How to keep your Wealth in Malaysia

1. Don’t buy any cars in Malaysia

Reason being: 100% Sale Tax is enforced on almost all cars coming into Malaysia. When one buy a new car, you’re paying almost double of what you’re paying anywhere else in the World. Import Duties: Between 30–40% for imported vehicles from outside ASEAN. Excise Duties: Vary based on engine capacity, ranging from 60% to over 100%.

2. Don’t buy luxury goods

Reason: apart from the 10% sales tax, often luxury goods have higher taxes levied

3. Don’t smoke or drink alcohols

Reason: Cigarettes and Tobacco: The excise duty is RM 0.40 per stick of cigarette, with an additional 10% sales tax. Alcoholic Beverages: The excise duty on beer is RM 1.50 per liter plus 10% ad valorem tax. For other spirits, the duty can be significantly higher (up to RM 150 per liter for hard liquor).

4. Don’t stay in hotels or go for entertainments

Reason: Hotels: 6% service tax on accommodation and related services.

Entertainment Services: 6% service tax applies to activities like cinema tickets, karaoke, and amusement parks.

5. Invest wisely

Investing correctly can help you beat inflation. However, if one loses money in investment, it may set you back a few years!