“There are suggestions on raising taxes on tobacco and alcohol, but only these much sin taxes you could have,” he told The Edge Financial Daily yesterday. The three largest tobacco companies in Malaysia, which together control 95% of the legal industry’s market share, have been engaging government officials over the years about how detrimental the illicit tobacco trade has been and will be to their business. Since then, illicit tobacco consumption has accounted for more than half of the entire tobacco industry for the last three years, rising further from 56% in 2017 to 59% last year. Additionally, in order to curb illegal gambling, the government will propose a higher minimum mandatory penalty of RM100,000 for illegal gamblers, with a minimum mandatory jail sentence of six months. “For illegal operators, a higher minimum mandatory penalty of RM1 million and a 12-month minimum mandatory jail sentence will be imposed,” Guan Eng said.

Source: The Edge Markets October 14, 2019 01:07 UTC