No windfall tax on companies that enjoy tax breaks, says Tengku Zafrul

[superadmin]

KUALA LUMPUR: Finance minister Tengku Zafrul Aziz has shot down a proposal by Bersatu MP Mohd Redzuan Md Yusof to impose a windfall tax on companies that enjoy tax incentives, saying it will hurt investments.

Redzuan (PN-Alor Gajah) made the proposal in the Dewan Rakyat when he interjected the finance minister during his winding-up speech on the Supply Bill 2022 at the committee stage today.

He argued that the windfall tax should be imposed on multinational and pioneer companies that enjoy 12-year tax breaks and make more than RM100 million, as well as those in the palm oil, banking and rubber glove sectors.

Tengku Zafrul replied: “Your proposal will impact our investments. The intention of the ‘cukai makmur’ (prosperity or windfall tax) is to create revenue to strengthen our public healthcare system and guarantee the well-being of people badly affected by the pandemic.”

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