#Budget2023: Government To Introduce Tax For Luxury Goods & Discontinue GST
The Finance Minister stated that the government will not continue the implementation of GST due to inflation of the cost of food and a low minimum wage.
By Aqasha Nalani — 24 Feb 2023, 04:52 PM — Updated over 1 year ago
Finance Minister Datuk Seri Anwar Ibrahim announced that the government will no longer levy Goods and Services Tax (GST) on the general public
During the tabling of Budget 2023 today, 24 February, Anwar, who is also the current Prime Minister of Malaysia, stated that the government will not continue the implementation of GST due to inflation of the cost of food and a low minimum wage.
The premier went on to say that certain luxury items, such as luxury watches and skincare, will have to be taxed appropriately
"The government is suggesting introducing a tax on luxury items starting this year," he said.
In line with international best practices, the government will study the introduction of a capital gains tax – at a low rate – for the disposal of unlisted shares by companies from 2024.
The government will hold an engagement session with relevant stakeholders.
