Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Money

finance

ASEAN

economic

unity

Donald Trump

tariff

fallout

ASEAN finance ministers and central bank governors convened in Kuala Lumpur this week to urgently advance regional financial integration, in response to the wide-reaching effects of new US tariffs on all ten member states. As the 12th ASEAN Finance Ministers and Central Bank Governors&rsquo; Meeting (AFMGM) commenced at the Kuala Lumpur Convention Centre (KLCC), ministers underscored the need for unified action on cross-border payments, financial resilience, and sustainable development frameworks, particularly for small and medium-sized enterprises (SMEs).
<img src="https://r2.myc.my/b2109752263d8698696edfb4193175fb392933f9d5ca626e5b29d2e03d3cd905" />
Finance Minister II Datuk Seri Amir Hamzah Azizan and Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour are co-chairing several critical meetings, including high-level discussions with the US-ASEAN Business Council (US-ABC), the EU-ASEAN Business Council (EU-ABC), and the ASEAN Business Advisory Council (ABAC). These meetings aim to strengthen private sector collaboration and make Southeast Asia more competitive in an increasingly protectionist global economy.
Tariffs Rattle the Region
&nbsp;<img src="https://r2.myc.my/ca9a70410ba6813276fabf2bd5a10d3b71fa4d68611fa9b3ce2c6b90dbb5e179" />
The sense of urgency stems from the imposition of sweeping tariffs by US President Donald Trump, which have particularly affected ASEAN&rsquo;s Indo-Chinese economies. Cambodia faces a 49% tariff, Vietnam 46%, Thailand 36%, Indonesia 32%, Malaysia and Brunei 24% each, while Singapore faces a base levy of 10%. The measures have sent shockwaves through global markets and heightened fears of prolonged regional economic instability.
In response, Finance Minister II Amir Hamzah will lead the ASEAN Finance Ministers&rsquo; Retreat at Merdeka 118 and hold bilateral engagements with JP Morgan Asia Pacific CEO Sjoerd Leenart and Asian Development Bank (ADB) President Masatsugu Asakawa. Later, Prime Minister Datuk Seri Anwar Ibrahim is scheduled to deliver keynote remarks at a gala dinner held at the KL Tower, attended by senior regional finance officials and dignitaries.
Malaysia Sends Delegation to Washington
&nbsp;<img src="https://r2.myc.my/ad9f93b5e40fdac1f1e729244304d8d213e4d63723cf822c7d0ad70c08d7450f" />
Amid mounting concern, Malaysia is taking a proactive approach. Prime Minister Anwar Ibrahim confirmed that officials will be dispatched to Washington by the end of April to initiate dialogue on the 24% reciprocal tariffs imposed on Malaysian exports. Anwar described this initiative as part of Malaysia&rsquo;s &ldquo;soft diplomacy of quiet engagement,&rdquo; noting that while the scope for policy reversal may be limited, there remains room to adjust how the measures are implemented.
&ldquo;We do not believe in megaphone diplomacy,&rdquo; Anwar said during the ASEAN Investment Conference 2025. &ldquo;There may be limited room to revisit the underlying intent, but there is still scope for adjusting the policy&rsquo;s implementation.&rdquo;
Second Finance Minister Amir Hamzah echoed this sentiment, saying Malaysia&rsquo;s approach is calm and calculated. &ldquo;No, we are not reacting out of panic. We are chill,&rdquo; he said when asked by reporters. &ldquo;This will be an amicable discussion to better understand the rationale behind the US decision and to find a more favourable resolution.&rdquo;
Forging Resilience Through Regional Integration
&nbsp;<img src="https://r2.myc.my/6888215d5a6223c0aa0cb610a1caf9bdd9ff505d5df000d138b502e632072cf4" />
The ASEAN Investment Conference 2025, hosted by the Securities Commission Malaysia, welcomed over 700 regional and global stakeholders. It focused on mobilising capital and aligning investment strategies for sustainable, inclusive growth amid geopolitical volatility. It also marked the launch of the ASEAN Simplified ESG Disclosure Guide (ASEAN SEDG) for SMEs, aimed at helping small businesses strengthen supply chain resilience and align with sustainability standards.
The forum highlighted emerging sectors such as green energy, digital finance, and artificial intelligence as key growth areas under ASEAN&rsquo;s Vision 2040. As 2025 ASEAN Chair, Malaysia aims to leverage its geographic position and investor-friendly policies to lead the bloc in a collective push for deeper trade and economic ties.
A Call for ASEAN Unity
<img src="https://r2.myc.my/700574a047b84e26279e9e89bfae157e0a780a66ced1d939a0cea0da0c366d3d" />
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz delivered a firm message in his closing keynote, stating that ASEAN unity would be pivotal in overcoming the impact of the US tariffs.
&ldquo;How ASEAN responds could make or break the region&rsquo;s steady growth trajectory,&rdquo; he warned. &ldquo;We must act as one voice, one negotiating body, with partners who understand ASEAN&rsquo;s true value.&rdquo;
ASEAN Secretary-General Dr Kao Kim Hourn and leading representatives from the World Bank, ADB, and the Asian Infrastructure Investment Bank also participated in the event, reaffirming support for the region&rsquo;s collective economic ambitions.
In his keynote address, Anwar reiterated that Malaysia will continue adapting to shifting global dynamics while protecting national interests. &ldquo;Winds may shift, but we do not drift,&rdquo; he said. &ldquo;Our trade diversification strategy is already gathering pace. We remain committed to the US as a valued trade partner, but we will also deepen ties with the EU, Asia, the Middle East, and Africa.&rdquo;
As the conference came to a close, one message rang clear: ASEAN&rsquo;s path forward depends on unity, strategic adaptability, and sustained dialogue&mdash;especially in the face of rising protectionism.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Malaysia to send officials to the US to discuss the 24% tariff imposed on exports.

f28e81ea4b5089380c45e13937506e18cbc4aa61239a742be5f2349084a66715

ASEAN Finance Ministers Rally For Unity Amid US Tariff Fallout

A restaurant in the heart of Singapore&rsquo;s Chinatown has denied any involvement in a viral notice that claimed American diners would be charged a 104 per cent surcharge, dismissing it as a &ldquo;malicious prank&rdquo;. The handwritten sign, which was displayed in both English and Chinese and bore the name of Xie Lao Song, appeared at the restaurant&rsquo;s entrance and quickly attracted widespread attention online.
The sign claimed the surcharge would take effect from 9 April 2025, just one day after US President Donald Trump announced a staggering 104 per cent tariff on Chinese goods. The uncanny timing and the mirroring of the tariff amount led many to speculate that the restaurant was making a political statement, retaliating in jest against the newly imposed American policy.
Videos of the notice were shared on platforms such as TikTok, YouTube, and Instagram, racking up hundreds of thousands of views and thousands of comments. Some internet users praised what they perceived as a show of solidarity with China, hailing the restaurant for taking a bold stance. Others, however, were quick to criticise the move as xenophobic and discriminatory, warning that such tactics were inappropriate and potentially damaging to Singapore&rsquo;s image as an inclusive and multicultural society.
<blockquote class="tiktok-embed" style="max-width: 605px; min-width: 325px;" cite="https://www.tiktok.com/@sgwhatsup/video/7491591999599201543" data-video-id="7491591999599201543">
<section><a title="@sgwhatsup" href="https://www.tiktok.com/@sgwhatsup?refer=embed" target="_blank" rel="noopener">@sgwhatsup</a>
Chinese Restauant Xie Lao Song in Singapore imposes 104% surcharge on Americans in response to Trump tariff on China
<a title="♬ News, news, seriousness, tension(1077866) - Lyrebirds music" href="https://www.tiktok.com/music/News-news-seriousness-tension-1077866-6997840505614632962?refer=embed" target="_blank" rel="noopener">♬ News, news, seriousness, tension(1077866) - Lyrebirds music</a></section>
</blockquote>

<script async="" src="https://www.tiktok.com/embed.js"></script>

Restaurant Responds: &lsquo;We Would Never Do Something So Crass&rsquo;
&nbsp;<img src="https://r2.myc.my/848d9dc3cf9de402de9a24733d234dbb58a0e2d94bd8f715ecd5630f08d6b242" />
In response to the viral attention, a staff member at Xie Lao Song firmly refuted the idea that the restaurant had anything to do with the signage. Speaking to The Straits Times in Mandarin, she called the incident a &ldquo;malicious prank&rdquo; and insisted that no employee or manager had authorised or posted the notice.
&ldquo;We&rsquo;ve been open for over a decade. We would never do something so crass,&rdquo; she said, clearly dismayed by the negative attention the prank had brought to the restaurant.
The staff member added that the business was investigating the incident internally and had not ruled out lodging a police report, although she declined to offer additional details pending further inquiry. When asked about the whereabouts of the restaurant&rsquo;s owner, she claimed he was currently travelling for work and unavailable for comment.
By the time The Straits Times visited the premises before noon on 11 April, both versions of the notice had been removed from the entrance. Employees of neighbouring Chinese eateries told reporters they had not seen or heard anything about the signs and reported no similar experiences.
Was It a Political Statement or Just a Hoax?
&nbsp;<img src="https://r2.myc.my/66e494d39103a0ebab60f5d8829610a431ea58e576c5a636afe6120c2978f049" />
The handwritten notices, signed off as &ldquo;Xie Lao Song, Singapore&rdquo;, bore the distinct appearance of an attempt at satire or political parody. The fact that the prank surfaced just after Trump&rsquo;s tariff announcement has led to widespread speculation about the motive behind it.
While some netizens viewed it as a clever, albeit cheeky, act of protest, others questioned whether the sign was actually intended to provoke outrage or simply generate publicity. A few commenters even suggested it could have been an attempt at guerrilla marketing, though the restaurant&rsquo;s firm denial seems to counter that theory.
Regardless of the original intention, the incident has sparked renewed conversations about how global politics can spill over into the private sector, even in seemingly unrelated contexts like restaurant dining.
Here&rsquo;s some of the comments from netizens online:
<img src="https://r2.myc.my/6be07b08c3190e3058c5e792f0e02ca88c4bcd6d14f7b936627ef4d6524c0fcd" />
Consumer Watchdog and Authorities React
The Competition and Consumer Commission of Singapore (CCCS) issued a statement in response to media queries, confirming that they were aware of the incident and acknowledged that the offending notice had been removed.
&ldquo;In general, CCCS does not intervene in prices that private businesses choose to charge their customers, insofar as the prices are independently determined and clearly communicated to customers before purchase,&rdquo; a spokesperson said.
The clarification reinforces that while businesses in Singapore are free to set their own pricing strategies, any such pricing must be fair, transparent, and free from discriminatory practices.
Tensions Escalate: Tariffs on Both Sides Climb
&nbsp;<img src="https://r2.myc.my/9dd048ab0f3a87a3dc254931206310a3eb3f7a835bfe2195d389e6dc171a69ca" />
This local incident unfolded against the backdrop of an escalating US-China trade war. President Trump&rsquo;s 104 per cent tariff, announced on 8 April, is part of a broader campaign to impose stricter trade conditions on Chinese imports. The move raised the total US tariff rate on Chinese goods to 145 per cent, after an earlier 20 per cent duty was introduced earlier this year and further 125 per cent tariffs were added in April.
In retaliation, Beijing imposed its own tariffs, increasing duties on American imports to 125 per cent on 11 April. Although Trump announced a 90-day pause on new tariffs for most countries, China was explicitly excluded from the reprieve following its retaliatory measures.
The heightened trade tensions have had ripple effects not just across global markets but, evidently, in public discourse and private businesses as well&mdash;even those that have no direct involvement in international politics.
The viral prank at Xie Lao Song may have started as a joke&mdash;or an act of provocation&mdash;but it has offered a striking example of how geopolitical flashpoints can find their way into the most unexpected corners of daily life. Whether the culprits behind the signage will be identified remains to be seen, but for now, the restaurant is left managing the fallout from a controversy it claims it never intended.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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When a controversial surcharge notice goes viral.

7926197a78f00871fc9d95101d0690d0e8b20b60eb632d8f8fbfd34c98ca42e4

Singapore Chinatown Restaurant Denies Viral 104% 'American Tax' Sign As Malicious Prank

In a dramatic policy reversal, US President Donald Trump has announced a 90-day suspension on steep tariffs for over 75 countries &ndash; excluding China &ndash; citing diplomatic overtures, market instability, and the desire to give negotiations a chance. The unexpected announcement, made on 9 April, comes amid heightened fears of a global recession and follows days of extreme volatility in global financial markets.
Global Tariff Pause Sparks Market Rally
&nbsp;<img src="https://r2.myc.my/da9c8c482533db4c906bf3fa0221778720566be9d1a45cb09dda0d98a9a95da9" />
Wall Street reacted euphorically to the news, with the S&amp;P 500 surging 9.5% in its biggest single-day gain since the 2008 financial crisis. The Dow Jones climbed 7.8%, while the tech-heavy Nasdaq soared over 12%. European and Asian markets followed suit, clawing back some of the heavy losses suffered earlier in the week following the imposition of sweeping US tariffs.
The market rally was triggered by Trump's decision to delay the implementation of new tariffs on dozens of trade partners, including Malaysia, Vietnam, South Africa, and the European Union. The president said these countries would now face a universal 10% baseline tariff rather than customised levies that, in some cases, exceeded 100%.
&ldquo;I&rsquo;ve authorised a 90-day PAUSE,&rdquo; Trump posted on his Truth Social platform. &ldquo;We don&rsquo;t want to hurt countries that don&rsquo;t need to be hurt &mdash; and they all want to negotiate.&rdquo; He added that the move was in response to outreach from several nations expressing a willingness to resolve issues related to tariffs, trade barriers, currency manipulation, and non-monetary trade practices.
Bond Market Jitters Prompt Sudden Shift
&nbsp;<img src="https://r2.myc.my/187493d3d48590ddb42b638b3781bc059e218489ce5bf11c6d97b5948b421eb9" />
Trump's tariff reprieve followed sharp criticism from economists, politicians, and financial analysts. Most notably, the US bond market experienced a sharp sell-off, with interest rates on government debt spiking to 4.5% &ndash; the highest since February &ndash; signalling investor anxiety about a potential recession.
Sources within the White House confirmed that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick had met privately with Trump just a day before the announcement to discuss market concerns. &ldquo;They were getting a little bit yippy, a little afraid,&rdquo; Trump later remarked, using a term from sports to describe nervousness.
According to Paul Ashworth, Chief North America Economist at Capital Economics, &ldquo;Although President Trump resisted the stock market sell-off initially, once the bond market began to wobble, it was only a matter of time before he adjusted course.&rdquo;
China Hit with Punitive 125% Tariff
&nbsp;<img src="https://r2.myc.my/c0b31311dd42a28dbce4ab1b0410dbcd7210258f34ba62217bfa86cb1236cf0e" />
While most nations have been granted a temporary reprieve, China has not been so fortunate. In a show of economic aggression, Trump raised tariffs on Chinese goods from 104% to a staggering 125%, effective immediately. The move came in response to Beijing&rsquo;s retaliatory tariffs on American imports, which rose from 34% to 84% earlier that same day.
&ldquo;Based on the lack of respect that China has shown to the World&rsquo;s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,&rdquo; Trump declared on social media.
The White House&rsquo;s latest tariffs mark the most severe escalation yet in the US-China trade conflict, which began just a week earlier with what Trump dubbed "Liberation Day" &ndash; the date his new global tariffs were first implemented. Beijing responded swiftly and aggressively, pledging to &ldquo;fight to the end&rdquo; against what it called America&rsquo;s &ldquo;bullying tactics&rdquo;.
China Responds: "US Must Show Respect"
<img src="https://r2.myc.my/5509b78ad78fb6c66944cc295f9e49c966ee01a11c8401d41c333a80a2954ac6" />
China&rsquo;s Ministry of Foreign Affairs denounced the increased US tariffs as abusive and urged Washington to return to the principles of equality and mutual respect if it hopes to reach a resolution. &ldquo;The United States simply piles mistakes on top of mistakes,&rdquo; China&rsquo;s Finance Minister said. &ldquo;This approach is not conducive to a healthy global trade environment.&rdquo;
The World Trade Organization echoed these concerns, warning that the deteriorating relationship between the world&rsquo;s two largest economies could lead to a collapse in trade volumes of up to 80% &ndash; a staggering US$466 billion (&pound;363 billion) in losses.
Meanwhile, China issued travel advisories warning its citizens to &ldquo;fully assess the risks&rdquo; before travelling to the United States, further illustrating the growing tensions between the two powers.
Europe, Vietnam, and Others Await Further Negotiations
<img src="https://r2.myc.my/fda9abab06292b2dc6c228ec2f01bb10f0480dc93999e176eed6bd940bbb605a" />
Among those temporarily spared further tariff hikes are key US trade partners such as the European Union, Vietnam, and Malaysia. Although these countries were initially targeted with levies ranging from 11% to 100%, the decision to hold back appears to have been a reward for diplomatic restraint.
The European Union, despite preparing retaliatory tariffs worth more than &euro;20 billion on American goods including soybeans, motorcycles, and beauty products, had not yet implemented them. As a result, it too was included in the 90-day pause list.
Vietnam, which was facing a 46% tariff on its exports to the US, has welcomed the delay, as have multinational companies such as Nike and Apple, both of which rely heavily on manufacturing in Southeast Asia. Nike shares jumped 11%, while Apple soared nearly 15% on news of the policy shift.
Political Pressure Mounts Behind the Scenes
&nbsp;<img src="https://r2.myc.my/afd1e408a7f35e61bc53f8edbbd27c8e6ea25a25daaa5a23b1a3365a541ebd97" />
Trump&rsquo;s abrupt about-face has also been linked to increasing political pressure from within Washington and influential backers from the business community. High-profile figures including Tesla CEO Elon Musk, hedge fund billionaire Bill Ackman, and Barstool Sports founder Dave Portnoy reportedly pushed for a softening of the tariff regime.
Ackman, who had publicly advocated for a 90-day pause, praised the president&rsquo;s move, saying: &ldquo;Thank you on behalf of all Americans.&rdquo;
Democrats, however, were less impressed. Senate Majority Leader Chuck Schumer said the move was a sign that Trump was &ldquo;reeling and retreating&rdquo; under pressure, while critics on Wall Street warned that the damage may already have been done.
Looking Ahead: Will a Deal Be Struck?
Despite the dramatic reversal, Trump insisted he had not backtracked, but rather acted with strategic flexibility. &ldquo;You have to be flexible,&rdquo; he said. &ldquo;A deal&rsquo;s going to be made with China. A deal&rsquo;s going to be made with every one of them.&rdquo;
He added that while he could not imagine increasing tariffs on China any further, he was prepared to maintain pressure on Beijing until a satisfactory trade agreement is reached.
However, analysts remain sceptical. &ldquo;It&rsquo;s difficult to see either side backing down in the next few days,&rdquo; Ashworth cautioned. &ldquo;But we suspect that talks will eventually happen.&rdquo;
In the meantime, the global economy remains in a precarious position. While markets have rebounded for now, the uncertainty surrounding US trade policy &ndash; and its long-term implications &ndash; continues to cast a long shadow over international commerce.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Looks like Trump’s cranked up the pressure — slapping a 125% tariff on Chinese imports.

887af2e44fa44e5f695480d31deced5791df6c1e2f6c206e470c7f003452c7b7

Trump Pauses Global Tariffs For 90 Days — But Escalates Trade War With 125% Levy On China

In February, Malaysians were abuzz after the government disclosed that cabinet ministers had undertaken a total of 236 official overseas trips in 2024, costing the country RM44 million.
<img src="https://r2.myc.my/d1bbf8b6bc4247ae64db869adc0651f01f0de56ddb7681cbe58ba21fae067d25" />
Read: <a href="https://myc.my/articles/4137/msian-govt-reveals-ministers-took-236-overseas-trips-costing-rm44-million">M&rsquo;sian Govt Reveals Ministers Took 236 Overseas Trips, Costing RM44 Million</a>
In a written parliamentary reply to Masjid Tanah MP Datuk Mas Ermieyati Samsudin on 18 February, Federal Territories Minister Dr Zaliha Mustafa justified the expenditure, stating that these trips were essential as ministers attended scheduled meetings in line with Malaysia&rsquo;s commitments to various international organisations.
Following the revelation, many netizens voiced their concerns, with some criticising the hefty RM44 million price tag amid the nation&rsquo;s economic challenges. The disclosure sparked a debate on whether the government was managing public funds responsibly.
<img src="https://r2.myc.my/75ea5e89a3713dc419ed0b3568bb1ab1c02847d3e341bcb63479e746464b6fdc" />
Prime Minister Datuk Seri Anwar Ibrahim has recently clarified that all Members of Parliament (MPs) in Malaysia receive a fixed monthly allowance of RM25,700. In addition to this base salary, MPs are entitled to various other allowances and claims based on their parliamentary roles and responsibilities.
According to a statement from the Prime Minister&rsquo;s Office, MPs can claim allowances for domestic official duties, which include an attendance allowance of RM400 per day during parliamentary sessions. MPs who participate in the Public Accounts Committee (PAC) or Special Select Committee meetings outside of parliamentary sessions are eligible for an additional RM300 per day. During parliamentary sessions, PAC members receive RM250 per day. Furthermore, MPs attending official briefings receive an additional RM300 daily, while a subsistence allowance of RM100 per day is granted for official duties that require travel beyond 32 kilometres.
Travel and Overseas Duty Allowances
&nbsp;<img src="https://r2.myc.my/86d0a2c0168b1bc0398294dc0a3aca188652b95d1a5eec6ca647d06b9b1756e2" />
MPs are also entitled to travel reimbursements for self-driving, public transport, or air travel. These reimbursements extend to accommodation expenses such as hotel stays, lodging, and laundry.
For international assignments, MPs receive a meal allowance of RM340 per night and a daily subsistence allowance of RM170. Additionally, they can claim accommodation and transport expenses, which include air and land travel. They are also eligible for compensation for currency exchange losses and a tip allowance amounting to 25% of their meal allowance.
Potential Monthly Earnings Between RM30,000 and RM40,000 
&nbsp;<img src="https://r2.myc.my/81f1149c17f31e9aba73329878a90237c1ce22c9e9abe6b75b2c7c94a6ef9945" />
When considering all these allowances and claims, some MPs may earn a total monthly income ranging between RM30,000 and RM40,000.
Anwar urged MPs to exercise financial prudence and remain mindful of the financial struggles faced by the general public, many of whom earn significantly less. He also criticised certain MPs for claiming that their income is inadequate, with some alleging that they need to take on debt to manage their daily expenses.
Public Concerns Over MP Salaries
<img src="https://r2.myc.my/dc4160fef6008145d4685a22820b89548e21c77a27eb6468d1d21719c2db0237" />
The disclosure of MPs&rsquo; allowances has sparked public debate, with many questioning whether such entitlements are justified, particularly when many Malaysians are struggling with rising costs of living. There have been growing calls for greater financial transparency regarding government spending on parliamentary allowances.
Opposition figures and activists have also raised concerns about the disparity between MP earnings and the average wages of regular citizens. Some critics argue that MPs should be held accountable for their expenditure and that their allowances should be tied to performance metrics or public service effectiveness.
Funding for Opposition MPs
The Prime Minister also addressed concerns regarding funding allocations for opposition MPs. He reiterated that the government remains open to discussions but questioned why opposition MPs continue to publicly complain instead of engaging in direct negotiations with the government on the matter.
Anwar&rsquo;s comments highlight the ongoing debate over parliamentary earnings and financial transparency. As public scrutiny over government spending intensifies, the issue of MPs&rsquo; allowances is likely to remain a contentious topic in Malaysia&rsquo;s political landscape.
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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MPs also receive allowances for overseas duties when required.

189f9a15f95c822c2e2088cf9757e6b2ed480a3fa83652eaaac7d0382b33b20c

Anwar Ibrahim Clarifies That Every MP Receives RM25,700 Monthly, Plus Additional Allowances

With the tax filing season underway, taxpayers in Malaysia are encouraged to file their taxes early and take advantage of eligible tax reliefs. As of 2024, the Inland Revenue Board (LHDN) has made e-Filing the sole method for submitting tax returns, discontinuing manual or hard copy submissions.
E-Filing, which has been in use for several years, is an efficient and convenient way to report tax liabilities. Individuals earning income from employment, as well as those receiving passive income such as rental earnings or interest, are required to file their personal income tax returns (Form BE) for the assessment year 2024. The tax filing period runs from 1 January to 31 December 2024, with submission deadlines of 30 April for salaried individuals and 30 June for business owners or self-employed individuals. Late submissions may incur penalties.
For first-time users, registration is required via the MyTax portal (<a href="https://mytax.hasil.gov.my">https://mytax.hasil.gov.my</a>) through the e-Daftar system. A digital certificate and a one-time PIN must also be obtained before logging into the system to complete the e-Filing process.
Full List of Tax Reliefs for 2024
To ease the financial burden of taxpayers, the Malaysian government has outlined several tax relief categories. Below is a breakdown of the key tax reliefs available for the year 2024.
1) Individual and Dependent Reliefs
 <img src="https://r2.myc.my/052ddfa86afca614c90dc6b106d464b9e46f71978e46b4424e1171e98b9fdab0" /> 
<ul>
<li>Self and dependents &ndash; RM9,000</li>
<li>Husband/Wife/Alimony to ex-wife &ndash; RM4,000</li>
<li>Individuals with disabilities &ndash; RM6,000</li>
<li>Disabled spouse &ndash; RM5,000</li>
<li>Self-study fees &ndash; RM7,000</li>
</ul>
2) Lifestyle and Medical Reliefs
<img src="https://r2.myc.my/986a66f3132725f7bcbead80966ac58cfd1014ebc7907ba407a75fea65611396" />
<ul>
<li>Medical expenses for self, spouse, and children &ndash; RM10,000 (includes fertility treatment)</li>
<li>Diagnosis and treatment for learning disabilities &ndash; RM4,000</li>
<li>COVID-19 self-test kit and full medical examination &ndash; RM1,000</li>
<li>Vaccination expenses &ndash; RM1,000</li>
<li>Dental examination and treatment by a registered dental practitioner &ndash; RM1,000</li>
<li>Breastfeeding equipment purchase &ndash; RM1,000</li>
<li>Basic support equipment for individuals, spouses, children, or dependents with disabilities &ndash; RM6,000</li>
<li>Lifestyle expenses (books, internet subscriptions, gadgets, etc.) &ndash; RM2,500</li>
<li>Sports-related lifestyle purchases &ndash; RM1,000</li>
<li>Medical treatment and parental care &ndash; RM8,000</li>
</ul>
3) Child Reliefs
<img src="https://r2.myc.my/e82d0478d846f20869cd32ba3fe2b85a470216b5d9eb70f6014368bf1d6b7f5b" />
<ul>
<li>Children under 18 years old &ndash; RM2,000</li>
<li>Children over 18 years, unmarried, and studying full-time &ndash; RM2,000</li>
<li>Children over 18 years old, unmarried, and studying in an institution of higher learning &ndash; RM8,000</li>
<li>Registered daycare or kindergarten fees &ndash; RM3,000</li>
<li>Children with disabilities &ndash; RM6,000</li>
<li>Additional relief for children with disabilities &ndash; RM8,000</li>
</ul>
4) Contributions, Donations, and Other Reliefs
&nbsp;<img src="https://r2.myc.my/5b4fe4c87659a2aa2076a1eb663e333df49c5cec4ac3c1d7e23a9c0a9c07fd17" />
<ul>
<li>SOCSO/Employment Insurance Scheme (EIS) contributions &ndash; RM350</li>
<li>Deferred retirement and annuity scheme &ndash; RM3,000</li>
<li>SSPN (National Education Savings Scheme) contributions &ndash; RM8,000</li>
<li>Life insurance and Employees Provident Fund (EPF) contributions &ndash; RM7,000</li>
<li>Education and medical insurance for individuals, spouses, and children &ndash; RM3,000</li>
<li>Electric vehicle (EV) charging equipment purchase, rental, or installation &ndash; RM2,500</li>
</ul>
Important Reminders for Taxpayers 
&nbsp;<img src="https://r2.myc.my/a0dab6af7b7cbfde545be30acfa7f64726c9d11264a0865f38063afd93d5308f" />
Taxpayers must exercise caution when filing their tax returns to avoid common mistakes and potential penalties. One of the most frequent errors is attempting to claim reliefs without the necessary documentation. It is essential to retain receipts and supporting evidence for at least seven years, as LHDN may conduct audits to verify claims. Incorrectly declaring dependents or failing to meet eligibility criteria for specific reliefs could also lead to penalties.
Additionally, all sources of income must be declared, including earnings from rental properties, freelance work, commissions, and passive income streams. Those receiving income from overseas are still required to report it, even if it qualifies for tax exemptions. The LHDN can monitor foreign income through the Common Reporting Standard, a global initiative to track international financial transactions.
Expatriates working in Malaysia are subject to taxation but are ineligible for personal reliefs and must pay based on the progressive tax rate. Those engaging in gig economy work or earning side income should also ensure they file their taxes correctly to avoid non-compliance issues.
Filing taxes early provides numerous benefits, such as allowing taxpayers to identify and correct potential errors, preventing last-minute stress, and ensuring proper financial planning. For individuals with complex financial situations or multiple income sources, consulting a tax professional can provide clarity and assistance in structuring tax returns effectively. Keeping detailed financial records and understanding available tax reliefs can significantly help in maximising claims and reducing overall tax liabilities.
Final Thoughts
With tax filing now being fully digital, taxpayers must familiarise themselves with the MyTax portal and ensure they submit their returns before the respective deadlines. Understanding available tax reliefs can help individuals maximise their claims and reduce their tax burdens. To avoid mistakes, always keep proper records, declare all sources of income, and seek expert advice when in doubt.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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a00c60ca0fb213be2754fab9e393dca422ae04afd1e7724202bc162c46c0085e

Filing Your Taxes? Check Out This Guide On E-Filing & Tax Reliefs For 2024!

Singaporean personal finance expert and YouTuber Loo Cheng Chuan, widely known for his financial education initiative &lsquo;1M65&rsquo;, recently shared his thoughts on Malaysia&rsquo;s Employees Provident Fund (EPF) and how it compares to Singapore&rsquo;s Central Provident Fund (CPF). In a podcast episode of Do More &ndash; Take Charge of Your Life, Loo emphasised that EPF is a &ldquo;gold mine&rdquo; that many Malaysians fail to appreciate, highlighting its ability to generate significantly higher returns than Singapore&rsquo;s CPF.
While CPF is known for its stability, Loo argues that EPF provides a more lucrative wealth-building opportunity. He urged Malaysians to recognise the potential of EPF as a powerful financial tool that can set them up for a comfortable retirement.
EPF Outperforms CPF with Superior Returns
<img src="https://r2.myc.my/28dadc41cb00c327bc50c904986420b99fbfd2cb44a1f43ae572ad132422414a" />
One of Loo&rsquo;s key arguments in favour of EPF is its consistently high dividend rates. Over the past decade, EPF has delivered annual returns ranging from 5% to 6.7%, significantly outpacing CPF&rsquo;s returns. In comparison, Singapore&rsquo;s CPF Ordinary Account offers only 2.5% annually, while its Special and Medisave Accounts provide 4%&mdash;rates that Loo asserts barely keep up with inflation.
&ldquo;This is an insanely high return rate,&rdquo; Loo said, noting that many Singaporeans envy such returns. He explained that EPF&rsquo;s compounding effect allows retirement savings to multiply significantly over time, making it an unparalleled financial vehicle for Malaysians.
&ldquo;If you put one dollar into your EPF and let it compound for 20 to 30 years, you could easily see a return of four to five times the original amount,&rdquo; he elaborated.
Compounding Effect Makes Up for Lower Wages
A common argument against EPF is that Malaysians generally earn lower wages than Singaporeans. However, Loo argued that EPF&rsquo;s robust compounding rate makes up for the income disparity.
&ldquo;Let&rsquo;s assume EPF delivers an average return of 6.5%,&rdquo; he said. &ldquo;If you allow it to compound over 35 years, the return is nine times. If you invest SGD$100,000, it could grow into SGD$900,000 by the time you turn 65.&rdquo;
This level of compounding, he stressed, provides Malaysians with an incredible advantage in growing their retirement savings, despite the differences in income levels between the two nations.
EPF&rsquo;s Resilience Amid Economic Challenges
<img src="https://r2.myc.my/a5fe6dc929f40cefe0ac6c9ddc8d3cd590210087052ab3fd24558a7f10722354" />
Loo also addressed common concerns regarding the depreciation of the Malaysian ringgit and the country&rsquo;s political uncertainties. He reassured that EPF has demonstrated exceptional resilience through various financial and political crises over the years.
&ldquo;EPF has survived numerous challenges&mdash;the Asian Financial Crisis, the 1MDB scandal, and multiple changes in prime ministers&mdash;and yet, it continues to thrive,&rdquo; he pointed out.
He urged Malaysians to have faith in EPF&rsquo;s ability to endure and grow despite economic fluctuations, noting that its long-term track record speaks volumes about its reliability as a retirement savings fund.
Rethinking the Obsession with Property Investment
&nbsp;<img src="https://r2.myc.my/7ab3e2c688cdd6b85de3b1d68cd07786bb384e463f9eb387069febf1349759f4" />
Many Malaysians view property investment as the safest and most lucrative form of wealth accumulation. However, Loo cautioned against putting too much emphasis on real estate without considering the advantages of EPF&rsquo;s returns.
&ldquo;Malaysians are obsessed with property, but have you ever compared SGD$100,000 invested in EPF versus the same amount put into real estate over time?&rdquo; he asked. &ldquo;People underestimate the power of compounding.&rdquo;
He explained that while real estate can generate significant returns, it is also subject to market fluctuations, maintenance costs, and liquidity issues. EPF, on the other hand, provides consistent and secure growth with minimal effort.
Maximise EPF Savings for a Secure Future
<iframe src="https://www.youtube.com/embed/KlehKfN5Y6Y" width="560" height="314" allowfullscreen="allowfullscreen"></iframe>
Loo strongly encouraged Malaysians to take full advantage of EPF&rsquo;s high returns by maximising their contributions as early as possible. He also advised diversifying investments wherever feasible but stressed that EPF should remain a core component of any retirement plan.
&ldquo;This is the time to take advantage&mdash;put in as much as possible while you&rsquo;re young and let it compound without touching it,&rdquo; he advised.
He concluded by expressing admiration for Malaysia&rsquo;s EPF system, saying, &ldquo;People like us in Singapore envy such a system. EPF is one of the most incredible wealth-building machines in the world.&rdquo;
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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It seems that Malaysians are sitting on an overlooked financial treasure.

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