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aws全区号(www.2km.me)_Zafrul: Cukai Makmur justified

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Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said any potential impact of Cukai Makmur on the stock market could be partly outweighed by the broad-based economic recovery in 2022.

PETALING JAYA: Not more than 250 companies will be impacted by Cukai Makmur or the prosperity tax, which Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz described as “a very small number of companies.”

Over the past two financial years, he said only 113 companies achieved more than RM100mil in pre-tax earnings, out of over 900 companies listed on Bursa Malaysia.

Cukai Makmur will only be applicable on super profitable companies with chargeable income of above RM100mil for the tax assessment year of 2022.

In justifying the government’s decision to introduce the one-off tax under Budget 2022, Tengku Zafrul said many countries have permanently increased their taxes for the near future.

“The United Kingdom, for example, increased its corporate tax permanently, Saudi Arabia increased its value-added tax and Indonesia increased the tax bracket for individuals, especially for the top earners, which has gone up to 35%.

“Cukai Makmur, on the other hand, only affects those companies having more than RM100mil chargeable income.

“The marginal increase in tax is only 9%,” he said at the virtual Invest Malaysia 2021 Series Two yesterday.

Looking ahead, Tengku Zafrul said any potential impact of Cukai Makmur on the stock market could be partly outweighed by the broad-based economic recovery in 2022.

He also pointed out that several large corporations such as Telekom Malaysia Bhd, Tenaga Nasional Bhd and Axiata Group Bhd have said that Cukai Makmur would not affect their dividend payments to shareholders.

It is noteworthy that these corporations are government-linked companies.

“Top Glove Corp Bhd has also said it is happy to contribute to Cukai Makmur. So far, the company has paid approximately RM2bil in corporate income tax this year and the Cukai Makmur is not expected to impact its dividend payment,” according to Tengku Zafrul.

Over the medium term, the Finance Minister said the government wants to reduce the reliance on direct taxes and widen the federal government’s revenue base.

“You will hear more about this when the Fiscal Responsibility Act is tabled next year, which will cover a medium-term revenue strategy that will outline the mobilisation of revenue measures, review of our tax legislation and the modernisation of tax administration.

“Cukai Makmur certainly does not fall in that spirit,” he said.

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