Tax on super profits won’t deter investors
Published on: Saturday, October 30, 2021
By: Bernama
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Kuala Lumpur: One-off tax on super profits for the Year of Assessment 2022 should not result in a significant change in mood for investors and businesses alike, Head of Tax at KPMG in Malaysia, Tai Lai Kok said Friday regarding the “Cukai Makmur” announced in Budget 2022.“That said, it is absolutely critical that the government keeps to its word that it is really a “one-off tax” during this time of need,” he said.
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Cukai Makmur is for companies with taxable income of up to the first RM100 million will be subject to income tax at the rate of 24 per cent and the remaining taxable income will be subject to income tax at the rate of 33 per cent for the year of assessment 2022.
“Many had speculated that a special windfall tax would be imposed on certain sectors that had enjoyed super profits in recent times as a result of the pandemic,” he said in reaction to Budget 2022 announced here.Stay up-to-date by following Daily Express’s Telegram channel.
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