KUALA LUMPUR, March 30 — The Ministry of Transport (MOT) is currently in the final stage of reviewing the road tax rate structure for electric vehicles (EVs) and an announcement is expected next month said its Minister Anthony Loke Siew Fook. He said the decision to review the structure is aimed at making the road … Read more
KUALA LUMPUR, March 26 — The Dewan Rakyat today passed the Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024. The bills were approved after the third reading by Deputy Finance Minister Lim Hui Ying after the committee considered the proposed motion without any amendments. Earlier, Minister of Finance II … Read more
KUALA LUMPUR, March 20 — The Inland Revenue Board (LHDN) has approved a total of 72,534 cases of voluntary tax declarations with assessments worth RM652.5 million reported, of which RM284 million had been successfully collected as of February 29, 2024. Deputy Finance Minister Lim Hui Ying said the PKPS 2.0 voluntary disclosure programme is one … Read more
KUALA LUMPUR, March 6 — The government is expected to collect additional revenue amounting to RM3.45 billion from the expansion of the scope of service tax and the increase in the service tax from six per cent to eight per cent, according to the Finance Ministry. The ministry said this in a written reply posted … Read more
KOTA KINABALU, March 1 — The Royal Malaysian Customs Department (JKDM) seized 81,009 kilogrammes of frozen chicken worth more than RM1.11 million believed to have been smuggled in from neighbouring countries at Sepanggar Port here early last month. Sabah Zone Customs assistant director-general Datuk Mohd Nasir Deraman said, acting on information received by the Sabah … Read more
KUALA LUMPUR, Feb 29 — The government is expected to collect tax revenue of RM700 million a year from the implementation of the Luxury Goods Tax, now known as the High Value Goods Tax (HVGT). The Ministry of Finance (MoF) said on the Parliament’s website today that the bill on HVGT has been proposed to … Read more
FEBRUARY 19 — In a notable shift of policy designed to enhance its revenue foundations and guarantee fiscal durability, the Malaysian government has declared an imminent alteration to its service tax framework, set to commence in March 2024. This modification will witness the service tax rate rise from 6 per cent to 8 per cent … Read more
Toronto, Feb. 12, 2024 (GLOBE NEWSWIRE) — Restaurants Canada, the leading association representing the foodservice industry, is calling on the federal government to reconsider plans to implement a 4.7% increase to the alcohol excise tax. This alarming rate escalation has prompted industry leaders and stakeholders to voice their concerns and plea for the maintenance of a 2% cap … Read more
KUALA LUMPUR, Feb 12 — The additional revenue from sales and service tax (SST) expansion to 8.0 per cent from 6.0 per cent effective March 1, 2024 can benefit the rakyat in the form of cash aid, urban infrastructure and healthcare amid the ageing population in the country. The new rate excludes services such as … Read more
Lansdale, Philadelphia, Jan. 26, 2024 (GLOBE NEWSWIRE) — Many pre-retirees (ages 55 to 62) in the US often hear that it is a wise decision to defer paying taxes on their retirement savings until after they retire. The rationale beyond this is that, after retirement, an individual’s income goes down, which means that their tax … Read more
