It’s that time of the year again. Today, Budget Malaysia 2024 (Bajet Malaysia 2024) was unveiled by Prime Minister, Anwar Ibrahim. During this budget reveal, Anwar announced a service tax hike from 6% to 8%. That said, how could this affect you?
In case you didn’t know, the government plans to increase the tax rate services to 8 per cent instead of 6 per cent. However, to alleviate this hike, the tax increase does not apply to services such as food and beverages and telecommunications. Plus, the government looks to expand the taxable services into other areas such as logistics, brokerage, underwriting and karaoke services.
Moreover, the government has increased the funds for the National Scam Response Center (NSRC). Previously, RM10 million was allocated to combat scams. Today, the government has greenlighted RM20 million for this purpose. Since its establishment, the NSRC has handled over 49 thousand calls and froze up to 60-million-ringgit transactions.
In addition, the government has established a strategic partnership with Bank Negara Malaysia in developing the National Fraud Portal (NFP). This portal is expected to be ready by the middle of 2024. With automated capabilities for fund tracking, the Portal could speed up the tracking period, freezing and refunding.
What are your thoughts on this news? Stay tuned for more information and updates like this at TechNave!
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