Latest news with #HighValueGoodsTax
Borneo Post
30-07-2025
- Business
- Borneo Post
Malaysia drops High Value Goods Tax, leans on expanded SST instead
Amir Hamzah says the principle of HVGT has been embedded into the revised sales tax system, where luxury and discretionary items are now taxed at higher rates of 5 or 10 per cent. – Bernama photo KUALA LUMPUR (July 30): The government has decided not to proceed with implementing the High Value Goods Tax (HVGT), Finance Minister II Datuk Seri Amir Hamzah Azizan said in a written parliamentary reply yesterday. In a written parliamentary reply to Jempol MP Datuk Shamshulkahar Mohd Deli, he said the principle of HVGT has been embedded into the revised sales tax system, where luxury and discretionary items are now taxed at higher rates of 5 or 10 per cent The government expects to collect RM5 billion in additional revenue this year from the July 1 expansion of the Sales and Service Tax (SST), with the amount projected to double to RM10 billion in 2026, he explained. Amir Hamzah added that the targeted diesel subsidy programme is saving the government up to RM600 million a month. The Low Value Goods (LVG) tax, which came into effect on January 1 2024, generated around RM500 million in revenue this year. Meanwhile, the Service Tax on Digital Services (SToDS) brought in RM1.6 billion in 2024, after being imposed since January 2020. The Capital Gains Tax (CGT), effective from March 1, 2024, is estimated to yield RM800 million annually, although the final amount will only be known after corporate taxpayers file their returns. Amir Hamzah clarified that the government has no plans to introduce a separate digital goods tax, as digital services are already taxed under the existing service tax framework. Amir Hamzah Azizan high-value goods tax
New Straits Times
30-07-2025
- Business
- New Straits Times
Finance Ministry discontinues High Value Goods Tax
KUALA LUMPUR: The government will no longer proceed with the implementation of the High Value Goods Tax (HVGT), the Finance Ministry said in a written parliamentary reply last night. The ministry was responding to Datuk Shamshulkahar Mohd Deli (BN-Jempol) who sought the Finance Minister to clarify the projected increase in national income resulting from the implementation of fiscal reforms. These include the introduction of high value goods tax (HVG), digital goods tax (DGT), capital gains tax (CGT) and low value goods tax (LVG), as well as the expansion of Sales and Services Tax (SST) and the rationalisation of existing and upcoming subsidies.
Malay Mail
30-07-2025
- Business
- Malay Mail
Malaysia drops High Value Goods Tax, leans on expanded SST instead
KUALA LUMPUR, July 30 — The government has decided not to proceed with implementing the High Value Goods Tax (HVGT), Finance Minister II Datuk Seri Amir Hamzah Azizan said in a written parliamentary reply yesterday. In a written parliamentary reply to Jempol MP Datuk Shamshulkahar Mohd Deli, he said the principle of HVGT has been embedded into the revised sales tax system, where luxury and discretionary items are now taxed at higher rates of 5 or 10 per cent The government expects to collect RM5 billion in additional revenue this year from the July 1 expansion of the Sales and Service Tax (SST), with the amount projected to double to RM10 billion in 2026, he explained. Amir Hamzah added that the targeted diesel subsidy programme is saving the government up to RM600 million a month. The Low Value Goods (LVG) tax, which came into effect on January 1 2024, generated around RM500 million in revenue this year. Meanwhile, the Service Tax on Digital Services (SToDS) brought in RM1.6 billion in 2024, after being imposed since January 2020. The Capital Gains Tax (CGT), effective from March 1, 2024, is estimated to yield RM800 million annually, although the final amount will only be known after corporate taxpayers file their returns. Amir Hamzah clarified that the government has no plans to introduce a separate digital goods tax, as digital services are already taxed under the existing service tax framework.
