- Malaysia has imposed a 10 percent sales tax on the import of low-value goods sold online.
- The tax applies to goods sold online at less than 500 ringgit.
- Electronic cigarettes, tobacco products, liquors, and cigarettes are excluded from the tax.
- Sellers must register with the Royal Malaysian Customs Department if their total sales value exceeds 500,000 ringgit in 12 months.
- Shipping documents should be in Malay or English and include specific information.
- The tax period is three months, and payments should be made by the last day of the following month.
- The tax aims to level the playing field for local retailers and boost the Malaysian economy.
- Malaysia’s digital economy is expected to contribute to 25 percent of GDP and generate over 500,000 jobs by 2025.
- The digital economy is predicted to have a gross merchandise value of US$30 billion by 2025 and US$45-US$70 billion by 2030.
- E-commerce will be the main growth driver, with a predicted GMV of US$16 billion by 2025 and US$25 billion by 2030.
- Malaysia’s data center market is expected to reach US$1.57 billion by 2027.
Source: aseanbriefing.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
