The High-Value Goods Tax (HVGT), which was supposed to be implemented from May 1, 2024, has been put on hold. It was reported that this is due to the finance ministry’s postponement in presenting the bill to parliament.
According to The Edge, the delay in the bill was due to disagreements over the definition of “high-value goods” and the price range of items that would be subject to the tax, this despite dialogues and consultations having been made with retail industry players and tax professionals.
The deferment of the new tax, which is to be imposed on luxury or big-ticket items at a rate of between 5% and 10% as announced during the tabling of Budget 2024, was confirmed by deputy finance minister Lim Hui Ying, who told The Star that the government will continue engaging with the industry to ensure the tax principles and legislation can be formulated and drafted carefully.
The ministry, she said, is in the final stage of refining certain matters related to the tax structure, especially the type of goods categorised as “high-value” as well as the threshold determination and tax rates.
“HVGT will only be imposed on certain goods categorised as high value. Fundamentally, low-income groups will not be affected by its implementation because they are unlikely to purchase high-value goods,” she said in a written reply to the news publication.
“The government will announce the new implementation date of the HVGT later,” she said. She added that the HVGT will not be imposed in designated areas including Labuan, Langkawi, Pangkor and Tioman, as well as special areas such as free zones and licensed warehouses. Langkawi is of course a haven for supercars, not always in a good way.
Initially, it was stated that jewellery over RM10,000, watches above RM20,000 and cars priced beyond RM200,000 would be subject to the HVGT. However, it was not detailed how this would be applied, and how the thresholds would be defined.
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Anwar menang rakyat senang
Pusing again. Like penang bridge
Hello! Crooked bridge was my idea not parti roket
Nice. Next U-turn: PADU
Your also part of the PH that came into power so PH is just as crooked.
Help the Rich
Tax the Poor
Ma-Der-Ni
What does the sister do? Got cert?
Madani Gomen means kaya didahulukan, B40 dikena cukai sampai mati
ironically, b40- the one who dont pay tax, but get bantuan from gov using m40/t20 tax.
The B40 get taxed with higher prices of essential goods sold by T20 & M40 business owners who pass on these taxes onto the B40. So in reality it is the B40 that are paying luxury goods taxes and not the T20 & M40 towkays.
Refer my name
Tax da rich ppl. Feed us da poors, terbaek madani
Mantap choy
U-turning
Tax the poor
Save the rich
Tauke AhLong
SST bebas cukai
All these taxes only make sense if import tax is waivered.
Biar Betul, semua projects nak ditunda , Bila nak Malaysia nak maju?
Maju tiada dalam perancangan. Hapuskan walaun is!
Sebabtu kerajaan gagal PN PAS jatuh melingkup…
sebab Allah tidak redha
PH means Pakatan Hell in Msia
maju boleh tunggu, boikot tak boleh
Syukurrrrr…..takpe la gomen nak potong subsidi minyak pun. Barangan mewah masih mampu milik. Terima kasih adik LGE kerana sapot kami orang have2.
syukurrr….t20 kena bayar minyak takde subsidi. yg b40 isi padu dapat subsidi. nothing to worryy
Now we the rich can spend more. Let’s tax those b40 so that we can control this country and make it ours.
#guanengfornextpm
#kitsiangforpenangagong
I second your suggestion. Let’s punish & enslave them
No point enslaving people who are unemployable. It will only be your burden.
Tax the poor, help the rich
Then what am I supposed to do? Play with my Tinkerbell?
Talk like small kid. Sour grape mentality.
If businesses increase prices shops are raided businesses lose license, owners brought to court and jailed.
If gomen increase taxes, nothing happened.
You raid lapizi house la. Everyday I send chicken rice to you in hotel kajang
Taxing the well to do isn’t that bad, as long as we work towards a more efficient government. Most that are butt hurt are the ones in the middle class stretching to appear rich anyway. Living well beyond their means and thus 10% of such a tax is unbearable to them. Not come across any wealthy individual that is losing sleep sleep over this proposal.
Maybe don’t buy something if you truly afford it.
Wow. We now have comments being deleted and censored. So much for a free web – ushering in PRC level censorship.
PRC ?? More like western democratic style (Youtube, FB etc) to delete comments they don’t like or murder/jail people they don’t like, or control pea brains people like you believing others are the bad ones. The real threat to the world’s freedom is Zionist and America. Wake up you little sheep
Initially, it was stated that jewellery over RM10,000, watches above RM20,000 and cars priced beyond RM200,000 would be subject to the HVGT.
Add a zero to the back of those figures and tax them now.
Who say low income group not affected?? The rich owns multiple businesses. When they are taxed, they raise the prices of all the goods. Semua kena in the end
The real losers are the B40s lolololol
Gun simply take photos from paper garage. Please remove. This is the warning Paultan.
Laju betul bila nak laksanakan LVG tax.
Masa HVG nak jalan “Eh tgk dulu takut membebankan rakyat (T20)”
T20 need to be revised. Those working class of entry level t20 are taxed very high without any benefits. Imagine those taking home 13k after tax and epf are not millionaire. But working class with car and house commitment which can be easily 8k a month – klang valley, penang for instance. Those business man take home 13k after tax still can declare their car, eat out and house as company expenses…. so, those working class who work the aXs off for bosses, may pay more in personal taxes.. looks like you pay 5 figure tax, and not entitled for benefits… like immigrants
So the car’s selling price is 100k, they charge you CBU tax 100% so now your car’s price is 200k, due to your car’s price is now 200k they charge you again with luxury tax.
Tax upon tax….first u tax the basic car price then when u tax basic price murah kasi tinggi sampai rm200k …kasi tambah lagi tax 10%…hahahahaha…anwar menang rakyat senang!
Want to know why?
because the Hermes, LV, Prada Bijan, Richard Mille, Rolexes and Omegas are out of stock…all grabbed by the utra rich. Now wait for restock, then our current MPs buy first.. when the current bathc of MPs are satisfied, then they will implement the tax!!
Implement the tax, affected groups (people who barely affords) for goods other than car, will just go overseas to spend where there is no such tax or tax refund. When they do this, our money all give foreign country earn. I know luxury brands are majority not owned malaysians, but the outlets hires and pays commissions to local malaysians. spend outside of the country, also same brand untung, might as well let our local employees who work for those brands to earn right? now do this tax, less domestic consumption. this tax doesnt reduce the purchase of luxury goods, it just defers them to another country. so whats the difference? scare domestic customers away, scare tourists away. so where is our consumption economy heading towards? now most people who cant really afford but die die want to buy, normally goes to HK, UK or EU to buy, ask private shoppers, cause cheaper. now lagi more, less chance for local employment at luxury brand outlets. this is killing employment and outflow of funds.