Profitable firms to pay more tax

Tengku Zafrul delivering the Budget 2022 speech in Parliament on Friday (Oct 29). - Bernama

THE government wants to make highly-profitable companies pay more tax, as the country tries to meet its ballooning spending needs.

In tabling its biggest budget to date with an allocation of RM332.1bil, the government announced the introduction of a one-off special corporate tax, dubbed as “cukai makmur” or prosperity tax.