Malaysia plans windfall tax for rich companies in new budget

KUALA LUMPUR, Malaysia (AP) — Malaysia’s government has proposed record spending for 2022 to bolster post-pandemic economic recovery, with various industrial incentives and cash handouts for the poor and windfall taxes for high-income companies. Finance Minister Zarful Aziz put forward in Parliament the budget proposal of 332.1 billion ringgit, or $80.2 billion, up from $77.4 million this year. Zarful says the virus lockdown in the third quarter has set back the economic recovery. With 95% of adults and more than 60% of teenagers fully vaccinated, he said the budget is designed to strengthen economic recovery, build resilience and drive reforms. It’s the first budget under Prime Minister Ismail Sabri Yaakob, who took office in August after two changes of government since 2018.