Govt has no plans to levy windfall profit tax on rubber glove companies

KUALA LUMPUR: The government has no plans to impose a windfall profit levy on rubber glove manufacturers that are enjoying supernormal profits from the higher demand and selling price of rubber gloves worldwide nor to other businesses that have profited greatly due to the COVID-19 pandemic, according to the Ministry of Finance (MoF).

Deputy Finance Minister II Mohd Shahar Abdullah said that introducing a windfall profit levy could give a negative perception to investors that the government is taking advantage of the supernormal profits generated by companies following the global health crisis.