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Luxury goods tax to begin in Malaysia next year

ANN/THE STAR – The High Value Goods Tax (HVGT) will be implemented on May 1, 2024, said Malaysian Prime Minister Datuk Seri Anwar Ibrahim.

“At this juncture, the Finance Ministry is in the final stages of finalising the policy and legal aspects of taxing high value goods,” the prime minister said in a written parliamentary reply dated November 1.

Anwar, who is also the Finance Minister, said the drafting of the policies and laws have taken into account the inputs received from various stakeholders through engagements through the Finance Ministry and the Customs Department.

During the tabling of Budget 2024 on October 13, Anwar announced that the government would introduce HVGT for luxury items at the rate of between five per cent and 10 per cent.

Shoppers seen infront of luxury boutiques in Kuala Lumpur, Malaysia. PHOTO: AFP
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