Focus

Eight per cent SST effective today

01 Mar 2024 10:03am
Photo for illustration purposes only.
Photo for illustration purposes only.

KUALA LUMPUR - Starting today, the sales and service tax (SST) rate will go up from six per cent to eight per cent.

However, this new rate would not be applicable to services related to food and beverages, telecommunications and parking.

The increase in the new SST rate to eight per cent was announced during the Budget 2024 tabling in October, last year.

This change was in line with the government's effort to strengthen the country's financial resilience while reducing its budget deficit.

This will help the government in continuing to generate revenue for the country.

Meanwhile, the decision to exempt water and electricity bills from this increase has not been finalised yet.

The rate hike was expected to boost government's revenue.

Last year, Malaysia collected just under RM30 billion.

Related Articles:

This placed Malaysia among the countries with the lowest tax revenue in Southeast Asia, with the tax-to-gross domestic product (GDP) ratio at 11.8 per cent.

The Finance Ministry has estimated an additional RM3 billion in revenue next year with the implementation of the eight per cent SST rate. - AWANI

SST tax
increase
eight percent
price of goods
charge
More Like This
ECRL, valued at RM50 billion, has reached 72.93 per cent completion as of September 2024. Spanning 665 kilometres, the ECRL will connect the Klang Valley to the East Coast, reducing travel time between Kota Bharu and Gombak from seven hours by road to four hours by rail. - File photo
ECRL, valued at RM50 billion, has reached 72.93 per cent completion as of September 2024. Spanning 665 kilometres, the ECRL will connect the Klang Valley to the East Coast, reducing travel time between Kota Bharu and Gombak from seven hours by road to four hours by rail. - File photo
National Key projects make rapid progress, changing Malaysia's transportation landscape
Mammoth projects like the KL Sentral redevelopment, Pan Borneo Highway and the East Coast Rail Link (ECRL) are modernising urban centres and creating transport-oriented development.
Photo for illustration purpose only. - Photo illustrated via Canva
Photo for illustration purpose only. - Photo illustrated via Canva
National UMS: Three decades of excellence in Sabah's higher education and counting
Established on November 24, 1994, UMS has achieved remarkable milestones, including publishing hundreds of high-impact journals and producing groundbreaking innovations and research with some of this work being incorporated into government policies, contributing significantly to Malaysia’s...
The interior of Norpadilah's home, which features an English-style 'farmhouse' concept while still preserving its Malay identity. - Photo by Bernama
The interior of Norpadilah's home, which features an English-style 'farmhouse' concept while still preserving its Malay identity. - Photo by Bernama
National Creative ideas using recycled materials generate lucrative income for housewife
Who would have thought that crafting items from discarded materials could generate an income of thousands of ringgit?
Malaysian biker Katiravan Subrayan made his way to the southern part of the globe, travelling through Latin America. - Photo by Bernama
Malaysian biker Katiravan Subrayan made his way to the southern part of the globe, travelling through Latin America. - Photo by Bernama
National Katiravan Subrayan’s endeavour to save the planet takes him to Antarctica
On Nov 12, Katiravan became among the handful of Malaysians who set foot on the icy continent.