KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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 ...