PETALING JAYA: Blue chip stocks took a hit following the surprise announcement of higher taxes for very profitable companies under Budget 2022 to help the government alleviate its debt burden.
Last Friday, the Finance Minister said a one-off special tax, known as Cukai Makmur or “prosperity tax”, would be imposed on companies that have a pre-tax profit of above RM100mil. Profit above that threshold would incur a tax rate of 33% for the year of assessment of 2022.
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