Malaysia looking at new taxes to boost revenue: Deputy FM

Malaysia’s government is mulling the imposition of capital gains tax and a one-off higher tax rate on companies that have earned extraordinary profits during the pandemic to boost revenue, according to Deputy Finance Minister Yamani Hafez Musa. “Additional revenue from this one-off tax will be used to fund recovery activities and programs to help targeted groups,” he said in parliament on Wednesday. The country’s fiscal situation has been strained since last year year due to economic contraction, a drop in revenue and increased spending on healthcare and income support.