Malaysia State News Announces Cancellation of Implementation of High-Value Goods Tax

The Malaysian National News Agency July 30 announced the cancellation of the planned high-value goods tax (HVGT) and confirmed application of various other taxes. The announcement includes that: 1) HVGT, initially scheduled for May 2024, will not be implemented; 2) taxation of luxury and discretionary goods is integrated into the revised sales tax system at rates of 5 percent or 10 percent; 3) capital gains tax (CGT) applies, effective March 1, 2024, on gains from unlisted share transactions; 4) adjustments to the sales and services tax (SST) apply from July 1; and 5) the low-value goods (LVGs) tax applies from ...