Malaysia
The Malaysian government recently confirmed that it will remove the Import Sales Tax exemption on goods bought from outside the country.
Currently, there is an Import Sales Tax exemption threshold set at MYR 500 (approx. £85), which allows importers to purchase goods free of sales tax from non-resident companies up to this value. However, from 1 January 2024, this threshold will be removed and instead, non-resident providers will have an obligation to charge sales tax to the consumers at the current rate of 10% themselves.
This will be subject to an annual sales tax registration threshold of MYR 500,000 (approx. £85,000).
The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: [email protected].
