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Tengku Zafrul delivering the Budget 2022 speech in Parliament on Friday (Oct 29). - Bernama

THE government wants to make highly-profitable companies pay more tax, as the country tries to meet its ballooning spending needs.

In tabling its biggest budget to date with an allocation of RM332.1bil, the government announced the introduction of a one-off special corporate tax, dubbed as “cukai makmur” or prosperity tax.

Large companies will pay the existing maximum tax rate of 24% for the first RM100mil taxable income, and the remaining amount of above RM100mil will be taxed at 33% for the tax assessment year of 2022.

Micro, small and medium enterprises with a paid-up capital of below RM2.5mil and annual sales below RM50mil would not be affected.

Economists say the affected large companies will be able to digest the one-off tax, although a continuation of such a tax rate may be damaging to the business sector.

Speaking to StarBizWeek, Alliance Bank chief economist Manokaran Mottain says the one-off tax will mostly affect “blue chip” public listed companies, including banks, glove makers and semiconductor players.

“This is unavoidable, considering that the country needs to spend significantly to spur economic recovery.

“I think the market has factored in a tax hike, so it’s not a complete surprise, although you can expect a knee-jerk reaction,” he said.

Meanwhile, AmBank Group chief economist Anthony Dass describes the 33% tax rate as a “fair approach”, considering that the country is facing various challenges.

“However, this cannot be prolonged as it can cause investors to shy away from Malaysia. The prosperity tax is not targeted at certain companies, but covers all companies that are making more than RM100mil.

“Beyond 2022, Malaysia needs to consider reducing its corporate tax rate if we want to remain competitive in the region. Currently, we have one of the highest corporate tax rates in South-East Asia,” he says.

UOB Kay Hian Wealth Advisor head of investment and financial planning Mohd Sedek Jantan says companies that have been significantly impacted by the pandemic will not be affected, given that corporate taxes are only paid on profits.

“Taxing those who have prospered during this crisis would signal that the government does care about fairness as we build back the economy.

“We can allocate 30% to 40% of the prosperity tax proceeds for the healthcare sector, and the remaining can be used for the recovery plan in particular to reduce the gap in income equality,” he adds.

Centre for Market Education CEO Carmelo Ferlito says the funds raised from the prosperity tax should be used to strengthen the healthcare system.

“However, the government needs to clearly commit to the temporary nature of the measure.“I would also love a clear commitment –and accountability – on how these funds will address the wounds created by the pandemic management,” he points out.


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