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ARTICLE · 09 MARCH 2023

Budget 2023 - Special Legal Insights

Lee Hishammuddin Allen & Gledhill
Explore more from Lee Hishammuddin Allen & Gledhill

On 24.2.2023, the Unity Government re-tabled the long-awaited Budget 2023 ("Budget"). Beneficiaries include the EV and agriculture industries, MSMEs...

MalaysiaTax
Dato Nadkarni
Dato Nadkarni
Jason Tan Jia Xin
Jason Tan Jia Xin
Chris Toh Pei Roo
Chris Toh Pei Roo
Ng Jack Ming
Ng Jack Ming
Ivy Ling Yieng Ping
Ivy Ling Yieng Ping
Ng Miao Ling
Ng Miao Ling
Tan Henry
Tan Henry

On 24.2.2023, the Unity Government re-tabled the long-awaited Budget 2023 (“Budget”). Beneficiaries include the EV and agriculture industries, MSMEs,1 and M40s, who stand to receive various tax reductions and incentives. Apart from changes in tax rates for individuals and MSMEs, the newly proposed luxury tax and capital gains tax is also noteworthy.

In this Special Alert, we summarise the key tax measures and share our thoughts on the potential legal implications.

A. New Tax 1- Luxury Tax

The Government plans to tax luxury goods which exceeds a certain value, a concept introduced by the French more than a century ago in 1918. Being widely regarded as the birthplace of luxury, the French adopted a 3-fold classification of “luxury”2 :

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