The government has announced a number of tax reforms during the Budget 2024 presentation, which include raising the service tax to 8% and introducing a luxury goods tax.
presentation in parliament today. In it, among the new policies mentioned was increase in service tax from the current rate of 6% to 8%.
According to the Prime Minister, despite the plan to increase in service tax to 8%, the government still does not want to burden the rakyat too much. As such, this increase will not apply to several key areas, namely the telecommunications and the food and beverage industry, as well as car parks.
This comes as the government looks to increase their revenue so that it can fund further efforts to help the public. In fact, it is also not the only new major tax reform that the government is looking to introduce next year.Also mentioned during the Budget 2024 speech was the plan for a new luxury goods tax. This was actually first revealed in the previous revised Budget 2023 presentation earlier this year, but appears to have been pushed to next year instead.
During the Budget 2024 speech, the Prime Minister notes that the government will be seeking to enact new laws that will introduce a luxury goods tax set at between 5 to 10 percent. This will cover certain luxury goods such as jewellery and watches, with the luxury tax applied based on the value of the product.Lastly, the government will also be looking to enforce the implementation of a Capital Gains Tax for the disposal of unlisted shares by domestic companies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bursa Malaysia extends gains to open higher ahead of Budget 2024KUALA LUMPUR: Bursa Malaysia extended yesterday’s gains at the opening bell today, taking its cue from Wall Street’s better performance overnight amid...
Read more »
Bursa Malaysia extends gains to open higher ahead of Budget 2024KUALA LUMPUR, Oct 12 — Bursa Malaysia extended yesterday’s gains at the opening bell today, taking its cue from Wall Street’s better performance overnight amid traders...
Read more »
Anwar to table Malaysia Madani 2024 budget this afternoonKUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim will be tabling the Malaysia MADANI 2024 Budget at Dewan Rakyat this afternoon. This will be the...
Read more »
PM Anwar to table Malaysia Madani 2024 Budget this afternoonKUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) is expected to be mildly negatively impacted on fewer passengers and potential provision for doubtful debts following the suspension of MYAirline Sdn Bhd's (MYAirline) operations, said Maybank Investment Bank (Maybank IB).
Read more »
Malaysia Budget 2024: How to watch it live at 4pmMalaysia's Budget 2024 will be broadcasted live today at 4pm. Here's what to expect and where you can watch it.
Read more »
Malaysia Budget 2024 - How and Where you can watch itDeath, taxes, and Malaysia’s annual budget. These are some of the permanent things in life. That said, you don’t want to miss out on this historic e
Read more »