☕️ LHDN 2020 tax relief guide now available

Deloitte RM324 mil 1MDB scandal fine. Hedge fund giant built a system to monitor r/wallstreetbets on Reddit. Global consumer excess savings of USD2.9 tril ready to revenge spend.

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USD20 billion — the repair damage cost of the Texas winter storm to be borne by insurers.

46% of respondents (n=8,352) in a survey carried out by Institut Darul Ehsan (IDE) wants Tan Sri Muhyiddin to step down as Prime Minister as he doesn’t have the majority.

USD174,000 — monthly rental for 10,804 square foot house in, guess where? In Hong Kong, the property overlooks Victoria Harbour. Annual rental is only USD2.088 million.



  1. It’s tax season! Inland Revenue Board of Malaysia (LHDN) has put together a great infographic for you to claim your tax relief!

  2. Tealive will enter the Cambodia market after brand owner Loob Holdings Sdn Bhd has signed a master franchisee agreement with the country’s biggest F&B operator, HSC Group. Tealive targets to open 25 stores in its first five years.

  3. MyEG Services Bhd’s net profit rose 6.74% to RM75.51 million for 4QFY20 ended Dec 31, 2021 from RM70.74 million in the preceding quarter, mainly due to Covid-19 health screenings and online insurance and road tax renewal service. The company declared a final dividend of 1.7 sen per share.

  4. Deloitte PLT has agreed to a settlement of USD80 million (RM324 million) in relation to the 1MDB scandal. Finance minister Tengku Datuk Seri Zafrul Abdul Aziz said the settlement served to resolve all claims related to their fiduciary duty on auditing the accounts of 1MDB and SRC International Sdn Bhd for the 2011-2014 period. This, plus the earlier Ambank settlement of RM2.8 billion, former PM Najib Razak chances of walking away a free man in his 1MDB trial is getting slimmer. Then again, in this Bolehland, anything is possible - every organisations involved getting fined but with no culprits getting convicted.

  5. Genting Malaysia’s senior management takes 20% pay cut for three months and has asked its staff to consider salary reduction between 15 to 20% or one day no pay leave per week. The arrangement is meant to sustain the group and protect as many jobs as possible during these challenging times.

  6. Malaysia’s rubber exports surged by 75.6% in 2020 compared to 2019, total of RM40.96 billion worth of rubber products were exported in 2020. Malaysia has been supplying more than 60% of the world’s demand for rubber gloves.

  7. Minister in PM’s Department Datuk Takiyuddin Hassan mentioned the The Cabinet has advised Yang di-pertuan Agong that there will be no Parliament sessions during the Emergency Proclamation. The suggestion is based on “science and data” — many of MPs are in the high risk group. If they are going to be vaccinated by May 2021, Parliament should be able to reconvene by then.


  1. The US proposed Ultra-MIllionaire Tax Act would have raised USD114 bil in 2020 from US billionaires according to 2 tax groups, Americans for Tax Fairness and the Institute for Policy Studies Project and Inequality. US has approximately 650 billionaires with collective wealth of more than USD4.2 tril

    The nation’s top 4 richest individuals at the end of 2020 would have paid the following Ultra-Millionaire taxes:

    1/ Jeff Bezos: USD5.7 bil tax on USD191.2 bil wealth

    2/ Elon Musk: USD4.6 bil tax on USD153.5 bil wealth

    3/ Bill Gates: USD3.6 bil tax on USD120 bil wealth

    4/ Mark Zuckerberg: USD3 bil on USD99.9 bil wealth

  2. After the GameStop saga, the investing fraternity is starting to pay more attention to r/wallstreetbets, the Reddit community that kickstarted the battle between retail investors and Wall Street investors. Man Group, the world’s largest publicly listed hedge fund with assets of USD123.6 bil has said that it has built a system to track hot topics that are being discussed on this forum, which currently has 9.4 mil members. Man Group is known for their computer-driven quant funds. 

  3. The global economy is set for recovery as consumers in the world’s largest economies have saved USD2.9 tril during the pandemic, a large hoard of cash that will unleash a revenge spending when the economies normalised. 

    Half of this, USD1.5 tril is in the US alone, USD430 bil from China, USD300 bil from Japan, USD160 bil from UK, USD465 bil from the Eurozone. Though not all will be spent,  with some prudent households saving it for rainy days or to pare down debt levels, a large part will be spent as consumers’ pent-up demand will drive spending.

    Expect for inflation to rise - more cash in the economy but with the global supply chain being underinvested during the pandemic would bid up prices. It would be interesting to know the concentration of this cash in the population, pre and post pandemic as this will give a picture of the changing landscape of inequality - for the better or worse. 

  4. Petaluma, a small city in California, US, became the first city in the US to ban the construction of new gas stations and pumps to encourage the efforts to add EV charging plugs and alternative-fuel stations. The existing 16 gas stations in this city can continue to operate but won’t be able to add new pumps and only EV charging plugs.

    Though this number is insignificant in the grand scheme of things, at least it gets the ball rolling and will inspire other city councils to emulate similar effort. 

  5. Sea Ltd, the parent company of Shopee and Garena, reported a revenue of USD4.4 bil in 2020, up 101% from a year earlier of USD2.2 bil. Fortunately, its losses grow less than proportionately from USD1.45 bil to USD1.62 bil, a 11.4% increase in net losses. 

    Key highlights of its 2020 performance (infographic here):

    1/ Shopee

    Gross orders: 2.8 bil, +132.8% yoy from 1.2 bil 

    GMV: USD35.4 bil, +101.1% yoy from USD17.6 bil 

    2/ Gaming

    Q4 active users: 610.6 mil, +72.1% yoy from 354.7 mil 

    Q4 paying users: 73.1 mil, +119.5% yoy from 33.3 mil

    3/ Digital Financial Services

    Annual total payment volume: USD7.8 bil 

    Q4 paying users: 23.2 mil

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