KUALA LUMPUR: The government plans to introduce a Luxury Goods Tax from this year with a certain value limit according to the type of such products.
Prime Minister Datuk Seri Anwar Ibrahim said the government wants to take a more progressive approach as a new step to broaden the tax base to those who have the means.
"The government plans to introduce a Luxury Goods Tax from this year according to the type of luxury goods, including luxury watches and luxury fashion items," he said when tabling the revised Budget 2023 on Friday.
In line with international best practice, Anwar said the government will study introducing 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 said.