Latest news with #nonEssentialGoods
Free Malaysia Today
04-07-2025
- Business
- Free Malaysia Today
Finance ministry eases SST compliance with transitional measures
The finance ministry announced last month that a 5% to 10% tax rate would be applied to non-essential goods, while the service tax would be extended to cover rentals, leasing, construction, financial services, private healthcare, and education. PETALING JAYA : The finance ministry has announced transitional measures to ease industry compliance with the expanded scope of the sales and service tax (SST), including allowing the manual submission of tax returns for newly taxable services. The ministry said the measures were introduced following feedback from industry players on challenges in meeting operational requirements under the revised tax framework. One of the key measures is a temporary allowance for the manual submission of tax returns for newly taxable services, covering the period from July 1 to Sept 30, to allow service providers more time to upgrade their systems. 'However, service tax must still be charged and collected during this period,' the ministry said in a statement. It said that the customs department had also opened early voluntary registration for manufacturers who are subject to the sales tax starting this month. 'They will also be eligible to apply for exemptions on raw materials used in the production of taxable goods,' it added. Companies that have received sales tax exemptions through the customs exemption committee or the Malaysian Investment Development Authority before July 1 will continue to enjoy those exemptions, subject to existing terms and conditions. However, companies that begin producing taxable finished goods after July 1 and surpass the threshold will be required to register as manufacturers and may apply for exemptions via the MySST portal. The ministry said the measures were aimed at facilitating business operations and supporting compliance with the expanded SST. The ministry announced last month that a 5% to 10% tax rate would be applied to non-essential goods, while the service tax would be extended to cover rentals, leasing, construction, financial services, private healthcare, and education. However, it said imported apples and oranges would be exempted from the tax, citing affordability issues for lower-income groups such as the B40. Beauty services like manicures, pedicures, facials, and hairdressing were also excluded following public feedback.
CNA
24-06-2025
- Business
- CNA
CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary?
CNA938 Rewind Play From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more. CNA938 Rewind - Open for Business: Is Malaysia's new sales tax on non-essentials necessary? From July 1st, Malaysia will impose a sales tax rate of 5 per cent or 10 per cent on non-essential and luxury goods, including salmon and imported fruits. The service tax will also be expanded to cover six new categories, including rental and leasing. But what necessitated it and how will it hit consumers both in Malaysia and shopping Singaporeans? Andrea Heng and Susan Ng chat to Cassey Lee, Economist, Senior Fellow and Coordinator for the Regional Economic Studies Programme at ISEAS-Yusof Ishak Institute to find out more. 12 mins CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels. 39 mins CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends. 19 mins
