The government is imposing a luxury goods tax in what PM Anwar Ibrahim says as part of a more progressive approach to broaden the tax base.
The Finance Minister said the government planned to introduce the luxury goods tax this year on items such as luxury watches and fashion items.
The government would conduct a study to introduce a low-rate capital gains tax for the disposal of unlisted shares by companies from 2024 but there are NO plans to implement a broad-based consumption tax such as the Goods and Services Tax (GST).
“Most people are still struggling, food inflation is over 5%, wage rates are still low, so now is not the right time and place to introduce and implement it,” he says.
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