The High-Value Goods Tax (HVGT), which was supposed to be implemented from May 1, 2024, has been put on hold. It was reported that this is due to the finance ministry’s postponement in presenting the bill to parliament.
According to The Edge, the delay in the bill was due to disagreements over the definition of “high-value goods” and the price range of items that would be subject to the tax, this despite dialogues and consultations having been made with retail industry players and tax professionals.
The deferment of the new tax, which is to be imposed on luxury or big-ticket items at a rate of between 5% and 10% as announced during the tabling of Budget 2024, was confirmed by deputy finance minister Lim Hui Ying, who told The Star that the government will continue engaging with the industry to ensure the tax principles and legislation can be formulated and drafted carefully.
The ministry, she said, is in the final stage of refining certain matters related to the tax structure, especially the type of goods categorised as “high-value” as well as the threshold determination and tax rates.
“HVGT will only be imposed on certain goods categorised as high value. Fundamentally, low-income groups will not be affected by its implementation because they are unlikely to purchase high-value goods,” she said in a written reply to the news publication.
“The government will announce the new implementation date of the HVGT later,” she said. She added that the HVGT will not be imposed in designated areas including Labuan, Langkawi, Pangkor and Tioman, as well as special areas such as free zones and licensed warehouses. Langkawi is of course a haven for supercars, not always in a good way.
Initially, it was stated that jewellery over RM10,000, watches above RM20,000 and cars priced beyond RM200,000 would be subject to the HVGT. However, it was not detailed how this would be applied, and how the thresholds would be defined.
The post High-Value Goods Tax implementation put on hold, finance ministry says gov’t to announce new date later appeared first on Paul Tan's Automotive News.
Commercials Cooperation Advertisements:
(1) IT Teacher IT Freelance
立刻註冊及報名電腦補習課程吧!
电子计算机 -教育 -IT 電腦班” ( IT電腦補習 ) 提供一個方便的电子计算机 教育平台, 為大家配對信息技术, 電腦 老師, IT freelance 和 programming expert. 讓大家方便地就能找到合適的電腦補習, 電腦班, 家教, 私人老師.
We are a education and information platform which you can find a IT private tutorial teacher or freelance.
Also we provide different information about information technology, Computer, programming, mobile, Android, apple, game, movie, anime, animation…
(2) ITSec
www.ITSeceu.uk
Secure Your Computers from Cyber Threats and mitigate risks with professional services to defend Hackers.
ITSec provide IT Security and Compliance Services, including IT Compliance Services, Risk Assessment, IT Audit, Security Assessment and Audit, ISO 27001 Consulting and Certification, GDPR Compliance Services, Privacy Impact Assessment (PIA), Penetration test, Ethical Hacking, Vulnerabilities scan, IT Consulting, Data Privacy Consulting, Data Protection Services, Information Security Consulting, Cyber Security Consulting, Network Security Audit, Security Awareness Training.
Contact us right away.
Email (Prefer using email to contact us):
SalesExecutive@ITSec.vip