Insisting that their goods should not be subjected to the new tax, stakeholders in the gold jewellery industry argue that gold is an asset, not just a luxury item, and thus should be exempt from the proposed high-value goods tax (HVGT).
The high-value goods tax (HVGT) on luxury items may not be imposed on May 1 as originally scheduled, due to disagreements on the definition of such goods, The Edge reports.
The government is expected to collect tax revenue of RM700 million a year from the implementation of the luxury goods tax, now known as the high value goods tax (HVGT).
The government is in the final process of finalising the policy and draft legislation on the high-value goods tax, which is expected to be implemented next year, said Deputy Finance Minister I Datuk Seri Ahmad Maslan.
