UCSF holds third financial literacy for the year
27 December 2024
KOTA KINABALU: The University College Sabah Foundation (UCSF) held its third Financial Literacy Talk of the year at the UCSF Lobby, recently, focusing on the topic of taxation.
Datuk Dr. Rafiq Idris, who officiated at the event, highlighted the additional value of the Financial Literacy Programme, which is made available to all students beyond their regular coursework. "Our objective is to raise awareness about financial matters," he stated.
"We aspire to produce students who are not only green literate but also digitally and financially literate.”
The talk featured Madam Barbara James, a newly retired tax expert from Internal Revenue Board (LHDN), who provided an in-depth presentation on the various types of taxes—both direct and indirect—and explained how tax revenues fund essential services such as national security, infrastructure development, healthcare, education, and social welfare.
Madam James also discussed taxable income in the context of emerging economic activities, such as e-hailing services, influencers on platforms like TikTok and YouTube, freelancing, photography, and personal shopping. She emphasized how these activities can incur income tax obligations and highlighted the role of tax relief in reducing payable income tax. Additionally, she touched upon contemporary policies, such as the introduction of e-invoicing.
Dr. Frederica Mojilis, Coordinator of the Financial Literacy Programme at UCSF and the second speaker, elaborated on how indirect taxes—including Export Duty, Import Duty, Excise Duties, Sales and Service Tax, and Tourism Tax—affect consumer behaviour and other economic variables.
The event attracted over 200 students, who engaged actively with the material presented. It is hoped that initiatives like this will stimulate students' interest and enhance their financial understanding.
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