30 November 2023
The Malaysian government recently confirmed that it will remove the Import Sales Tax exemption on goods bought from outside the country.
Currently, there is an Import Sales Tax exemption threshold set at MYR 500 (approx. £85), which allows importers to purchase goods free of sales tax from non-resident companies up to this value. However, from 1 January 2024, this threshold will be removed and instead, non-resident providers will have an obligation to charge sales tax to the consumers at the current rate of 10% themselves.
This will be subject to an annual sales tax registration threshold of MYR 500,000 (approx. £85,000).
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
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