the authorities will be that related party

KUALA BlueShark Malaysia, an electric vehicle tech nology company, expects to triple its sales of electric motorcycles (e-bikes) in the country this year. The optimistic projection is based on government subsidies, expanding battery-swapping networks and partnerships with local companies. BlueShark Asean group CEO Jeff Chong said the company is banking on Malaysia’s push for green mobility, with initiatives such as the RM2,400 MariiCas subsidy, which makes e-bikes more affordable. “With our aggressive expansion strategy, enhanced infrastructure and strong industry partnerships, we believe this will be a breakthrough year for electric motorcycles in Malaysia,” Chong told SunBiz . He noted that the government’s green mobility procurement plan begins in 2025 and targets full adoption by 2030. “The government is highly supportive of this initiative. With fuel prices expected to rise, possibly by mid-year, more consumers will consider EVs over internal com bustion engine motorcycles,” he said. BlueShark is working closely with government agencies to accelerate adoption. “The public sector is increasingly adopting electric bikes, and financing options from Aeon Credit further support affordability. Malaysia’s direction is clear – green mobility is moving forward,” Chong said. LUMPUR: orders are for the particular transaction, but if the transaction is of a continuing nature, or is of a one-off nature, or involves significant amounts, it will usually be supported with an agree ment. The reason being the agreement will com prehensively set out the terms and conditions of the transaction, which cannot be stated in indi vidual documents such as invoices. The tax authorities are always asking for documents to support transactions. The key document the authorities usually ask for is the agreement that supports the trans action. As stated above, the agree ment will tell you what is the intention of the parties and the detailed terms and conditions which will include the pricing of the transaction. The

Chong says demand for e-mobility is rising among businesses and government agencies seeking to reduce their carbon footprint.

Malaysia’s green mobility goals, with the government planning full-scale EV adoption in procurement by 2030.” BlueShark first entered the market in South Korea, where it currently holds the No. 1 market share. Since then, the company has expanded to Europe through a partnership with Keeway and is now present in Italy, the United Kingdom, Macau, Japan, Taiwan, Jordan, Malaysia and Thailand. “Next, we are expanding into Indonesia and the Philippines,” Chong said. transactions do not reflect the market forces experienced by independent parties. Having documentation similar to what third parties would have entered into would certainly help the taxpayer in any claim made for tax purposes. In transfer pricing cases, the availability of agreements for trans-actions between related parties is “mandatory” alt hough it is not stated in law. This is usually the first question the authorities will ask in most countries because it will provide them with a lot of answers to basic questions such as the terms and conditions of the transaction, the pricing arrangement, the roles played by the respective parties and, in some cases, the risks borne by the parties, and the assets used to provide the goods or services. This will be a useful starting point for the authorities to begin their transfer pricing scrutiny.

The outlook for e-mobility in Malaysia and Asia is promising, driven by government incentives, infrastructure development, and increased consumer interest in sustainable transportation. Similarly, Thailand’s local EV production is set to rise, with Chinese automakers’ involvement expected to intensify market competition. Across Asia, countries are investing in charging infrastructure and offering incentives to promote EV usage, reflecting a regional shift towards sustainable mobility solu tions. Whenever there are transactions involving capital gains, real property gains or stamp duty, the presence of agreements is more or less mandatory. The absence of legal documents will only leave the taxpayer in a weak situation and give an upper hand to the tax authorities to make assumptions and impose the relevant taxes. Stamp duty only kicks in when there is a written instrument, which is an agreement. It is easier in most audits or investigations to defend a taxpayer’s actions whenever there are agree ments to support transactions that were carried out in accordance with the stated terms and conditions. This article is contributed by Thannees Tax ConsultingServices Sdn Bhd managing director SM Thanneermalai (www.thannees.com).

“Early adopters include Lazada, Pos Malaysia, DHL and local municipalities. This aligns with Importance of proper legal documents in taxation incorporates gateway@klia2’s im proved operating performance and has strengthened buffers for debt servicing and repayments.

WHENEVER there are transactions between different persons, whether they are related or not, they will inevitably have to be recorded or understood by the

parties. This can be stated in written documents, oral agreements or implied from the behaviour of the parties. All transactions, unless

specifically excluded or exempted within the tax legislation, will be brought to tax through income tax provisions, capital gains tax provisions, stamp duty provisions, real property gains tax provisions, etc. Whenever there is income that is excluded or deductions being claimed, documentation in the form of invoices or purchase orders is required to support the transaction that gives rise to the income or deduction. The invoices and purchase