It has been reported that the Ministry of International Trade and Industry (MITI) will announce a cut in car duties for imports from Japan and Australia tomorrow (Feb 28).
The reduction would be over three years for CBU cars imported from the two countries, said MITI minister Datuk Seri Mustapa Mohamed at the investKL media breifing earlier today. He told reporters that more details on the matter will be released tomorrow.
Malaysia and Australia concluded negotiations on the Malaysia-Australia Free Trade Agreement (MAFTA) in March 2012. MAFTA entered into force on January 1, 2013. The Malaysian Insider says that Putrajaya has committed to cut duties from 15% in 2013 to 10% in 2014 and 5% in 2015 with zero duties in 2016.
Malaysia and Japan also has a free trade agreement in place. Both countries established the Malaysia-Japan Economic Partnership Agreement (MJEPA) in 2005. MJEPA came into force on July 13, 2006.
Updates to come tomorrow.
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AI-generated Summary ✨
Comments are generally skeptical about the announced reduction in car duties, noting that it only applies to imports from Japan and Australia and will not significantly lower car prices due to excise duties. Many mention the continued high costs caused by the AP system, excise taxes, and other levies, expressing doubt that consumers will benefit immediately. Some comments criticize the timing as an election gimmick, and others joke about the limited impact on popular CKD models or the actual prices of cars. There’s also concern that the reduction mainly benefits the wealthy importing CBU cars, not everyday buyers, with many wishing for more comprehensive tax cuts and increased transparency. Overall, sentiments are cautious, with a common view that the move is a superficial measure rather than a significant relief.