- Malaysia has released a guide on new low-value import sales tax rules
- The rules will be implemented from 1 January 2024
- The guide covers accounting and record keeping procedures, refunds processes, penalty regime, and importation procedures
- Currently, there is an exemption threshold of MYR 500 for import sales tax
- From 1 January 2024, this threshold will be removed
- Non-resident providers will have to charge sales tax at a rate of 10% to consumers
- There will be an annual sales tax registration threshold of MYR 500,000.
Source: fiscalsolutions.co.uk
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.
