KUALA LUMPUR (May 18): UMW Holdings Bhd has changed the prices of its Toyota and Lexus vehicles following the zero-rating of all goods and services under the Goods and Services Tax effective June 1.

In a statement today, UMW Toyota Motor Sdn Bhd president Ravindran K assured customers that any relief and benefit from the new tax structure would be fully passed on to them.

“Any price revision will be considered in the best interest of our customers,” he said.

The newly appointed Malaysian government announced on Wednesday that all goods and services would be zero-rated with respect to GST.

UMW was unable to share the comparison between former and current prices when contacted. However, the group has updated the price schedule for Toyota and Lexus vehicles on its website, as well as via their toll-free phones numbers and at authorised sales outlets.

Shares in the group declined 1 sen or 0.16% in early morning trade today, giving the group a RM7.14 billion market capitalisation.