24/03/2025

BIZ & FINANCE MONDAY | MAR 24, 2025

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Malaysian Paper

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M OST of our tax statutes contain a similar theme to deal with taxpayers who have outstanding taxes. If you don’t pay your taxes, you can be barred from leaving the country. This is now becoming a frequent occurrence, and taxpayers only realise this when they reach the airport and are prevented from boarding their flights. This is very upsetting for taxpayers whose travel plans will be derailed at the last minute, sometimes at significant cost and may give rise to emotional distress. Even small amounts of

Owing taxes? You might be barred from leaving Malaysia

notice does not go to the wrong address. The tax authorities should equally be responsible to ensure that the taxpayer is informed upfront in writing about the taxpayer’s travel ban status as this is required under the respective tax legislations. What happens if you are stopped? In the unfortunate event that you are stopped at the airport or at any other point of departure, the immigration officials will provide you a list of IRB or RMCD officials you should get in touch with to obtain a release of the travel ban. The next step will be to contact the relevant officials and find out the reasons for your travel ban, and the amount of taxes owing. Normally, if the taxpayer is able to fully settle the outstanding taxes at the airport or point of departure

through any acceptable payment methods (e.g. the IRB ByrHasil portal https://byrhasil.hasil.gov.my/HITS_ EP/ ), the release from the travel ban will be immediately effected. In the event you are unable to pay the full amount, you can negotiate to pay a percentage of amount outstanding and obtain a temporary release for that single travel. Upon your return, you need to settle the balance either in a lump sum or through instalments. If you are leaving the country for medical treatment, the tax authorities may favourably consider giving you a temporary release without any settlement of taxes. Who is affected? It is important to note that directors of companies whose taxes have not been settled will also be affected by the travel ban.

raised, you should immediately file an appeal within the time limit provided for in the respective tax legislations. Filing an appeal does not discharge your responsibility from settling the outstanding taxes. Under all tax

of Lim Seong Hai Capital, Lim said: “Every challenge is a marathon, not a sprint, and while market reactions may fluctuate in the short term, LSH Capital remains confident in its long-term prospects. “Our strong fundamentals, demonstrated by securing the 20-year KL Tower concession and achieving a 19% year-on-year earnings growth, reinforce our ability to execute and deliver value.” He said while market sentiment may vary, it is confident that the strategic achievements and consistent performance will ultimately drive sustained growth and value creation. Lim Seong Hai Capital said it is well-positioned in the construction and property development industries, with active plans to continue build up the tender book and orderbook. Lim Seong Hai Capital currently has an order book of RM1.52 billion and a tender book exceeding RM10 billion. However, Lim noted that tender value alone holds little weight without actual wins. The company has recently entered into facilities management segment, after securing a 20-year concession contract to exclusively operate, manage and maintain the Kuala Lumpur Tower. The new segment will provide LSH Capital with a steady and recurring income. The company is also exploring potential infrastructure construction and concession ownership opportunities to strengthen its business growth. This cuts across income tax, stamp duty, real property gains tax, customs duties, sales tax, and services tax. Directors should be reminded that they can be held liable for the unpaid taxes of their companies. An exceptional provision in the Stamp Act 1949 is that in the event the taxpayer attempts to leave Malaysia without paying all the stamp duties and penalties, he shall on conviction be liable to a fine not exceeding RM5,000 and he may be arrested without warrant. To avoid any distress before traveling, it is important for taxpayers to check your status before leaving Malaysia. This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).

outstanding taxes can give rise to travel bans. It is important that every taxpayer should check his tax position before leaving the country to avoid unexpected

legislations, the tax authorities should issue a certificate to the taxpayer personally or by registered post stating that the travel ban has been

surprises. The taxpayer can either do this through his myTax portal ( https://mytax.hasil.gov.my/ ), or through the Immigration department’s portal ( https://sspi.imi.gov.my/sspi/ ). If there are any outstanding taxes, it is best to settle the taxes. If you disagree with the outstanding taxes or assessments

issued to the taxpayer. It is irrelevant whether you have received the notice if tax authorities have served the notice to you personally or by registered post to your address stated in the tax authorities’ records. Therefore, it is important that you update the tax authorities of your latest address so that this

Bursa Malaysia Derivatives to relaunch single stock futures today

Lim Seong Hai Capital eyes main market transfer

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

KUALA LUMPUR: Bursa Malaysia Derivatives Berhad will relaunch its Single Stock Futures (SSF) contract today. The revamped SSF will be

In addition, the position limits have been increased to 13,500 contracts across all contract months, offering investors enhanced flexibility for portfolio management. “Our commitment as a

mind, this versatile tool caters to diverse market conditions,” While the product offers new opportunities, it is essential for investors to understand SSF, assess their risk appetite, and stay informed of market trends. Market participants are encouraged to consult their licensed brokers and leverage available resources to make well-informed trading decisions. The revamped SSF will be available for trading Monday to Friday, from 8.45am to 5.15pm during the morning and afternoon trading sessions. SSF, a type of futures contract, derives its value from an individual stock and enables investors to capitalise on both bullish and bearish market conditions. Each SSF contract represents an agreement to buy or sell a specified number of underlying stocks at a predetermined price on a specified future date. As an effective tool for hedging stock portfolios, SSF empowers investors with versatile strategies for managing market exposure. export sector, particularly in electrical and electronic goods, semiconductors, and with new strategies being implemented by the Ministry of Investment, Trade, and Industry under Minister Tengku Datuk Seri Zafrul Abdul Aziz.” Reezal Merican also said Matrade will organise the Malaysia International Halal Showcase (MIHAS) overseas for the second time this year, following its successful debut in Dubai last year. He added that MIHAS 2025 will take place in Shanghai, China, as part of the China International Import Expo this November. – Bernama

KUALA LUMPUR: Lim Seong Hai Capital Bhd is eyeing Main Market transfer amid steady profit growth, said chairman Tan Sri Lim Keng Cheng. Lim believes the company’s fundamentals are strong enough for the Main Market. “If you ask me, I would’ve wanted to be listed on the Main Market yesterday. It all depends on the authorities. The moment we’re qualified, we will submit. Based on our performance, I believe we meet the aggregate requirements, but of course, the final decision rests with Bursa,” he told the media after its transfer listing to the LEAP Market on Friday. Lim said that just like its earlier transfer from the LEAP Market to the ACE Market, the company will go through the necessary steps in due time. “The moment we are qualified, we will submit. “We hope we can qualify very soon. “But I think based on the results show, I think the aggregate number, we are qualified for the main board,” he added. The construction firm raised RM168.08 million as part of its transfer from the LEAP Market from the ACE Market. At the opening bell, Lim Seong Hai Capital’s shares opened with a share price of 73 sen, with an opening volume of 2,810,300 shares. The opening price marks a 17% discount to the Public Offering price of 88 sen. On the debut performance

based on the constituents of the FTSE Bursa Malaysia KLCI (FBM KLCI), comprising the 30 largest companies listed on the Main Market by market capitalisation. This relaunch introduces key enhancements aimed at making derivatives offerings more accessible and cost-effective to broaden participation among investors.

multi-asset exchange is to expand market opportunities for all segments of investors, and the relaunch of SSF is a cornerstone in our strategy to broaden participation to derivatives trading,” said Bursa Malaysia Derivatives chairman and Bursa Malaysia Bhd CEO Datuk Fad’l Mohamed ( pic ).

“This initiative underscores our dedication to meeting the growing demand of Malaysian investors for diversified investment tools and to enhance market liquidity.” “By tracking the price movements of the underlying stocks, SSF enables investors to enhance their strategies, hedge positions, and manage portfolio risk effectively,” said Bursa Malaysia Derivatives director Mohd Saleem Kader Bakas. “Designed with retail investors in

The revamped SSF features a smaller contract size of 100 shares per contract, a significant reduction from the previous 1,000, making it more accessible for investors and for more effective hedging. To further enhance affordability to traders, the contract requires a relatively low initial margin, starting from just 10% of the contract value, allowing for a lower capital outlay to begin trading.

Matrade targets new emerging markets KEPALA BATAS: The Malaysia External Trade Development Corporation (Matrade) aims to target new emerging markets this year to strengthen and enhance the country’s trade and economy. “I believe that about ten years ago, Africa had a population of around 800 million, and now it has risen to nearly 1.4 billion,” he told reporters.

Reezal Merican highlighted that Matrade’s target is to achieve exports exceeding RM1.7 trillion this year. He elaborated that in light of geopolitical pressures and the trade war between China and the United States, exploring these new markets is seen as crucial for the sustainability of the country’s economy. “Even though our country is small, it demonstrates our capabilities in the

Chairman Datuk Seri Reezal Merican Naina Merican said Malaysia needs to explore emerging markets in Africa, including countries like Egypt, Libya, and Botswana, which are not traditional partners of the country but are experiencing economic growth. He said Malaysian businesses have ample space and opportunities to enter these countries.