Photo by Shahrill Basri/The Edge
KUALA LUMPUR (Feb 11): The Ministry of Finance (MOF) said it has yet to make a final decision on the possible enforcement of the new excise tax regulations, which could lead to a significant increase in vehicle prices.
In a statement on Tuesday, MOF said it, together with the Ministry of Investment, Trade and Industry (Miti) and the automotive industry, is currently reviewing the vehicle valuation method to ensure that the imposition of tax is carried out in a fair, neutral and consistent manner.
The new excise tax regulations come under P.U.(A) 402/2019 — Excise Tax Regulations (Determination of Value of Locally Produced Goods for Excise Tax Purposes).
The Edge, quoting sources, earlier reported that the automotive industry has managed to secure another extension on the proposed revision of excise duty for locally assembled cars until Dec 31 this year. However, it is likely that there will be no further extensions from 2026, which means car prices are likely to increase significantly from 2026.
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