Malaysia’s super-rich get cold feet as Langkawi luxury car tax perks vanish

For the very rich, a dream car like a Ferrari, Lamborghini or Porsche used to cost 2.5 million ringgit (US$617,240) in Langkawi, a duty-free island in Malaysia’s Kedah state. They will now cost about 5 million ringgit. Industry players say the federal government’s move to abolish tax exemptions for luxury vehicles priced above 300,000 ringgit in Langkawi is expected to hurt the automotive sector and reduce long-term government revenue. Industry veteran Mohamad Azhar Mohd Jamil said the decision...