THE government is finalising the policy and draft legislation for high-value goods tax, expected to be implemented next year, Deputy Finance Minister Ahmad Maslan said.

He said the implementation mechanism is still being trialled because it is a tax measure that has just been introduced and is to be implemented soon. 

“The implementation mechanism is through the drafting of a new legislation – the High-Value Goods Tax Bill – which will be tabled later.

“Legislative policies need to be drafted and drawn up carefully so that the tax can be implemented in an orderly manner, comply with the current taxation practices and principles and not have a negative impact,” he said when winding up the committee-level debate on the Supply Bill 2024 for the Finance Ministry today.

Meanwhile, Ahmad said the amount of unclaimed money accumulated so far stood at RM11.9 billion.

He said the government would also table an amendment to the Unclaimed Moneys Act (WTD), and the public is advised to check and access the WTD to claim their money. – Bernama, November 6, 2023.