The 7 percent requirement has been extended to a disposer that is a company not incorporated in Malaysia, in effect 1 January 2020, and further extended to a disposer that is an executor of the estate of a deceased person who is not a citizen and not a permanent resident, in effect 1 January 2021.
The Ministry of Finance Malaysia through a late evening television broadcast has announced that the sales and service tax (SST) exemptions period that was set to expire on 30th of June 2021, will be extended to the 31st December 2021. This is the second six-month extension given to spur the economy, as the return to the full quantum of taxation was scheduled to begin on Jan 1st 2021, but an extension was notified only days before the end of 2020.
SST exemptions period extended to June 30, 2021. In a memo issued to the Malaysian Automotive Association (MAA) and Malaysian Association of Malay Vehicle Importers and Traders (PEKEMA), the Finance Ministry has today announced that the sales tax (SST) exemptions period that is set to expire after the 31st of December 2020, will be extended to the 30th of June 2021.
In Malaysia, cars are hit with 10% sales tax. CKD cars get a full SST exemption, meaning 0% sales tax. CBU cars get 50% SST discount, meaning 5% sales tax. However, the SST exemptions and discounts don’t bring the car prices down by 10% and 5% respectively. There’s a way in which sales tax is calculated, and it’s easier to just refer to.
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