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Podcast  >  Enterprise  >  Enterprise Explores  >  How Will Malaysia’s New Sales Tax on Imported Goods Affect Shoppers?

How Will Malaysia’s New Sales Tax on Imported Goods Affect Shoppers?

Ganesh Kumar Bangah, Chair, Pikom e-Commerce Chapter | Datuk Ken Phua, Deputy President, Malaysia Retail Chain Association (MRCA)

09-Jan-24 12:00

How Will Malaysia’s New Sales Tax on Imported Goods Affect Shoppers?

In November 2023, the Royal Malaysian Customs Department announced that the sales tax on low value goods (LVG) will be effective from 1 January 2024. The sales tax rate of 10% will be applicable on all low value goods, regardless of the Harmonized System (HS) code of the product.

The sellers of low value goods need to configure their systems to be able to identify goods which fall within the definition of low value goods upon sale, and need to discuss and align with their importers or customs agents to confirm the correct documentation and accurate disclosure are made during importation. For online marketplaces, both the seller and online marketplace operator need to agree on who should bear the sales tax on LVG.

Sounds complicated, doesn’t it? Fret not. This podcast will help us decipher and understand what the tax is, and the pros and cons for various parties.

Produced by: Carol Wong

Presented by: Richard Bradbury


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Categories:  economyentrepreneursSMEmarkets

Tags:  lvglow value goods taxlow value goodstaxsstlocal businesssme





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