The Retabled Budget 2023 Speech was read by the Minister of Finance in the Dewan Rakyat. At the time of writing, the Finance Bill, which will enact the changes into law has not been released. The following area will have proposed changes:
- Special Voluntary Disclosure Program;
- Introduction of Luxury Goods Tax;
-
Extension of excise duty and sales tax exemptions on locally assembled electric vehicles (“EVs”);
-
Extension of import duty and excise duty exemptions on imported EVs, etc.,
Attached the link for the detailed information.
Latest Posts in "Malaysia"
- Malaysia Issues Sales Tax Exemption Guidance for Manufacturers; Refund Applications Due by November 30, 2025
- Malaysia’s 2025 Tax Reforms: Mandatory E-Invoicing, MSME Support, and New Foreign Tax Branch
- Malaysia Expands E-Invoice Restrictions to Electricity and Telecom Sectors Starting 2026
- Malaysia prohibits consolidated e-invoices for additional transactions
- Malaysia Expands E-Invoicing Requirements to Broader Scope
