Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced in his 2024 Budget speech that the government will increase the service tax from the current 6% to 8%.
However, the increase will not apply to service tax in the areas of food, beverages, communications, parking fees and logistics. The government will also extend the tax to transportation, brokerage, underwriting and karaoke.
In addition, a 10 percent capital gains tax will be levied on trading in shares of unlisted companies. Expensive luxury goods will also be taxed at 5% to 10%.
