- Dewan Rakyat in Malaysia passed the Sales Tax (Amendment) Bill 2024
- The bill introduces changes to the Sales Tax Act 2018
- Sales tax will now be imposed on goods manufactured on Island 1
- Retail approval from the Minister is required to retail items on the island
- Applications for retail approval must be submitted as specified
- Valuation of taxable goods will be determined according to new provisions
- Penalties are established for noncompliance with the new regulations
Source: globalvatcompliance.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.
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