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Starting 2023, Online Purchases From Overseas Valued At RM500 & Below Will Be Taxed 10%

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Source: 123RF & ComReg

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A sales tax on low value imported goods (LVG) purchased online will be implemented starting January 1, 2023.

Based on a report by Berita Harian, the president of the Taxation Institute of Malaysia (CTIM), Chow Chee Yen, shared that previously, if consumers buy goods online with foreign traders worth RM500 or less through e-commerce platforms, no tax is charged.

However, starting next year, consumers will be charged an estimated 10% sales tax.

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“The purpose of implementing this tax is to create a ‘level playing field’ for local traders,”

“This is because if you buy either from within the country or from abroad after this, both will be taxed,” he said.

This comes after the Ministry of Finance presented two bills (RUU) for the first reading in Dewan Rakyat, the Sales Tax (Amendment) Bill 2022 and the Service Tax (Amendment) Bill 2022.

The first reading of the Sales Tax (Amendment) Bill 2022 aims to amend the Sales Tax Act 2018 to impose sales tax on LVG sold online.

Under the Bill, a new section, Section 11A, will be created to define LVG as ‘any specified goods or class of goods outside Malaysia which are sold and brought into Malaysia’.

Stay tuned for more updates.

 

Also read: U.S. Human Trafficking Report Downgrades M’sia To Lowest Tier

My Post 2022 07 20T184821.072

Source: 123RF


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



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