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Why the SST Expansion Misses the Real Target: The Ultra-Rich
Starting 1st of July, Malaysia’s expanded Sales and Service Tax (SST) framework will kick in. Under this expansion, luxury and discretionary items like watches, yachts, and antique artworks will now be taxed at rates of 5% or 10%, while services such as private wellness treatments, construction, fee-based financial services, private schools, among others, will face a 6–8% service tax.
There was also a lot of discussion and backlash about imported fruits getting taxed. While that broadly still applies, the government did announce today that imported oranges and apples will be exempted.
The…
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