A tribunal has ruled that Singapore must not impose development charges on a parcel of Malaysian Railways (KTM) land which was to be jointly developed by the Republic and Malaysia.
Channel News Asia today reported that the Permanent Court of Arbitration in The Hague has ruled in favour of Malaysia’s arguments that no extra land tax was needed to be paid by M+S Pte Ltd -- a joint investment company co-owned by Malaysia's Khazanah Nasional and Singapore's Temasek Holdings -- on three plots of land.
The tax dispute arose in September 2010 after Singapore Prime Minister Lee Hsien Loong and Malaysian Prime Minister Datuk Seri Najib Razak announced that the countries had different perspectives relating to the development charges on the Keppel (or Tanjong Pagar), Kranji and Woodlands plots, lands formerly occupied by KTM in Singapore.
"Both Singapore and Malaysia are satisfied with the arbitral process and affirm that both countries were afforded the opportunity to fully present their case on the issue.
“Singapore and Malaysia have agreed to abide by and fully implement the decision of the Tribunal. By resolving this matter through third party arbitration, both countries have demonstrated our common commitment to settling disputes in an amicable manner, in accordance with international law.
"The full and successful implementation of the POA (Points of Agreement) has paved the way for joint development projects and closer collaboration between Singapore and Malaysia. Both countries look forward to working closely together to further strengthen and broaden our bilateral cooperation," the two governments' foreign ministries' said in a joint statement today.
In the Malaysia-Singapore 1990 POA, KTM agreed it would vacate its former railway land in Singapore, to be handed over for development by M+S Pte Ltd.
However, the countries held differing views on the development charges -- reportedly in the region of S$1.4 billion (RM3.6 billion). The dispute remained unresolved over the next two decades.
Najib, meanwhile, welcomes the tribunal's decision.
Astro Awani
Fri Oct 31 2014
Filepic of Najib and Lee
Bersatu ambil tindakan susulan terhadap enam ahli Parlimen - Muhyiddin
Bersatu sedang melaksanakan tindakan susulan terhadap enam ahli Parlimennya yang menyokong Perdana Menteri selepas meminda Perlembagaan parti bulan lalu.
'Made in Malaysia' - Apple punyai 19 kilang pembekal di negara ini
Malaysia merupakan salah satu negara yang mempunyai beberapa kilang pembekal yang menawarkan komponen kepada Apple.
SPRM lancar bilik gerakan PRK Kuala Kubu Baharu
SPRM melancarkan bilik gerakan, bagi membolehkan orang ramai menyalurkan maklumat serta aduan berkaitan perbuatan rasuah dan salah guna kuasa.
WEF anjur mesyuarat khas di Arab Saudi ketika suhu geopolitik Asia Barat memanas
WEF keluar dari kelazimannya dengan menganjurkan mesyuarat khas dua hari, 28-29 April 2024 di Riyadh, Arab Saudi.
Kerajaan rangka hala tuju beri lebih banyak perlindungan kepada kanak-kanak
Kerajaan akan merangka hala tuju bagi memberikan lebih banyak perlindungan dari segi undang-undang kepada kanak-kanak di negara ini.
Tiada tepung di pasaran tempatan mengandungi benzoil peroksida melebihi kadar dibenarkan - KKM
Tiada mana-mana jenama tepung di pasaran tempatan mengandungi benzoil peroksida melebihi paras yang dibenarkan di bawah undang-undang.
Freedom Flotilla to Gaza: Semua delegasi diminta pulang, FFC akan maklumkan tarikh baharu misi
Menurut Jawatankuasa Pemandu FFC, Ann Wright, pihaknya akan memaklumkan perkembangan terbaharu kepada semua delegasi terlibat sekiranya tarikh akhir pelayaran ditetapkan.
Bytedance enggan jual TikTok di Amerika Syarikat
BYTEDANCE kini mengatakan mereka tidak akan menjual perniagaan TikTok di Amerika Syarikat (AS).
Malaysia komited tingkat hubungan dua hala bersama Libya
Malaysia terus komited mempertingkatkan hubungan dua hala yang berterusan bersama Libya demi manfaat bersama dalam pelbagai sektor.
Cegah jenayah: Kerjasama komuniti kekang jenayah secara holistik
Jelasnya, program seumpama ini diharap dapat memberikan pendedahan tentang pencegahan jenayah dan menzahirkan aspirasi PDRM untuk penglibatan aktif warga komuniti dalam memerangi aktiviti jenayah.