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Malaysia to impose new luxury goods tax from May 2024

Malaysian Prime Minister and Minister of Finance Anwar Ibrahim said on November 2 that the Government will impose new luxury goods tax from May 1, 2024 with proposed tax of 5-10% on items such as jewelries and watches.
Malaysia to impose new luxury goods tax from May 2024 ảnh 1Malaysian PM Anwar Ibrahim (Photo: The Star)

Kuala Lumpur (VNA) – Malaysian Prime Minister and Minister ofFinance Anwar Ibrahim said on November 2 that the Government will impose new luxury goods tax fromMay 1, 2024 with proposed tax of 5-10% on items such as jewelries and watches.

Speaking at a parliamentary meeting, Anwar said the Ministry of Finance is in the final stage of completing the tax policy and legislation. Theprocess of policy determination and legislation drafting has taken into accountinput received from various stakeholders through engagement sessions conductedby the ministry and the customs department.

The specifics regarding the implementation mechanism, typesof goods applicable, and the tax rates on high-value items will be disclosedonce the details are finalised and approved by the Cabinet.

Former PM Ismail Sabri Yaakob warned that the luxurytax could potentially discourage foreign tourists from visiting Malaysia forshopping purposes./.

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