The taxing bits of Budget 2023

Costlier: With the new tax, the prices of high-end goods will increase. — AZHAR MAHFOF/The Star

PETALING JAYA: The goverment’s definition of “luxury goods” will determine how much it will gain from the new tax, say experts.

“Around a third of luxury goods are fashion and clothing related, so it would depend on what products are eventually defined as luxury goods and how much the tax rate is,” said Malaysia University of Science and Technology economics professor Dr Geoffrey Williams.