KUALA LUMPUR -- Malaysia is planning to increase taxes and cut subsidies next year, Prime Minister Anwar Ibrahim announced on Friday as the country aims to achieve close to 5.0% economic growth.
Sales and services tax will rise by two percentage points to 8.0%, while a capital gains tax of 10% on share sales will be imposed from March 1. Furthermore, Malaysia will also enact a law to facilitate the collection of a 5% to 10% tax on luxury goods.
