Tag Archives: News Article

Update your EPF Form or auto reduce 3% in contribution

Photo Credit: imoney.my

Nanyang Siang Pau, February 25, 2016

Kuala Lumpur, Feb 24 – With the notification date draw nearer, president of the Federation of Chinese Associations Malaysia (Hua Zong) Pheng Yin Huah encouraged the employees to maintain the 11% Employees Provident Fund (EPF) contribution rate for the security in old age.

To submit notification before next month

He said employee who intend to maintain the 11% contribution rate must sign the notification form by end of this month or early March otherwise they will be deemed as accepting the 8% contribution rate (reduce of 3%).

Pheng Yin Huah urged employees to pay attention on the matter to make sure they make wise decision within the stipulated timeframe.

Pheng Yin Huah was speaking to reporters after attending a signing ceremony at Wisma Hua Zong.

In the recalibrated budget for 2016, Prime Minister Datuk Seri Najib had introduced the new measure to enable RM8 billion cash to be pumped into the market in order to strengthen domestic demand and also to reduce the burden of the employees on daily expenditure.

Pheng Yin Huah said EPF would automatically reduce the contribution rate of the employees by 3% (employers contribution remain at 12%), i.e. from 11% to 8%, effective from March to December 2017. Employees who want to maintain the existing contribution rate need to submit a notification form to EPF.

From Feb 2, employees can download the notification form NotisKWSP17A Khas2016 from EPF website http://www.kwsp.gov.my, upon filling the form it should be handed over to employers in order to submit to EPF. They can also notify EPF collectively through employers.

EPF dividend higher

Pheng Yin Huah said employees should maintain contribution rate of 11% if they have the ability to do so lest losing their future money.

“Moreover, EPF has good performance, making profits from investments; its dividends are high in recent years which meet the demand of its contributors.”

source: http://www.malaysianchinesenews.com/2016/03/pheng-yin-huah-employees-should-contribute-11-epf-in-order-to-be-secured-in-old-age/

EPF declares 6.4% dividend rate for 2015

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PETALING JAYA: The Employees Provident Fund (EPF) has declared a dividend rate of 6.40% for 2015 with a total payout of RM38.24bil.

The increase was in tandem with the growth in EPF investment assets, which stood at RM684.53bil as at Dec 31, 2015.

In a statement, the EPF said it recorded RM44.23bil in gross income for the last financial year, an increase of 13.18% over the RM39.08bil figure in 2014.

EPF chairman Tan Sri Samsudin Osman said the gross investment income achieved was due to its diversification strategy across multiple asset classes in various countries and markets.

“Although the correlation is high among global markets, the diversification strategy allowed us to take opportunities through profit realisation and seek potential investments at attractive valuations.

“The EPF’s diversification into global assets and currencies allowed it to realise significant gains with profits from non-ringgit sources making up 48% of the its total gross investment income throughout the year.

“As a retirement savings fund, our investments have always emphasised on sustainability of returns over a long term horizon as opposed to short term gains,” he said.

Samsudin described the 6.4% dividend rate as a “commendable performance” given the prevailing challenges.

He said more importantly, the EPF was able to meet its two strategic investment targets of at least 2.5% nominal dividend on a yearly basis as required by the EPF Act 1991 and at least 2% real dividend on a rolling three-year basis.

Commenting on the economic climate, Samsudin cautioned that this year would be more challenging.

“A combination of growth fears and depressed commodity prices have seen most major indices fall, including the FBMKLCI, since the start of the year.

“This is a very different climate than the first half of last year in which our investments in global markets were able to mitigate the impact from the domestic market downturn,” he said.

Samsudin said the volatility in the currency markets would make it difficult for the EPF to repeat the outperformance in global assets recorded last year.

“Nevertheless, we will continue to preserve and further enhance the value of capital from members’ contribution by maintaining stable and consistent returns over the long term within tolerable risk limits,” he said.

Last year’s dividend can be viewed via EPF’s Facebook page at “Kumpulan Wang Simpanan Pekerja”, Twitter at KWSPBuzz and on YouTube at KWSP Malaysia.

The latest EPF account statement is available online via i-Akaun at myEPF website (www.kwsp.gov.my)

Alternatively, members can obtain their statement via EPF kiosks or visit any EPF branches.

Source: http://www.thestar.com.my/news/nation/2016/02/20/epf-declares-6_4-dividend-rate/

LHDN offer lower compound for self declaration on income tax

Lembaga Hasil Dalam Negeri (LHDN) menawarkan pengurangan penalti pada kadar tertentu bagi pengakuan secara sukarela pembayar cukai bermula 1 Mac sehingga 15 Disember tahun ini.

LHDN dalam kenyataan hari ini berkata pengurangan itu meliputi pembayar cukai yang masih belum mengemukakan Borang Nyata Cukai Pendapatan (BNCP) atau Borang Nyata Petroleum (BNP) tahun ke belakang.

Pengurangan penalti juga diberikan kepada pembayar cukai yang mengemukakan BNCP atau BNP tetapi tidak melaporkan maklumat cukai pendapatan dengan betul, tambah kenyataan itu.

“Pelupus yang gagal melaporkan pelupusan hartanah dalam tempoh yang ditetapkan dan pembayar duti yang gagal mengemukakan surat cara untuk disetemkan dalam tempoh yang ditetapkan juga ditawarkan pengurangan penalti.”

Penawaran itu dibuat susulan pengubahsuaian Bajet 2016 yang diumumkan Perdana Menteri Datuk Seri Najib Razak pada 28 Januari lalu bagi menggalakkan pembayar cukai tampil secara sukarela melaporkan pendapatan tahun ke belakang dan juga menyelesaikan amaun tunggakan cukai mereka.

Selain itu, LHDN juga memberikan penghapusan kenaikan cukai kepada pembayar cukai yang membayar amaun tunggakan cukai pendapatan, cukai petroleum, cukai keuntungan hartanah atau cukai pegangan sebelum atau pada 15 Disember 2016.

Bagaimanapun, menurut kenyataan itu pertimbangan pengurangan penalti dan penghapusan kenaikan cukai berkenaan tertakluk kepada merit sesuatu kes dan syarat yang ditetapkan LHDN.

Garis panduan mengenai tawaran ini boleh dirujuk di Portal Rasmi LHDN www.hasil.gov.my dan pembayar cukai boleh menghubungi Meja Bantuan Pengurangan Penalti dan Penghapusan Kenaikan Cukai di talian 03-8313 8885 atau Pusat Khidmat Pelanggan LHDN di talian 1-800-88-5436. – Bernama, 10 Februari, 2016.
– See more at: http://www.themalaysianinsider.com/bahasa/article/lhdn-tawar-pengurangan-penalti-bagi-pengakuan-secara-sukarela#sthash.a2cjIu9r.dpuf

Tabung Haji declares 5pc dividend for 2015

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LTH recorded a turnover of RM4.46 billion million for the 2015 financial year, making RM577 million in net profit year-on-year. ― File pic KUALA LUMPUR, Feb 4 — Lembaga Tabung Haji (LTH) announced today a 5 per cent dividend for its 8 million depositors for the 2015 financial year, a 1.25 percentage point drop from the previous year.

Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom also announced a 3 per cent bonus for depositors who have yet to perform the haj.

The minister said the payout to depositors will amount to a total of RM3.2 billion. “Thank God almighty that despite the challenging and uncertainties faced in 2015, LTH’s financial performance remained robust,” he said.

According to the minister, LTH recorded a turnover of RM4.46 billion million for the 2015 financial year, making RM577 million in net profit year-on-year. “It is the highest recorded turnover and profit in LTH’s 52 years of operation,” Jamil Khir told the media briefing at the fund’s office here. The fund’s finances came into public attention after a letter from Bank Negara Malaysia warning the fund that its assets were insufficient to meet its liabilities, was leaked to the public.

Last week, LTH CEO Tan Sri Ismee Ismail denied its reserves was in the negative, indicating that BNM had calculated wrongly because the central bank did not take into account the fund’s investment portfolios such as its subsidiaries, plantation assets and properties. Ismee stated further that the fund’s cash assets alone as at December 31, 2015, stood at RM10.7 billion, a point he reiterated today.

He said LTH will continue to make sound but “cautious” investment moves for 2016, taking into consideration market uncertainties. “I think we will continue with our fixed income investment portfolios, especially in real estate,” Ismee said.

Depositors are scheduled to receive their dividend payouts on February 10. LTH chairman Datuk Seri Abdul Azeez Abdul Raheem who was speaking at the same press conference said today’s announcement proves that the pilgrimage fund’s reserves are healthy unlike what was reported.

“If you look at our performance for 50 years up to 2006 the total bonus payout was about RM5 billion. But since 2006 to 2015, the bonus payouts totalled RM18 billion. “That shows our finances are strong.

Source: http://www.themalaymailonline.com/malaysia/article/tabung-haji-declares-5pc-dividend-for-2015