Syed Saddiq: Introduce 'windfall tax' on companies making extraordinary profits during pandemic

KUALA LUMPUR: The government should introduce a “windfall tax” on companies that have raked in extraordinary profits during the Covid-19 pandemic, says Muar MP Syed Saddiq Syed Abdul Rahman.

He said several glove companies had raked in billions of ringgit this year following high global demand due to the pandemic.

He added that they should be subjected to a windfall tax which could be channelled to the purchase of Covid-19 vaccines and to assist frontliners.

“My proposal is for the government to introduce a windfall tax on rubber glove companies in Malaysia that have enjoyed extraordinary profits in the Covid-19 season.

“We do not want to punish the companies but they have raked in extraordinary profits when others are suffering, ” he said while debating Budget 2021 in the Dewan Rakyat here on Wednesday (Nov 18).

Syed Saddiq said the government should be brave enough to introduce a fair taxation system for the benefit of the people.

“Do not let the rich become richer and the poor remain poor, ” he said.

The former youth and sports minister said the government had received RM400mil in the form of items donated by these companies.

During the tabling of Budget 2021, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the contribution would help to cover the cost of Covid-19 vaccines as well as health equipment expenses.

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