News & Reviews:   Finance Ministry

The Finance Ministry has revealed that ‘Buy Now Pay Later’ (BNPL) transactions by local consumers in Malaysia reached RM7.1 billion last year. He added that RM4.9 billion in BNPL transactions were recorded in the first half of the year and jumped to RM7.1 billion by December 2024.

The Ministry of Finance (MOF) revealed that the Digital Service Tax raked in RM1.6 billion in revenue in 2024. MOF announced the figure in a written Parliamentary reply yesterday (18 February) to a question by Bera MP and former Prime Minister Datuk Seri Ismail Sabri Yaakob.

Deputy Finance Minister Lim Hui Ying in Dewan Rakyat today revealed that Bank Negara Malaysia (BNM) is considering taking supervisory actions and imposing penalties on violations of regulatory provisions under its supervision. These include recent incidents of online banking service outages.

Transport Minister Anthony Loke Siew Fook has revealed that the Cabinet will discuss maintaining the service tax for domestic flights at 6% instead of 8% as per the new service tax rates. He added that his Ministry will also discuss the matter with the Finance Ministry (MOF) since taxes fall under the latter’s purview.

Previously, we reported on the new initiative by the Federal Government which would provide RM100 of e-Tunai or e-Wallet credits to Malaysians earning less than RM100000 annually. Now, the Ministry of Finance (MOF) has commented on the initiative, saying that it is ready to expedite the e-Tunai's rollout.

Finance Minister Tengku Datuk Seri Zafrul Tengku Aziz has assured Malaysians that the decision by two Mobile Network Operators (MNO) to reject holding stakes in Digital Nasional Berhad (DNB) doesn’t have a huge financial impact on the government. This is because there are several local and foreign banks that are ready to finance the 5G network implementation in Malaysia.