Budget 2023: Govt to introduce luxury goods tax

PETALING JAYA: The government will take a more progressive approach to broaden the tax base, says Datuk Seri Anwar Ibrahim.

The Finance Minister said the government planned to introduce a luxury goods tax this year on items such as luxury watches and fashion items.

In line with international best practices, the Prime Minister also said the government would conduct a study to introduce a low-rate capital gains tax for the disposal of unlisted shares by companies from 2024.

He added that the government would hold an engagement session with relevant parties to examine the details of this proposal.

Anwar also said the government had no plans to implement a broad-based consumption tax such as the Goods and Services Tax (GST).

"Most people are still struggling, food inflation is over 5%, wage rates are still low, so now is not the right time and place to introduce and implement it," he said.

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