KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Malaysia’s Deputy Finance Minister Lim Hui Ying announced that the expanded scope of the service tax will be revealed early next year, ahead of its implementation on May 1, 2025 . The announcement comes as part of efforts to enhance revenue generation under the Budget 2025 framework. Details of the Expanded Service Tax Scope Targeted Services: The revised scope will include certain commercial services , particularly those operating on fee-based models . Stakeholder Engagements: The final list of affected services will be shaped by ongoing consultations between the Finance Ministry and industry stakeholders. Revenue Impact: The government anticipates the expansion to generate an additional RM5 billion in revenue annually. Current Tax Rates and Changes Service Tax: Imposed at 8% ad valorem for most taxable and digital services, with select sectors such as logistics, food and beverage, telecommunications, and parking taxed at 6% . Sales Tax: Currently levied at 10% , it will be ...