KUALA LUMPUR – The government is in the final process of finalising the policy and draft legislation on the high-value goods tax, which is expected to be implemented next year, said Deputy Finance Minister I Datuk Seri Ahmad Maslan.
He said the implementation mechanism of the high-value goods tax is still in the simulation stage because it is a tax measure which has just been introduced and is to be implemented soon.
“The implementation mechanism of the high-value goods tax is through the drafting of new legislation which is the High-Value Goods Tax Bill, which will be tabled later.
“Legislative policies need to be drafted and drawn up carefully so that the tax can be implemented in an orderly manner and would comply with the current taxation practices and principles and not have a negative impact,” he said when winding up the committee-level debate on Budget 2024 for the Finance Ministry, today.
Meanwhile, Ahmad said the amount of unclaimed money accumulated so far stood at RM11.9 billion.
He said the government would also table an amendment to the Unclaimed Moneys Act, and the public is advised to check and access the act to claim their money. – November 6, 2023