New Record for Wholesale in Malaysia in August A new record was set for wholesale in Malaysia and retail trade as it achieved a new record in August 2022. The sector rallied to 33.7% year-on-year (RM133.7 billion). The growth was thanks largely to the retail trade subsector. This sector recorded an increase of 34.5% (RM14.6…
Trading in Malaysia Continues Its Upward Trend in September Good news to those involved in trading in Malaysia. Trading in September continues to rise by 31.4% to Rm256.91 billion. Compared to the same period last year, this is positive growth indeed. This marks the 20th consecutive month that Malaysia has experienced double-digit growth. The export…
RM28 Billion Target by 2025 for Malaysia’s Timber Exports Malaysia’s timber exports drive the timber industry’s growth The timber industry remains a vital sector of Malaysia’s economy and is essential in sustaining its development. Malaysia is actively planning to enhance its timber industry as part of the National Timber Industry Strategic Plan 2021-2025. The overall…
World Bank Upwardly Modifies Malaysia’s 2022 GDP Growth Forecast Revision of up to 6.4% for Malaysia’s 2022 GDP Estimates Malaysia’s 2022 GDP is looking better, according to the World Bank, the global partnership is helping countries in their economic expansion. The international organisation initially forecast Malaysia’s gross domestic product (GDP) growth at 5.5%. However, an…
New Premium Visa Programme Aims to Attract Rich Investors to Malaysia The Government will roll out a new premium visa programme in Malaysia targeted at rich investors. The programme aims to entice investors and encourage them to settle down in Malaysia. The new premium visa programme is similar to that of the Golden Visa initiatives…
Plantation Industry to Become More Sustainable in Malaysia When questioned about her plans for the plantation industry, Datuk Zuraida Kamaruddin, the Plantation Industries, and Commodities Minister, said there are a few plans in motion. According to her, the automation and mechanisation of the said industry are already on their way to becoming more environment-friendly and…
Imported Products Purchased Online to Have Sales Tax Imposed All imported products that are purchased online in Malaysia will soon have a sales tax imposed. This applies to all low-value goods (LVG) imported into the country. With the Sales Tax (Amendment) Bill 2022, Malaysians can expect to pay approximately 10% in sales tax. Dewan Rakyat…
Malaysia’s Economic Growth Forecast Stays at 5.5% by World Bank 5.5% will remain Malaysia’s economic growth forecast for 2022, according to the World Bank. This is thanks to the strong rebound where consumer demand is concerned. Private consumption growth for Malaysia’s economic growth is predicted to hit 8.5% in 2022. This is the fastest pace…
Tax Exemption for the Sale of New Vehicles Could Be Extended in Malaysia The Malaysian Government is contemplating an extension of the tax exemption for new vehicles in a bid to assist the automotive industry. Many industries have struggled during the Covid-19 pandemic. The automotive industry was one of them that faced multiple challenges during…
Malaysia’s Economic Growth on A Firm Footing Bank Negara Malaysia believes that Malaysia’s economic growth is on a firm footing, anticipating possibly two or three OPR hikes by year-end. Predictions by economists are that by the second half of this year, the overnight policy rate (OPR) is expected to go up by two 25 basis…