Govt expects to collect RM3 billion from prosperity tax
- 2 years ago
The one-off prosperity tax announced in Budget 2022 is estimated to bring in at least RM3 billion in revenue for the government, said Finance Deputy Minister II Yamani Hafez Musa.
Under Budget 2022, big companies with paid-up capital of RM2.5 million or more will have the corporate tax on taxable income for the first RM100 million maintained at 24 percent.
However, any taxable income after RM100 million will be subjected to the one-off 33 percent prosperity tax.
Under Budget 2022, big companies with paid-up capital of RM2.5 million or more will have the corporate tax on taxable income for the first RM100 million maintained at 24 percent.
However, any taxable income after RM100 million will be subjected to the one-off 33 percent prosperity tax.