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The government has postponed the mandatory implementation of e-invoicing for companies with annual sales between RM1 million and RM5 million, which was originally scheduled to take effect on Jan 1, Prime Minister Datuk Seri Anwar Ibrahim said. Anwar said the decision was made after feedback from businesses highlighted high implementation costs and readiness challenges, particularly among smaller companies. As a result, the government has agreed to extend the transition period for e-invoicing by another year without imposing any penalties. The extension will also include the expansion of consolidated e-invoicing facilities to businesses in the retail and building materials sectors. “We agreed to extend the transition period without penalties for another year because many have said the cost involved is very high,” Anwar said during the Prime Minister’s Department monthly assembly in Putrajaya on Monday (Jan 5). In a related move, Anwar announced that the service tax on rental services has been reduced to 6% from 8%, following concerns raised by stakeholders. The reduction is expected to cost the government nearly RM500 million in revenue. Additionally, rental services provided to micro, small and medium enterprises (MSMEs) with annual sales below RM1.5 million will now be exempted from the service tax. Anwar also said the government has agreed to extend the voluntary stamp duty disclosure programme for another six months, from Jan 1 to June 30. On income tax matters, Anwar noted that the government has paid RM22.5 billion in tax refunds, with the Inland Revenue Board (LHDN) successfully resolving 3.5 million backlogged refund cases last year. He added that all outstanding refunds for the 2023 assessment year are expected to be settled by the first quarter of this year, while refunds for 2024 are targeted to be completed by year-end. Separately, Anwar said the Cabinet has agreed to limit tax exemptions for registered manufacturers of animal feed, fertilisers and insecticides as part of efforts to lower agricultural production costs. The prime minister said the decisions were made during a special Cabinet meeting held prior to the monthly assembly.

Investment firm Baillie Gifford and Singapore’s sovereign wealth fund GIC Pte Ltd are participating in MiniMax Group Inc’s highly anticipated HK$4.8 billion (US$619 million) initial public offering (IPO) in Hong Kong, sources familiar with the matter said. The Chinese AI company, which is seen as a challenger to OpenAI, priced its IPO at the top of the marketed range. Institutional demand was strong, with bids for over 70 times the shares available to them, excluding the cornerstone tranche. More than 460 institutional bids were reportedly received. Other investors taking part include Norway’s Norges Bank Investment Management and asset manager Schroders plc. Global long-only investors and sovereign wealth funds took the majority of shares allocated to institutions outside the cornerstone tranche. MiniMax’s shares are set to begin trading on Friday in Hong Kong, amid strong interest in Chinese AI listings. In grey market trading ahead of the debut, MiniMax’s shares jumped as much as 22%, reflecting high investor anticipation. The IPO highlights China’s lean approach to AI, with firms like MiniMax and Zhipu operating with fewer resources than US counterparts such as OpenAI, while still attracting significant investor attention.

After more than 35 years on Malaysia’s stock market, Malpac Holdings Bhd is set to be delisted on Jan 13 following the rejection of its appeal for more time to submit a regularisation plan. In a filing with Bursa Malaysia on Thursday, the company said its bid for a one-year extension, submitted on Nov 24, 2025—just days before the Nov 28 deadline—was dismissed by the bourse. This comes after Malpac’s securities were suspended on Dec 9 for missing the deadline, with the delisting date previously deferred pending the appeal decision. Malpac, which began as a stockbroking firm and listed on the Main Market in December 1990, shifted its focus to oil palm plantations after divesting its stockbroking business in 2001. However, its operations were hampered by a 2002 plantation sale agreement in Teluk Intan, Perak, which became mired in long-running legal disputes, preventing the recognition of revenue from those assets. The company has reported zero revenue since its financial year ended Dec 31, 2012, and was classified as an “affected listed issuer” in February 2020, requiring it to regularise its finances to maintain its listing. Malpac was last traded at 72 sen, giving it a market capitalisation of RM54 million. At its peak in the 1990s, its share price had soared above RM11.