The Issue of TPPA

Assalamualaikum, hey guys.

I've been long time not update my blog. So today, I want to  share with you guys about something new for me which is Trans-Pacific Partnership Agreement (TPPA). Actually, I don't really understand about this issue, but I will tell you all based on what I have read in newspaper and online sources.

WHAT IS TPPA?

TPPA is a “free trade” agreement currently under negotiation between Asia-Pacific countries such as Australia, US, New Zealand, Canada, Mexico, Chile, Brunei, Malaysia and Vietnam. TPPA is one of the liberalization of the market in which the member states are free to do business in a member state in the open market with the concept of globalization. This agreement started as Trans-Pacific Strategic Economic Partnership agreement between Brunei, Chile, Singapore and New Zealand that came into force on 1st May 2006.

In 2008, United States expressed their interest in entering into talks with the four countries to liberalize trade in financial services and Australia, Vietnam and Peru followed suit. Malaysia joined in 2010, and in 2012 Canada and Mexico were joined into that talks. 

The problem with this agreement is all deliberations of TPPA was made in secret and all text of that discussion has been secret until four years after the agreement was signed. when asked why need to be secret, then the government said this agreement is good for the country because we make it easier for our goods to enter into foreign markets.The question is, if TPPA is so beneficial, why the text of the agreement that is being negotiated was not presented to the public? Why need to be secret?

For your information, this agreement have some negative impacts that we need to know:

1) Almost 80% of the price of medicines will be expensive, it can be reach until 1000% from current prices. This is because of the generic medicines that was more cheaper cannot be sold anymore as Malaysia was bonded using patented medicines that produced by pharmaceutical companies from abroad. The effect will be difficult for the patients that have low and middle income because the cost to get the medicines will be very high. What is the fate of many people in our country later?

2) The government can be sued by foreign investors in the international tribunal based in Washington and Geneva if there are government policies that could harm the rights of foreign investors and hinder their commercial activities. It certainly affect the government's jurisdiction in determining what is best for the people and the country.

I think, that's all for today. Lastly, I want to apologize if I have misunderstand about this issue.

GST in Malaysia

Bismillahirrahmanirrahim.
My next post is about GST in our country. Do you understand what is GST? Let me tell you a little bit about GST in Malaysia.

Goods and services tax (GST) which is also known as Value added tax (VAT) in many countries is a multiple-stage consumption tax on goods and services. GST is levied on the supply of goods and services at each stages of the supply chain from the supplier up to the retail stage of the distribution. Even though GST is imposed at each level of the supply chain, the tax element does not become part of the cost of the product because GST paid on the business input s is claimable.

The comparision of GST rate in Malaysia with other countries

Seven month into GST era, the Goverment has forecasted the revenue from GST to be RM 27 billion, which equates to about RM 3 billion per month. The average GST returns submission rate is also well over 90% based on statistic released by the Royal Malaysia Custom (RMC).

Journey continues for GST compliance in Budget 2016

As announced by the Prime Minister during the recent tabling of the Budget 2016, the projected GST revenue for 2016 is RM 39 billion and this represents a healthy net increase  of RM 21 billion from RM 18 billion that was expected to be collected inder the previous sales and service tax regime.

However, the experience has not been as positive when it come to the GST refund process. The month of June 2015 marked the initiation of the GST refund process by the RMC and delay in the refunds were experience.

It has been proved that lack of GST knowledge and support give a burden for most finance functions to make the obligation of filing GST return on monthly basis. To remedy the situation, affected business should ensure that their GST reporting function is well-resourced; possessed relevant GST competencies; is guided by well-documented SOPs; and keeps abreast of updates to the GST legislation.

An effective GST reporting structure will provide peace of mind to the various stakeholders of the business and keep penalties at bay.

Latest News of Sime Darby Palm Oil in Malaysia

Bismillahirrahmanirrahim.
Yesterday I have read the news about Sime Darby at online sources. It state that Sime Darby favours increasing yields over new plantations. The world's top oil palm planter by land size said that Malaysia's Sime Darby Bhd plans to focus on improving the yields at its current palm oil plantations more than relying on planting new areas to grow.

PAlm oil plantations have been accused of starting widespread forest fires due to slash-and burn land clearing activities in the Sumatera and Borneo islands of Indonesia, leading ti choking smoke and haze across Southeast Asia in recent months.

"The age of expension is going to be very difficult and is going to get more difficult"- Simon Lord

Simon Lord, who are Sime Darby's group chief sustainability officer, told Reuters in an interview on Monday ahead of Roundtable Conference on Sustainable Palm Oil in Kuala Lumpur that the age of expension is going to be very difficult and is going to get more difficult.

Palm companies also have other reasons to improve productivity. The El Nino weather event is expected to lower fresh fruit bunch yields across the world's largest palm producer, Indonesia.

"There was room to expand in Africa and in Asia, such as in the Philipines" said Sime Darby Lord. He also said there is potential to expand there, but it's about wise and sustainable expansion.

Sources from- the star online

The Benefits of Social Security

Bismillahirrahmanirrahim..
From my first post for today, I have share about social security. Now, I want to share with you guys the benefits of social security.

For your information, social security have a lot of benefits such as:

1. Disability benefits by SOCSO
SOCSO offers two insurance scheme which arr the Employment Injury Insurance scheme and the Invalidity Insurance scheme. SOCSO covers industrial accidents, occupational diseases, accidents, invalidity or death. Further benefits, including further specific benefits.

2. Retirement benefits by EPF
The Employment Provident Fund (EPF) or Kumpulan Wang Simpanan Pekerja (KWSP), was initially introduced as a saving scheme only. It still covers the pension funds, but now employees are allowed to withdraw their savings for specific purpose like house ownership and medical purposes. The employer pays a contribution rate of 12% of the worker monthly rate, while the employee contributes 11%.

3. Maternity benefits
This benefits is for pregnant woman. They are eligible to maternity benefits from any day within 30 days before the date for the childbirth. They are entitled to 60 paid days during the maternity leave. But it is under the condition that they have been employed for at least 90 days within the 4 month period proceding the childbirth and they must not have more than 5 children.

Thats only three of social security's benefits that I have stated above. For more information, you can find the information about social security and its benefit and how to apply it at this link:
For SOCSO, http://www.perkeso.gov.my
For KWSP/EPF, http://www.kwsp.gov.my

The Paris Attact

Hye, my next post for today is about new insident that be the talk of the people around the world.

Recently, we were shocked by the insident of Paris attact. There were 129 people had been killed and another 352 were injured, with 99 in critical condition. It has been confirm by Paris presecutor Francois Molins. French officials said 7 attacker operated in 3 teams throughout the city.

ISIS claimed responsibility for the attacks and a Syrian passport was found on the body of suicide bomber at the Paris stadium. Police said that one of the bombers was a young Frenchman previously flagged for links to Islamic extrimism. "The man was among the attackers who blew up himself after a rampage and hostage-taking in a Paris concert hall," said officials. French authorities are urging any witnesses to come forward.

The country's justice minister said the Belgian police have arrested multiple people during a raid in Brussels neighborhood related to the attacks.

France is already bombing ISIS targets in Syria and Iraq as part of the US-led coalition, and has troops fighting extremists in Africa.

There were at least 6 attacts:

• The Bataclan concert hall
• Stade de France (the national stadium)
• La Carillon bar in the 10th arrondissement
• La Petit Cambodge in the 10th arrondissement
• La Bella Equipe in the 11th arrondissement
• La Casa Nostra in the 11th arrondissement

What is Social Security

Assalamualaikum guys. Today, I want to update my blog about something that I have read 4 days ago which is about social security.

Do you know what is social security? Based on what I understand, social security is the foundation of economic security that provides monetary assistance to people who retirees, disabled person, and families of retired, disabled or deceased workers.

In Malaysia, social security provided by SOCSO, the Social Security Organization. At the same time, the Employment Provident Fund (EPF) supplys benefits which are predominantly for retirement purpose. It also provides withdrawal schemes for specific purpose.

What Is SOCSO?
SOCSO is funded by contributions from both the employer and the employee. The amount paid into the scheme depends on an employee's earning. It is the responsibility of employer to ensure that their employees are registered with SOCSO.

Foreign workers are no covered by SOCSO, but under the 1952 Worker's Compensation, they are eligible for employment injury compensation.

What Is EPF?
EPF is essentially a savings fund with contributions made by the employer and their employees. The amount paid in is proportional to an employee's wage. All employees, with the exception of domestic workers and the self-employed are required by law to make payments to the EPF.

The contribution to the SOCSO and EPF are compulsory, this means employee and employer is obligated to pay a certain amount of the employee's monthly wage into these fund.

This is the way how to calculate our EPF

Private Consumption Going Drop

Assalamualaikum, hye everyone. Today I want to share with you all about something that happen in our economy.

According to some economists, gross domestic producf (GDP) growth moderately of 4.7 per cent in the third quarter this year was largely due to the deceleration in private consumption.

Dr Yeah Kim Leng, who dean of the Business School at the University of Science and Technology Malaysia said that private consumption had falling down to 4.1 per cent from 6.4 per cent in the previous quarter.

Quote of Juergen Michels

"Consumer  spending appears to have been more adversely impacted by the Goods and Services Tax, weak commodity prices, job losses and the overall uncertainties facing the global and domestic economies," Yeah told Bernama yesterday.

"However, the turnaround in export and better private investment performance help arrest the slide in consumer sentiment," he added.

"GDP growth was slightly below its forecast of 4.8 per cent but still within its expectation. We had expected that private consumption would be the cause of the slowdown, while investment and net export would rebound, particularly due to Malaysia's strong export performance in August and September," said Izzuddin Yussof, research economist at the Malaysian Industrial Development Finance Berhad (MIDF).

Ringgit falling down

He said the recent weakening of ringgit has helped the export industrial, while putting further pressure on our domestic consumption. MIDF research forecast GDP for the fourth quarter to be at 4.6 per cent, and at 5 per cent for the full year 2015.

"The economy is likely to start to rebound in the second quarter next year," he added.

-sources of Bernama.