Friday, November 2, 2018

Belanjawan 2019: Netflix, Spotify, and Steam To Be Taxed In 2020

Minister of Finance, Lim Guan Eng has announced that foreign-based online services will be subjected to tax starting from early 2020. This was unveiled during the on-going tabling of the national budget for 2019 or officially known as the Belanjawan 2019.

Among the types of online services that are subjected to tax includes software, music, video, and digital advertising. While the minister didn’t mention any specific name during his speech, the accompanying presentation slide during the live telecast by RTM (as shown above) pretty much revealed that popular online services such as Netflix, Spotify, and Steam would likely be affected by the new tax.

For that purpose, the minister also stated that related service providers have to register themselves with the Royal Customs Department. However, Guan Eng didn’t reveal the exact amount of tax that will be imposed on them at the time of his speech.

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