Malaysia to tax luxury watches and other expensive fashion items starting this year

Prime Minister Anwar said that as part of efforts to improve the current economic situation and reduce the cost of living, the Malaysian government will introduce a luxury goods tax rather than reintroducing the goods and services tax (GST) introduced during the Najib Razak government. announced that it had been decided. Mr. Ibrahim is deliberating the 2023 budget bill in parliament today.

Anwar, who also serves as finance minister, insisted that Putrajaya would focus on more progressive additional taxes for those who can afford it.

“The government has not decided to reintroduce a broad consumer-based tax like GST. In my opinion, now is not the time to implement it and implement it.

“The government will take a more progressive approach, with new ways to raise taxes on those who can afford it.”

He informed the House that his government plans to introduce a luxury goods tax this year.

Luxury watches and expensive fashion items are also among the items subject to tax.

Compared to the amount announced by former Finance Minister Tunku Zafrul Abdul Aziz in October last year, the total allocation in the 2023 budget has increased to RM386.1 billion.

The allocation announced today is the highest ever and 16.3% higher than the budget enacted under the leadership of Ismail Sabri Yacoub.

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