2025 Budget – Indirect Tax Perspective
The honorable Minister of Finance, YAB Datuk Seri Anwar Ibrahim, tabled the 2025 Budget on 18 October 2024.
As anticipated, the focus in this 2025 Budget is to review the existing Sales Tax and Service Tax regime instead of introducing a completely new tax. Amongst others, it is announced that the Sales Tax rate will be increased on non-essential items such as imported premium goods, whilst Service Tax will be expanded to cover commercial services between businesses from 1 May 2025.
Additionally, it is also proposed that excise duty on sugar sweetened beverages be increased in phases starting from 1 January 2025 at RM0.40 per litre.
Please click on the link above for more details on the key proposals announced in the 2025 Budget in relation to Indirect Tax.
Coming up!
Get practical guides for business opportunities and learn how to navigate the complexities arising out of the national 2025 Budget proposals at KPMG’s Tax and Business Summit 2024.
Petaling Jaya Office
Soh Lian Seng
Partner - Head of Tax and Tax Dispute Resolution
lsoh@kpmg.com.my
+ 603 7721 7019
Ng Sue Lynn
Partner - Head of Indirect Tax
suelynnng@kpmg.com.my
+ 603 7721 7271
Tai Lai Kok
Partner - Head of Corporate Tax
ltai1@kpmg.com.my
+ 603 7721 7020
Bob Kee
Partner - Head of Transfer Pricing
bkee@kpmg.com.my
+ 603 7721 7029
Long Yen Ping
Partner - Head of Global Mobility Services yenpinglong@kpmg.com.my
+ 603 7721 7018
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Penang
Evelyn Lee
Partner
evewflee@kpmg.com.my
+603 7721 2399
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Crystal Chuah Yoke Chin
Associate Director
ycchuah@kpmg.com.my
+603 7721 2714
Kuching & Miri
Regina Lau
Partner
reglau@kpmg.com.my
+603 7721 2188
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Titus Tseu
Executive Director
titustseu@kpmg.com.my
+603 7721 2822
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Ng Fie Lih
Partner
flng@kpmg.com.my
+603 7721 2514