- Significant developments in indirect tax this year include sales tax on low-value goods, increase in service tax rate, expanded scope of taxable services, and new excise duty on pre-mixed preparations
- Businesses focused on ensuring compliance with regulatory changes
- Budget 2025 may see a reform to a more broad-based consumption tax system in Malaysia
- Potential reintroduction of goods and services tax or value-added tax widely debated
- Delayed high-value goods tax could see a revival
- Excise duty for sugar-sweetened beverages increased, additional tax on sugary drinks may be imposed
- Budget 2025 to focus on strategies to mitigate inflation and rising cost of living
- Sales tax a key contributor to Malaysia’s indirect tax revenue, potential for review of rates or reclassification of goods
- Streamlining service tax intricacies to promote compliance and ease of doing business in Malaysia.
Source: thestar.com.my
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.
