Business groups give thumbs down to corporate savings tax idea

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 72%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The groups say businesses rely on their reserves to get through bad times, while existing company taxes are meant to cover government expenditure.

An MPs suggestion for a tax on undistributed company profits or earnings has met resistance from trade associations.

The corporate savings tax proposal was made by Permatang Pauh MP Fawwaz Jan who told the Dewan Rakyat the tax should be imposed in line with Islamic principles of wealth-sharing. Malaysian International Chamber of Commerce and Industry president Christina Tee said that cash handouts fall within the purview of the government and NGOs, not businesses.

Economist Barjoyai Bardai of Universiti Tun Abdul Razak said the proposed corporate savings tax should only be implemented on a voluntary basis and with incentives to sweeten the deal for companies to participate.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines