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俄罗斯币安认证账号(accbuy.vip):Malaysia rules out levying windfall tax on businesses, for now

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,Such a tax would require levying profits that exceed a certain threshold, said Tengku Zafrul in a written parliamentary reply on Wednesday. It would be difficult for the government to determine a uniform market price for consumer goods or locally manufactured products given the varied types, standards, specifications and grades, he said (File pic shows Tengku Zafrul in the Parliament.)

KUALA LUMPUR: Malaysia for the time being does not intend to impose a windfall profit levy on glove makers or other businesses whose profits grew manifold during the global health crisis, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Such a tax would require levying profits that exceed a certain threshold, said Tengku Zafrul in a written parliamentary reply on Wednesday. It would be difficult for the government to determine a uniform market price for consumer goods or locally manufactured products given the varied types, standards, specifications and grades, he said.

He was responding to opposition lawmaker Syed Saddiq Abdul Rahman, who had asked that the government commit to studying such a tax to help fund the nation’s recovery. The former minister had highlighted glove makers in his question to Tengku Zafrul.

“Although not subject to the windfall profit levy, the rubber gloves manufacturing industry contributed to spillover effects to the national economy in terms of direct and indirect taxes, in particular increased corporate income tax, while providing job opportunities throughout the Covid crisis,” said Tengku Zafrul.

“The additional profit earned by the rubber gloves industry during the pandemic can also be used by industry to re-invest and encourage investors to further expand their business in this country,” he added. — Bloomberg


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