KUALA LUMPUR: The High-Value Goods Tax, previously known as the Luxury Goods Tax, will be implemented starting next year on May 1.
The Finance Ministry, in a written parliamentary reply, said the ministry is in the final stages of finalising the policy and legislation for the High-Value Goods Tax.
"The policy determination process and the drafting of the legislation have taken into account input received from various parties through engagement sessions conducted by the ministry and the Customs Department," read the reply.
Chong Zhemin (PH-Kampar) asked whether the Luxury Goods Tax will be introduced in the near future and its implementation.
The ministry said the implementation mechanism, types of goods, and the High-Value Goods Tax rates will be announced once all the matters are finalised and approved by the cabinet.
During the tabling of the 2024 Budget last month, Prime Minister Datuk Seri Anwar proposed that the government would introduce a five to 10 per cent on luxury goods, such as jewellery and watches.