Malaysia rules out levying windfall tax on businesses, for now

Such a tax would require levying profits that exceed a certain threshold, said Tengku Zafrul in a written parliamentary reply on Wednesday. It would be difficult for the government to determine a uniform market price for consumer goods or locally manufactured products given the varied types, standards, specifications and grades, he said (File pic shows Tengku Zafrul in the Parliament.)

KUALA LUMPUR: Malaysia for the time being does not intend to impose a windfall profit levy on glove makers or other businesses whose profits grew manifold during the global health crisis, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Such a tax would require levying profits that exceed a certain threshold, said Tengku Zafrul in a written parliamentary reply on Wednesday. It would be difficult for the government to determine a uniform market price for consumer goods or locally manufactured products given the varied types, standards, specifications and grades, he said.