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High-Value Goods Tax implementation put on hold, finance ministry says gov’t to announce new date later

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The High-Value Goods Tax (HVGT), which was supposed to be implemented from May 1, 2024, has been put on hold. It was reported that this is due to the finance ministry’s postponement in presenting the …

, which was supposed to be implemented from May 1, 2024, has been put on hold. It was reported that this is due to the finance ministry’s postponement in presenting the bill to parliament., the delay in the bill was due to disagreements over the definition of “high-value goods” and the price range of items that would be subject to the tax, this despite dialogues and consultations having been made with retail industry players and tax professionals.

The ministry, she said, is in the final stage of refining certain matters related to the tax structure, especially the type of goods categorised as “high-value” as well as the threshold determination and tax rates.

 

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