A closer look at Malaysia’s subsidy overhaul, China’s Belt and Road repayments, and the US tax offensive shaking international allies.

Malaysia
Malaysia’s Ministry of Finance will begin targeted RON95 fuel subsidies in H2 2025. Minister Amir Hamzah emphasized proper identification of eligible citizens and hinted at using MyKad integration. Subsidy thresholds may also rise to ensure better efficiency and impact.

International
The US House has passed a ‘revenge tax’ bill aimed at nations with digital services taxes affecting American tech firms. Allies like Canada and France could face billions in new taxes, sparking fears of a global tax war. Canada’s Finance Minister warned the bill challenges economic sovereignty.

Asia
The Lowy Institute reports that China is moving from global infrastructure lender to debt enforcer. In 2025 alone, developing countries are expected to repay US$22 billion to China, straining public services in vulnerable nations. The shift raises new questions about China’s BRI legacy.

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