Malaysian PM Anwar Ibrahim (Photo: The Star) Kuala Lumpur (VNA) – 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.
Speaking at a parliamentary meeting, Anwar said the Ministry of Finance is in the final stage of completing the tax policy and legislation. The process of policy determination and legislation drafting has taken into account input received from various stakeholders through engagement sessions conducted by the ministry and the customs department.
The specifics regarding the implementation mechanism, types of goods applicable, and the tax rates on high-value items will be disclosed once the details are finalised and approved by the Cabinet.
Former PM Ismail Sabri Yaakob warned that the luxury tax could potentially discourage foreign tourists from visiting Malaysia for shopping purposes./.
