The Malaysian government has announced it will tax imported luxury cars in the country’s first ever luxury tax.
The new tax will apply to cars that are imported into the country for between five and 15 days of sale.
Malaysia is the world’s third-biggest luxury market with $2.3 trillion in annual car sales, but is also struggling to deal with an ageing population.
According to the government, the car tax will be applied to the first $50,000 of the price of a vehicle.
In the meantime, car dealers are selling their cars for up to 50% less.
More: What are Malaysia’s latest tax changes?
More about luxury taxes,malayia tax,luxury cars source News25 title Malaysia’s luxury taxes on luxury cars,luxurious cars,malayan tax source News26 title Malaysia to introduce luxury tax on luxury car,luxure cars source Newshub title Malaysia will introduce luxury taxes for luxury cars – News24 article The new tax comes into force from November 1.
A luxury car is defined as a vehicle that costs more than RM1 million ($16,100) and has at least one million kilometres on the odometer.
All cars sold in Malaysia must be registered in the name of the owner and have a vehicle identification number, and their mileage must be at least 100,000 kilometres or more.
But if a car is sold through a non-registered dealership, it is exempt from the luxury tax if it is more than 10,000 km (62,000 miles) off the odometers, and if it’s sold without a registration.
This is because Malaysia’s laws are currently unclear about the registration of luxury cars.
Currently, Malaysia is only one of several countries that have introduced luxury taxes to tackle a lack of transparency.
There are currently three major categories of cars that can be taxed: luxury cars that have been sold without registration, luxury cars registered but not registered, and luxury cars sold through dealerships without registration.
A luxury vehicle is defined in Malaysia as one that costs at least RM1.6 million ($2,400) and have at least 20,000km on the last odometer, but the Malaysian government says the government does not yet know what the new tax applies to.
As a result, some luxury cars may not be eligible for the tax.
The government says it will update the rules on the taxation of luxury vehicles as more information is available.
Malaysian Finance Minister Hishammuddin Hussein said the government is determined to create a harmonised tax system and it will also work with car companies to find a solution to the loopholes in the current laws.
“We want to see a tax system that is efficient, fair and consistent.
That’s the challenge we have with the taxation system,” he said.
On Thursday, Malaysia’s Ministry of Finance said it would be “very clear” when the new luxury tax will take effect.
It will be the first luxury tax in Malaysia since it was introduced in 2013.
However, Malaysia has struggled to deal as a global market and there are concerns about a lack a common law, as there are no laws regulating luxury vehicles.
Some car dealerships have reported difficulties selling their vehicles, with some car dealers claiming to be “too busy” to process car registrations.
At the end of December, Malaysia had only 5.9 million luxury cars on the road.
Many luxury car owners have complained about the difficulty of obtaining registration and registration renewals, as they were only issued with a letter by the Malaysian car registration office.
For some luxury car enthusiasts, the government’s announcement on the luxury taxes will mean the end to their car buying frenzy.
While the government says that its new tax is aimed at protecting the economy, the fact that it will not be effective on the day it kicks in may deter many luxury car buyers.