Malaysia to impose new luxury goods tax from May 2024
Malaysian Prime Minister and Minister of Finance Anwar Ibrahim said on November 2 that the Government will impose new luxury goods tax from May 1, 2024 with proposed tax of 5-10% on items such as jewelries and watches.
Kuala Lumpur (VNA) – Malaysian Prime Minister and Minister ofFinance Anwar Ibrahim said on November 2 that the Government will impose new luxury goods tax fromMay 1, 2024 with proposed tax of 5-10% on items such as jewelries and watches.
Speaking at a parliamentary meeting, Anwar said the Ministry of Finance is in the final stage of completing the tax policy and legislation. Theprocess of policy determination and legislation drafting has taken into accountinput received from various stakeholders through engagement sessions conductedby the ministry and the customs department.
The specifics regarding the implementation mechanism, typesof goods applicable, and the tax rates on high-value items will be disclosedonce the details are finalised and approved by the Cabinet.
Former PM Ismail Sabri Yaakob warned that the luxurytax could potentially discourage foreign tourists from visiting Malaysia forshopping purposes./.
Heritage sites of the central localities of Thua Thien – Hue, Da Nang and Quang Nam have been nudged closer to Malaysian visitors through the promotion programme “the magical land of heritage sites” held in Kuala Lumpur on October 23.
Malaysia's workforce and talents must be encouraged and inspired to make lifelong learning and continuous personal development a priority for the country to remain strong and competitive in the future, said Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Malaysian PM Anwar Ibrahim (Photo: The Star) 
