Malaysia to impose 5-10% tax on goods, 6% on services
[KUALA LUMPUR] Malaysia will impose a tax of between 5 per cent and 10 per cent on the sale of goods, while services will attract a 6 per cent levy when a new tax regime comes into effect on Sept 1, the country's customs chief Subromaniam Tholasy said on Thursday.
The Sales and Services Tax (SST) is being reintroduced after the government led by Prime Minister Mahathir Mohamad repealed an unpopular goods and services tax (GST) earlier this month.
The GST, which covered a broader range of items and services compared with the SST, had been set at 6 per cent.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons