Govt Considering Implementation Of Capital Gains Tax, Windfall Tax
Author Avatar
(Image: Bernama)

The government is considering the implementation of a capital gains tax as a means to refill the funds spent on Covid-19 efforts. This is in addition to the possibility of a one-off higher tax rate imposed on companies that have generated windfall profits during the pandemic.

“The government is looking at a few ways in which it can increase its revenue, including implementing the taxing of capital gains on shares and also imposing a one-off higher tax rate on companies that have obtained extraordinary profits during the pandemic,” said the deputy finance minister II, Yamani Hafez Musa in the Parliament yesterday, adding that the extra revenue will be used to assist the recovery of selected groups.

Yamani also said that they will first need to obtain feedback from stakeholders before making any decisions. “The government needs to take into account the views and feedback of affected stakeholders to ascertain the effects of imposing these taxes, so that it does not affect Malaysia’s economic standing and competitiveness, specifically in attracting foreign investments,” he further commented.

(image: Malay Mail/Firdaus Latif)

Finally, Yamani Hafez shared that the government is also in the midst of looking for a viable solution to offer an interest-free loan moratorium for borrowers. The solution must take into account the long-term effects on various parties, including borrowers, depositors, investors, financial institutions, and the economy, he said.

As such, the government is currently still in talks with financial institutions as it involves a commercial decision between bank managements.

(Source: The Edge Markets)

5 1 vote
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 20th October 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (October 2021)
Pang Tun Yau
- 6th October 2021
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image

Apple Launches A RM99 Polishing Cloth

Jacie Tan -
2nd February 2021
Related Posts Image