Budget 2023: Luxury Goods Tax introduced this year
KUALA LUMPUR : The government will introduce a Luxury Goods Tax including watches and clothes starting this year, said Prime Minister, Datuk Seri Anwar Ibrahim.
“The government plans to introduce a Luxury Goods Tax from this year with a certain value limit according to the type of luxury goods. Among them are luxury watches and luxury fashion items,” he said when presenting Budget 2023 in Parliament on Friday.
In line with international best practice, the Government will also study to introduce Capital Gains Tax for the disposal of unlisted shares by companies from 2024 at a low rate.
“The government will hold an engagement session with relevant parties to examine the details of this proposal,” he added.
Anwar explained, it is a more progressive approach by the Government as a new step to broaden the tax base to those who have the means.
