Finance ministry to delay imposing excise duty, two other taxes under Budget 2022
21 Mar 2023 07:41pm
The delay involved the excise duty on pre-mixed products that have sugar content over 33.3 grammes/100 grammes, service tax on the delivery of goods, and a sales tax on low value goods (LVG). Pic sourced from inside small business
The delay involved the excise duty on pre-mixed products that have sugar content over 33.3 grammes/100 grammes, service tax on the delivery of goods, and a sales tax on low value goods (LVG).
"These three initiatives were recommended to begin in 2023, however, taking into consideration the needs of industries that need more time to prepare, especially micro, small, and medium enterprises (MSMEs), there is a need to set a new date for their implementation,” the ministry said in a statement.
Besides, the finance ministry said the delay would also give the government time to refine the legal aspects of the three initiatives for smooth implementation.
In Budget 2022, the government announced the excise duty for pre-mixed products to curb the rise of diabetes and obesity.
The service tax on deliveries aims to provide equal treatment among delivery providers while the tax on LVG aims to provide equal treatment to local and imported goods.-Bernama
