Bursa falls sharply on one-off tax, higher stamp duty

KUALA LUMPUR: Bursa Malaysia skidded sharply in early morning trade as investors reacted to the government's announcement that there would be a one-off special tax implemented on large companies.

In the tabling of Budget 2022 last Friday, Finance Minister Tengku Zafrul Abdul Aziz said companies would be subject to a "prosperity tax" whereby the first RM100mil in taxable earnings will be charged at 24% while the remainder will be taxed at 33%.