Postponement on the implementation of High Value Goods Tax

On 30 March 2024, the Ministry of Finance announced in a media release that the High Value Goods Tax (“HVGT”) initially planned to be presented during the recent Parliament session, is being put on hold.

The HVGT was originally planned to be implemented by May 2024. However, the government has said it needs time to engage with relevant stakeholders to ensure the effectiveness of implementing HVGT without impacting the economy.

The proposal was first introduced in the re-tabled 2023 Budget in February 2023.