Following the budget roll out for 2024, Sin Chew Daily has reported that the government will be raising the Sales and service tax (SST) from the initial 6% to 8%.
Budget 2024: SST Tax rate to increase from 6% to 8% for selected industries
Prime Minister Anwar Ibrahim has announced that the SST tax rate will be increased. However, in an attempt to not burden the nation, the SST rate will remain as 6% for the food and beverage and telecommunications industry.
Other than that, the government is also looking at the expansion of taxable services, such as logistics, brokerage, underwriting and karaoke services. In addition to that, the government will also be imposing a 10% Capital Gains Tax, for the disposal of unlisted shares by local companies based on their net gains.
Source: NST Online
“This will be effective by March 1”, said the Prime Minister.
In addition to that, a High-Value Goods Tax will also be implemented to luxury items such as jewelry and watches. It was reported that the tax will be a rate of 5 to 10% and these high-value items would be taxed based on the threshold value of the goods.
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