EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Friday, January 27, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Budget 2022: Tax treatment proposal to ensure fair taxation

by moneycompass
November 1, 2021
in Local Market News
lhdn, tax, budget 2022
Share on FacebookShare on WhatsApp

KUALA LUMPUR – The tax treatment proposals were made to ensure that taxation is fair and that Malaysia remains business-friendly, and not just to increase the country’s revenue, said the Ministry of Finance’s head of Tax Division (International II), Ezleezan Othman.

As an example, he cited the proposed introduction of sales tax on low-priced goods from abroad which are sold by online traders and sent to consumers in Malaysia via air courier.

“We want to encourage manufacturing activities in the country, which is why we are taking the approach of imposing sales tax on these low-priced goods,” he said during RTM’s Budget Analysis 2022: Catalysing the Vision of Shared Prosperity 2030 programme tonight.

Ezleezan added that the proposed one-off ‘Cukai Makmur’ (Prosperity Tax) is also fair for all sectors.

“Essentially, the windfall tax only applies to goods, not to services or profits, so expanding the scope of the related tax law to apply it to companies’ profits or services is quite difficult because it requires legislative amendments and so on and will take a long time.

“This is why we want to introduce ‘Cukai Makmur’ which can be applied to product manufacturers and service providers, and we also have set a threshold value,” he said.

Meanwhile, Ezleezan said the government’s proposal to provide import duty, excise duty and sales tax exemptions for electric vehicles is expected to support the related local industry and benefit the people as well as the environment.

He also opined that the government’s target of creating 600,000 job opportunities in 2022 is achievable.

With the estimated gross domestic product (GDP) growth of 3.0-4.0% for 2021, Malaysia could create 400,000 new jobs, with a target of 500,000 new jobs by year-end, he said, adding that the country is aiming for GDP growth of 5.0-6.0% next year.

 

Read more: 5 Steps on How to Plan Your Digital Transformation

Tags: Budget 2022Tax
ShareSendShareSendTweetShare
Previous Post

Malaysia to generate at least RM8.5 bil additional revenue via Cukai Makmur

Next Post

Bursa Malaysia announces RM290.3 Million profit after tax and Zakat for the nine months ended 30 September 2021

Related Posts

Corporate News

JCorp Officially Launches JLand Group (JLG) to Capture Opportunities in New Economy Real Estate

18 Jan 2023
Local Market News

PETRONAS allocates RM322 million contract to Muhibbah

08 Dec 2022
MDEC
Local Market News

MDEC: Malaysia is a popular investment location for Chinese investors

08 Dec 2022

Discussion about this post

MOST POPULAR

  • The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.

    Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • Malaysia’s future growth plans in ASEAN’s digital economy – MGBF

    0 shares
    Share 0 Tweet 0
  • How to Start Trading on the Malaysian Stock Market

    5 shares
    Share 5 Tweet 0
  • Kenanga Research foresees slow 5G adoption

    0 shares
    Share 0 Tweet 0
  • Integrated growth agency ADA clinches historic 87 industry awards in 2022, cementing position as one of the fastest-growing Data & Tech agencies in APAC

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER