Well the time has come… to pay more and not receive more?

Based on reports, starting March 1, 2024, SST is set to increase from 6% to 8%. This means that more money to the government when you buy things. 

The new rates has said to exclude services such as food & beverages and telecommunication. It will only be limited to selected services and industries.

Taxable services are also to expand to include logistics, brokerage, underwriting and karaoke services. These services are currently not subjected to service tax.

Besides that, the government will begin implementing capital gains tax on the disposal of unlisted shares by local companies at a rate of 10%. 

This may be exempted under selected circumstances, such as the disposal of shares for initial public offerings (IPOs), internal restructuring, and venture capital firms subject to set conditions.

Malaysia’s PM also proposed the implementation of high-value goods tax at a rate of 5-10% on certain high-value items. These include jewelleries and watches, based on their value threshold.