KUALA LUMPUR, July 14 — The government should introduce a windfall tax on businesses facing extraordinary profits now to ensure it has enough resources to mitigate the economic impacts of Covid-19, said former prime minister Tun Dr Mahathir Mohamad.
“But if [the government] follows through the normal tax collection methods during a struggling economy, then they would get less tax,’’ said Dr Mahathir. Dr Mahathir further explained that during the pandemic, there are private firms and even banks that have garnered billions of ringgit in profit during their first financial quarter while so many others face financial uncertainties.
When asked whether the government could reintroduce the Goods and Services Tax to gain more revenue, Dr Mahathir however disagreed.
Draconian law purposed by an antique politician
Windfall tax ? With glove producers facing lower asp, which industry is making money? Politicians maybe
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