Remember the High Value Goods Tax (HVGT)? It was announced during the tabling of Budget 2024 last year and set to be implemented on May 1 this year, but was put on hold as the ministry of finance postponed bringing the bill to parliament. According to The Star, the said ministry is currently fine-tuning the policies and legal frameworks.
In a written reply to Ayer Hitam MP Wee Ka Siong’s enquiry regarding HVGT’s status, the ministry said the reworking of the bill is meant to ensure the tax is being implemented in an orderly and transparent fashion.
The ministry added that the implementation of the tax will also align with “international practices and tax principles” without impacting economic activities and the rakyat‘s “wellness”. The new date of HVGT’s implementation will be decided by the cabinet.
It was previously reported that the bill was delayed due to disagreements over the definition of “high-value goods” and the price range of items that would be subject to the tax. Back then, the ministry said it was 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.
The government had initially planned to exact HVGT on jewellery over RM10,000, watches above RM20,000 and cars priced beyond RM200,000, at a rate of between five and ten per cent.
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