Glove makers income tax RM2.8b this yr, RM4.7b next yr

The RM400mil contributions by glove manufacturers as announced in Budget 2021 are voluntary and are on top of the glove manufacturers’ record corporate income taxes.

KUALA LUMPUR: Glove manufacturers’ corporate income tax is projected to be RM2.8bil in 2020 and RM4.7bil in 2021, according to Maybank Investment Bank Research following a dialogue with the Finance Minister.

The research house said on Monday the government decided no windfall tax will be imposed on glove manufacturers to avoid potential “opportunity costs/losses” such as glove manufacturing companies investing overseas instead of in Malaysia, and sending wrong signal to existing and potential investors in other industries.

The RM400mil contributions by glove manufacturers as announced in Budget 2021 are voluntary and are on top of the glove manufacturers’ record corporate income taxes.