{"id":61937,"date":"2024-02-28T14:55:53","date_gmt":"2024-02-28T06:55:53","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=61937"},"modified":"2024-02-28T17:22:02","modified_gmt":"2024-02-28T09:22:02","slug":"new-service-tax-rate","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/new-service-tax-rate","title":{"rendered":"Reminder; New Service Tax Rate Comes Into Effect On 1st March"},"content":{"rendered":"<p>As it was announced in <a href=\"https:\/\/www.imoney.my\/articles\/highlights-budget-2024\" target=\"_blank\" rel=\"no referrer noopener\">Budget 2024<\/a>, the service tax rate is set to increase from 6% to 8%, starting from the 1st of March 2024.<\/p>\n<p>The increase encompasses <a href=\"https:\/\/www.pwc.com\/my\/en\/publications\/mtb\/service-tax.html\" target=\"_blank\" rel=\"dofollow noopener\">all taxable services<\/a>, except for food &amp; beverages, telecommunication services, vehicle parking space services and logistic services.<\/p>\n<p>Along with the increase in service tax rate, the scope of service tax will also be increased to include:<\/p>\n<ul>\n<li>karaoke centres<\/li>\n<li>delivery services<\/li>\n<li>brokerage and underwriting<\/li>\n<li>logistics<\/li>\n<\/ul>\n<p>Logistic services were previously exempt from the service tax, but will not be required to charge the old 6% rate &#8211; instead of the new 8% rate going into effect in March.<\/p>\n<p>Speaking to <a href=\"https:\/\/www.thestar.com.my\/news\/nation\/2023\/12\/18\/experts-clarify-service-tax-rates\" target=\"_blank\" rel=\"dofollow noopener\">The Star<\/a>, tax expert Christine Koh stated that there is a need to specify the type of service and its relevant taxes<\/p>\n<p>Koh, who is the managing director of a public accounting firm states that as is, there has been no issuance of a latest sales and services tax (SST) guide for food and beverage that specifies the need to split the services and charge 8%.<\/p>\n<p>An example Koh stated is that when a hotel provides food &amp; beverages, it is considered as other taxable services, which will be taxed at 8%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new service tax rate that was announced in Budget 2024 is set to take effect on the 1st of 2024, but clarification is still needed.<\/p>\n","protected":false},"author":51,"featured_media":61944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216,215],"tags":[1395,1642,1993,751,2037,2036],"class_list":["post-61937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-tax","tag-budget-2024","tag-service-tax","tag-sst","tag-tax","tag-tax-increase","tag-tax-rate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reminder; 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