KUALA LUMPUR: The Ministry of Finance (MoF) is in the final stages of finalising several policies regarding the high value goods tax (HVGT).
The ministry, through a reply on the Parliament's website, said the policies will be carefully studied and determined to ensure that they do not have additional impacts on low-income groups.
"Among the policies being studied are the types of goods that will be subject to HVGT and the threshold value for determining high-value goods," according to the MoF.The ministry was replying to a question from Roslan Hashim (PN-Kulim) who asked for an explanation regarding the high value goods tax on jewellery for the tax value of each RM10,000 and how it affects the middle 40 per cent household income group (M40) in Malaysia and below.
HVGT or formerly known as luxury goods tax will be determined according to the type and category of goods based on the threshold value of the goods' price.