The Malaysian Insight

PROSPERITY tax was among the slew of taxes announced by Finance Minister Tengku Zafrul Tengku Abdul Aziz today while tabling the Budget 2022, as part of efforts to boost the federal government’s revenue stream. 

Tengku Zafrul said companies will be subjected to a 24% tax for the first RM100 million of taxable income and 33% for the subsequent amount. 

This will come into effect for the year of assessment 2022. 

Other new taxes announced include sales taxes for low-value items bought online from overseas, which are shipped via air freight services.  

Meanwhile, service tax will be imposed on delivery services, including those provided by e-commerce platforms. However, food and beverages and logistics service providers will be exempted. 

Permanent residents who derive their income from overseas which they receive in Malaysia will also be subjected to income tax from January 1, 2022. – October 29, 2021.