Review tax policy on health supplements, think tank tells govt
PETALING JAYA: A think tank has called for the government to review the tax policy on dietary and health supplementary products following a global rise in demand during the Covid-19 pandemic. The Center for Market Education (CME) said in its latest policy paper that an increased awareness in personal health…
PETALING JAYA: A think tank has called for the government to review the tax policy on dietary and health supplementary products following a global rise in demand during the Covid-19 pandemic.
The Center for Market Education (CME) said in its latest policy paper that an increased awareness in personal health and protection against diseases had a positive impact on the demand for dietary supplements.
However, despite the growth in demand, Malaysia still lagged behind its Asian counterparts, it said in the paper titled “Dietary Supplements in the Malaysian Context: Policy Recommendations for Enhancing Freedom of Choice and Healthcare Savings”.
“Less than 30% of the (Malaysian) population consumes dietary supplements compared with countries like South Korea (60-70%), Taiwan (40-50%) and Australia (40-50%).
“The low consumption of dietary supplements impedes progress in overcoming the triple burden of malnutrition, obesity in adults, and anaemia among women of reproductive age, in which Malaysia is the only Southeast Asian nation with this triple burden,” CME chief executive Carmelo Ferlito said in a statement today.
In this regard, Ferlito said CME proposes several government policy reforms to help increase the demand for supplements in Malaysia.
Among others, CME suggested a revision of the current import duty on the ingredients to make dietary supplements, with the implementation of immediate and straightforward bilateral agreements on free trade.
Ingredients and final products related to dietary supplements should also be exempt from sales and service tax. — Free Malaysia Today