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Through the Malaysian Budget 2023, the Malaysian government intends to adopt a more progressive tax structure to ensure fair revenue distribution and prioritize low and middle-income groups. Although there are no immediate plans to re-implement the goods and services tax due to the ongoing economic challenges, the government has proposed other measures to increase the tax base and incentivize businesses in high-impact and emerging sectors. In an article published in Bloomberg Tax, Yvonne Beh and Jeff Sum look at the proposed introduction of a luxury goods tax in Malaysia and key tax incentives for investments in high-impact technology and emerging sectors, which were announced in the budget.
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