Malaysia to Revise Sales Tax, Expand Services Tax to Boost Revenue from July 1

• Malaysia will revise its sales tax and expand the services tax starting July 1
• Sales tax of 5 to 10 percent will apply to non-essential and luxury goods
• Goods affected include king crab, salmon, imported fruits, racing bicycles, and antique artworks
• Services tax will now cover property rentals, construction, financial services, private healthcare, education, and beauty services
• The aim is to boost revenue and strengthen the fiscal position without burdening most people
• The expansion was delayed from May due to business concerns
• Exemptions will be in place to avoid double taxation and protect essential services
• Penalties for non-compliance will not be enforced until December 31

Source: straitstimes.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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