The Malaysian government is targeting at least RM4 billion in additional revenue from the one-off Prosperity Tax (Cukai Makmur) for the 2022 assessment year, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This tax, introduced in Budget 2022, imposes a 33% rate on chargeable income above RM100 million. While no new taxes like GST, windfall, or inheritance taxes are planned, studies are underway to develop a fair tax system to sustain revenue and support economic recovery efforts.GOVT EYES MINIMUM RM4 BIL EXTRA REVENUE FROM CUKAI MAKMUR FOR 2022
The Malaysian government is targeting at least RM4 billion in additional revenue from the one-off Prosperity Tax (Cukai Makmur) for the 2022 assessment year, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This tax, introduced in Budget 2022, imposes a 33% rate on chargeable income above RM100 million. While no new taxes like GST, windfall, or inheritance taxes are planned, studies are underway to develop a fair tax system to sustain revenue and support economic recovery efforts.
