The Malaysian Parliament approved Finance Bill 2021 on 15 December 2021, which contains certain measures announced as part of the 2022 Budget. Some of the key measures include the following:
- A one-off special windfall tax known as "Cukai Makmur" is introduced for companies that generate high income, which will be charged on companies with chargeable income exceeding MYR 100 million, with the first MYR 100 million subject to tax at the standard 24% corporate tax rate and the amount of charge…