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Business winners and losers in the 2021 budget

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Glove manufacturers were spared a windfall tax on their enormous profits, while construction firms will benefit from transport projects. FMTNews Glove

Glove manufacturers were spared a windfall tax on their enormous profits. to help the virus-ravaged economy get back on track for rapid growth, allocating RM322.5 billion in total expenditure next year, which it hopes will help the US$365 billion economy rebound with growth of 6.5%-7.5%. The administration also proposed a cut in personal income taxes, handed out monetary aid and eased costs for first-time home buyers.Malaysia’s biggest rubber glove producers — Top Glove Corp.

The Rapid Transit System Link from Johor Bahru to Woodlands, Singapore and the MRT3 in Klang Valley will also continue. The government will also continue with the High-Speed Rail Project with Singapore because of its multiplier effect on the economy.To further boost home ownership, the government will extend full stamp duty exemption on transfer and loan agreements for first-time home buyers until the end of December 2025. The government will also set aside RM1.

Meanwhile, liquid used in electronic cigarettes will attract an excise duty at a rate of 40 sen per millilitre.

 

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