KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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 ...