As the implementation of the “prosperity tax” mainly affects listed companies and large enterprises, the announcement on Oct 29 has led to the FBM KLCI plummeting by 33 points on the following Monday, and the market value of various stocks evaporated by approximately RM25bil.
For foreign investors especially, this indicates that the government can at anytime impose a one-time tax on enterprises, making it tricky for them to estimate the cost and risk of investing in Malaysia. This may affect our country’s efforts to attract foreign investment.The Associated Chinese Chambers of Commerce and Industry of Malaysia also responded on the day of the Budget 2022 announcement that such a move would dampen investor sentiment and affect Malaysia’s competitiveness in the region.
Malaysia’s corporate tax rate is relatively high when compared with other Asean countries. When added with the 33% prosperity tax, we have the highest tax rate among Asean countries, while the global minimum tax rate that was set during the G7 summit in June this year was only 15%. In fact, the GST is a more transparent and fairer tax system for companies and individuals, that at the same time can more effectively reduce tax evasion.
Also, the delay in the refund of the input tax claim also caused cashflow problems among businesses – one of the main reasons why the GST was unpopular then.
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