Latest news with #SalesTaxandServiceTax
New Straits Times
5 hours ago
- Business
- New Straits Times
SAMENTA welcomes SST revision as major relief for SMEs
KUALA LUMPUR: The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Finance Ministry's revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for small and medium enterprises (SMEs). Its president, Datuk William Ng, said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. "When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. "We urged the government to raise the SST threshold – a move that would protect smaller enterprises while still allowing for a broader and fairer tax base," he said in a statement today. The ministry announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. It stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. "While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion," he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Customs Department where needed.— BERNAMA
Barnama
6 hours ago
- Business
- Barnama
SAMENTA Welcomes Revision To Expanded SST As Relief For SMEs
BUSINESS KUALA LUMPUR, June 27 (Bernama) -- The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Ministry of Finance's (MoF) revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for the small and medium enterprises (SMEs). Its president, Datuk William Ng said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. 'When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. 'We urged the government to raise the SST threshold - a move that would protect smaller enterprises while still allowing for a broader and fairer tax base,' he said in a statement today. The MoF announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. The MoF stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Royal Malaysian Customs Department where needed.
Barnama
11 hours ago
- Business
- Barnama
After Apples And Oranges, MoF Announces Exemption For Beauty Services From Service Tax Expansion
BUSINESS KUALA LUMPUR, June 27 (Bernama) -- The Ministry of Finance (MoF) announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the Service Tax to beauty services such as manicures and pedicures, facial services, and barbers and hairdressers. The MoF said all revisions to the expanded Sales Tax and Service Tax were made after taking into account feedback from the public and industry. 'Since the announcement on June 9, 2025 regarding the revision of the Sales Tax and Service Tax (SST), the MADANI Government has closely followed feedback received from the rakyat and engaged with industry on the proposed expansion of the SST." In addition, the Ministry also engaged a number of backbenchers yesterday as part of its efforts to understand feedback from the grassroots, it said in a statement here today. Select imported fruits to be exempt from Sales Tax To recap, after due consideration of feedback received regarding the Sales Tax on imported fruits, Prime Minister and Minister of Finance, Datuk Seri Anwar Ibrahim, has agreed to exempt imported apples, oranges, mandarin oranges and dates from the Sales Tax. The MoF reiterated that the MADANI Government has not imposed Sales Tax on daily essential goods in order to mitigate pressure on the cost of living for the majority of Malaysians. These tax-exempted essential goods, whether locally produced or imported, include rice, chicken, beef, vegetables and eggs. Local fish varieties, including selar, tongkol, cencaru, and sardines, whether frozen, chilled or fresh, will also continue to be exempt from Sales Tax.
Barnama
11 hours ago
- Business
- Barnama
After Apples And Oranges, MoF Announces Tax Exemption For Beauty Services
BUSINESS KUALA LUMPUR, June 27 (Bernama) -- The Ministry of Finance (MoF) announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the Service Tax to beauty services such as manicures and pedicures, facial services, and barbers and hairdressers. The MoF said all revisions to the expanded Sales Tax and Service Tax were made after taking into account feedback from the public and industry. 'Since the announcement on June 9, 2025 regarding the revision of the Sales Tax and Service Tax (SST), the MADANI Government has closely followed feedback received from the rakyat and engaged with industry on the proposed expansion of the SST." In addition, the Ministry also engaged a number of backbenchers yesterday as part of its efforts to understand feedback from the grassroots, it said in a statement here today. Select imported fruits to be exempt from Sales Tax To recap, after due consideration of feedback received regarding the Sales Tax on imported fruits, Prime Minister and Minister of Finance, Datuk Seri Anwar Ibrahim, has agreed to exempt imported apples, oranges, mandarin oranges and dates from the Sales Tax. The MoF reiterated that the MADANI Government has not imposed Sales Tax on daily essential goods in order to mitigate pressure on the cost of living for the majority of Malaysians. These tax-exempted essential goods, whether locally produced or imported, include rice, chicken, beef, vegetables and eggs. Local fish varieties, including selar, tongkol, cencaru, and sardines, whether frozen, chilled or fresh, will also continue to be exempt from Sales Tax.
