KUALA LUMPUR, Nov 2 — International online service providers like streaming companies Netflix and Spotify will be taxed starting January 1, 2020.

Finance Minister Lim Guan Eng made the announcement when tabling Budget 2019, the first from a new government since Independence.

Lim said the tax is meant to boost competitiveness for local companies.

"The tax will help balance up and make local companies more competitive,” he said.

* A previous version of this story contained an error which has since been corrected. 

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