Retail News CRM

Tag: Tax

  • ‘Fantastic start’ to Malaysia tax refund scheme

    ‘Fantastic start’ to Malaysia tax refund scheme

    Retail tax refund specialist Global Blue says the first month of the electronic Tax Refund Scheme in Malaysia has got off to a “fantastic start”.

    With the introduction of a six per cent GST on April 1, Malaysia’s government launched a refund scheme for tourists, in line with other Asian economies.

    Nigel Dasler, Global Blue’s head of commercial for South Asia, said the introduction was a “great collaborative effort” with more than 1000 merchants affiliated by April 30.

    However more than 4000 more are still awaiting approval via the Customs Approval portal.

    “It’s is very encouraging to note that the average spend per traveller is over EUR700, making Malaysia one of the highest average spend countries within Global Blue. This, coupled with the strong merchant pipeline and transaction growth validates our decision to enter Malaysia. Malaysia is shaping up to be a strong pillar for our Asia Pacific ambitions and I look forward to its continued development.”

    Gareth Costello (eTFS Programme Implementation Manager), added that local Customs management and officers have fully recognised the benefits of eTFS with over 8000 transactions digitally validated in the first 30 days of production.

    “Our success in Malaysia is due to an exceptionally committed local and international team, which continues to dedicate itself to completing all deliverables and managing a solid handover to operations.”

    Azraf Bin Mohamed Tahir (head of commercial, Malaysia), noted that “it has been an exhilarating experience to see the team working hard and cooperating with colleagues from several continents, succeeding to launch a nationwide project so successfully and on schedule.”

     

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  • Indonesia targets higher taxes for imported luxury goods

    Indonesia targets higher taxes for imported luxury goods

    Indonesia is planning to impose a higher luxury tax for imported retail goods in its latest attempt to dampen domestic consumption in Southeast Asia’s biggest economy, an official at the finance ministry said today.

    The G20 economy has been struggling to stabilise its external balance sheet, due to persistently high imports and weak structural reforms, which is putting downward pressure on the ailing rupiah currency.

    “For our luxury tax, there are other goods that will be subject for harmonisation — consumer goods,” Deputy Finance Minister Bambang Brodjonegoro said on the sidelines of a Thomson Reuters conference.

    The government in August announced a fiscal package, which include a higher luxury tax on imported cars, to reduce imports.

    The new increase would be significant, said Brodjonegoro, who was unable to give further details on current or the new luxury goods tax plans.

    “Likely, clothes (and) bags,” he added, when asked which luxury items would be hit by the new tax.

    Since June, Bank Indonesia has raised its benchmark reference rate by a total of 175 basis point to discourage lenders from expanding too aggressively.

    Despite intervention by the central bank, the rupiah fell to above 12,000 per dollar in today’s trade.

    Indonesia’s finance ministry is expected to announce further details on the new import taxes soon, including increasing taxes for certain foodstuffs and goods. 

  • Malaysia launches consumption tax despite public unease

    Malaysia launches consumption tax despite public unease

    Malaysia last week implemented a six percent consumption tax aimed at plugging a leaky tax-collection system and addressing a widening fiscal deficit, but which has sparked opposition protests over the past year.

    The government and economists say the Goods and Services Tax (GST) will help address an inadequate revenue-collection system under which income tax is currently paid by only an estimated 11 percent of registered companies and 14.8 percent of employees.

    But the GST has prompted demonstrations by opposition parties, who say consumers were being left with the bill for government mismanagement of the economy.