Karaoke among those to see hike in service tax

BUDGET 2024 | The government plans to increase the service tax rate to eight percent from six percent, said Finance Minister Anwar Ibrahim.

However, he said that in order not to burden the people, this increase does not include services such as food and beverages and telecommunications.

Among those affected are karaoke services.

“The government will also expand the scope of taxable services to include logistics, brokerage, underwriting and karaoke services.

“The government will enact new legislation to implement the high value goods tax at a rate of five to 10 percent on certain high value goods such as jewellery and watches based on the threshold value of the goods,” he added.

Anwar said after taking into account the input of stakeholders through engagement sessions, the government will also enforce the implementation of the capital gains tax for the disposal of unlisted shares by local companies based on net profit at a rate of 10 percent from March 1, 2024 onwards.

“The government is also considering exempting capital gains tax on the disposal of shares related to certain activities such as approved Initial Public Offering (IPO), internal restructuring and venture capital companies subject to set conditions,” he added.

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