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Malaysia’s Budget 2025 will be tabled later today, Friday, October 18 at 4pm by finance minister and prime minister Datuk Seri Anwar Ibrahim, and as with previous editions of the budget, we will be monitoring his speech for any matters related to the automotive and transport sector.
The topic of the implementation of RON 95 petrol subsidy rationalisation is expected to be presented, although it remains to be seen if such a move will be made so close to that done for diesel, for which targeted subsidies began on June 10. The PM has previously said that there were no plans for this yet, and the latest indication by economy minister Rafizi Ramli suggests that the implementation may be pushed back because of improvements to the country’s economy.
Analysts have said that the budget will also broach the subject of the goods and services tax (GST) and its possible reintroduction in a bid to broaden the country’s tax base, but the prime minister stated last year that there were no plans for a GST return in the short and medium term, reiterating that point earlier this week.
There’s also a possibility that the tabling will see the introduction of the postponed High Value Goods Tax (HVGT), although as yet it’s unclear what the tax rate, types of goods affected and set value threshold will be. The tax was due to be implemented in May with a threshold of RM200,000 for cars and a rate of between 5 to 10%, but was put on hold as the government worked to fine-tune the policies and legal framework.
Other related topics should include the possible continuation of the My50 public transport subscription passes and that of road network projects. More on all this, later today.
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