The honorable Minister of Finance, YAB Datuk Seri Anwar Ibrahim, tabled the 2025 Budget on 18 October 2024.
As anticipated, the focus in this 2025 Budget is to review the existing Sales Tax and Service Tax regime instead of introducing a completely new tax. Amongst others, it is announced that the Sales Tax rate will be increased on non-essential items such as imported premium goods, whilst Service Tax will be expanded to cover commercial services between businesses from 1 May 2025.
Additionally, it is also proposed that excise duty on sugar sweetened beverages be increased in phases starting from 1 January 2025 at RM0.40 per litre.
Please click on the link above for more details on the key proposals announced in the 2025 Budget in relation to Indirect Tax.
