Malaysia: Parliament Approves Sales Tax Amendment Bill
The Dewan Rakyat, Malaysia’s lower house of parliament, has passed Bill No. DR 36/2024, known as the Sales Tax (Amendment) Bill 2024. This new legislation introduces several significant changes to the Sales Tax Act 2018.
Key measures in the bill include:
- Extension of Sales Tax: The amendment will now impose sales tax on taxable goods manufactured on Island 1, with certain exceptions as specified by the Minister.
- Retail Restrictions: It clarifies that no person may retail any item on the island without obtaining prior approval from the Minister.
- Approval Process: Applications for retail approval must be submitted in the manner specified by the Minister.
- Valuation of Taxable Goods: The sales value of certain taxable goods will be determined in accordance with newly specified provisions.
- Penalties for Noncompliance: The bill also establishes penalties for those who do not comply with the new regulations.
Source: gov.my
