Malaysia stocks fall 2% as government announces ‘windfall’ tax on companies

The benchmark FTSE Bursa Malaysia KLCI index fell around 2.2% and was among the worst-performing stock markets across Asia-Pacific.

Malaysian Finance Minister Tengku Zafrul Aziz on Friday presented the government's budget for 2022, which includes the largest ever spending plan worth over 332 billion ringgit . Zafrul announced several measures to raise government revenue, including raising the tax rate on corporate income of more than 100 million ringgit from 24% to 33% in 2022.People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia, Jan. 29, 2021.Malaysia stocks fell on Monday as the government announced a one-off "windfall" tax on companies to raise revenue for the coming year.fell around 2.

Malaysian Finance Minister Tengku Zafrul Aziz on Friday presented the government's budget for 2022, which includes theworth over 332 billion ringgit to jump start an economy weighed down by the Covid-19 pandemic. Zafrul announced several measures to raise government revenue, including increasing the tax rate on corporate income of more than 100 million ringgit from 24% to 33% in 2022.

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