The new luxury tax implementation is making Malaysians feel as though it is taxed directly towards them. Most feel that it is not clearly defined on how much a “luxury” item will be taxed. Users state that the things that the ultra rich use, such as private jets are not defined in this category.
New luxury tax unpopular?
X users state that they feel the government is targeting middle class Malaysians with this new implementation. Items like gold and leather good from high end brands will be the ones to get it, and there are a number of middle class people purchasing these items with their hard earned money.
Following that, prices of these items have increased dramatically in Malaysia as well. In 2019, a pair of Gucci sneakers were RM2,500. Now they’re over RM4,000. This is due to the weakening Ringgit and price increases from these brands across the world.