Going by hints dropped by Prime Minister Datuk Seri Ismail Sabri Yaakob, Budget 2022 to be tabled at 4pm on Friday will not only be expansionary and sizeable, but also one that puts the need to quickly return lives and livelihoods back to pre-Covid-19 levels first before executing plans to pare down government debt and beef up tax collection.

Budget 2022: Hints dropped indicate no major new taxes next year

The one-off corporate tax of 33% to be levied on companies with chargeable income of more than RM100 million is likely to be the Budget 2022 proposal that would have the biggest financial impact on the insurance and takaful industry, said Deloitte Malaysia.

After looking at the tax measures proposed in Budget 2022 and Finance Bill 2021, Deloitte Malaysia said the one-off tax would have an impact on the insurance and takaful sector from both a fiscal and operational perspective.

Cukai Makmur will be the Budget 2022 proposal that will impact the insurance industry most — Deloitte Malaysia

KUALA LUMPUR (Nov 3): Investors should expect dividend suppression after the government unveiled the one-off "Cukai Makmur (prosperity tax) in the recently announced Budget 2022, according to Maybank head of Malaysia and regional equity research Anand Pathmakanthan.

Dividend suppression seen with prosperity tax in Budget 2022 — Maybank Investment

Maybank Kim Eng has applauded the government’s decision to give full exemption of import duty, excise duty, as well as sales tax for electric vehicles (EVs) as it seeks to support the local EV industry, according to its head regional equity research Anand Pathmakanthan.

Maybank lauds govt decision on EV incentives in Budget 2022

Malaysia's plantation sector, which is the most highly taxed sector in the country, is likely to be subjected to the recently-announced "Cukai Makmur" (prosperity tax) under Budget 2022, according to Maybank Kim Eng's head of regional equity research Anand Pathmakanthan.

Highly-taxed plantation sector unlikely spared from Cukai Makmur, says Maybank

The national budget should not be designed to give short-term boosts to the local bourse but it should be seen as the enabler for the economy to grow, whether in the short, medium or longer term, according to Member of Parliament for Damansara Tony Pua.

National budget should be seen as enabler of economic growth, says Tony Pua

Malaysia’s Budget 2022 brings a ray of hope for Bursa-listed companies that were affected by the Covid-19 pandemic as viable candidates may receive financial support from the government in the form of equity injection.

Finance Minister Tengku Datuk Seri Zafrul Aziz said in his 2022 Budget speech last Friday that a government-owned special purpose vehicle (SPV) will be set up to support companies through equity injection or other related instruments.

Which companies need Khazanah's RM3 bil help?

KUALA LUMPUR (Nov 1): Veteran tax expert Dr Veerinderjeet Singh said he is surprised that the government has moved so fast to propose the removal of tax exemption for foreign sources of income.

Describing it as a knee-jerk reaction, he said: “I would like to encourage the team at the Finance Ministry to reconsider this particular point on the removal of the exemption on the foreign source income.”

Proposal to remove foreign source income exemption comes as a surprise, says tax expert

Panelists at the Malaysian Economic Association (MEA) 2022 Post-Budget Dialogue were mooting for the reinstatement of the Goods and Services Tax (GST) or the inclusion of a similar tax structure under the current tax regime in order to widen the government’s tax revenue base to prepare for turbulent times ahead.

During the session, Centennial Asia Advisors chief executive officer (CEO) Manu Bhaskaran said that there will be a period of “great financial turbulence” for Malaysia and the global economy going forward, as there is bound to be consequences to the extraordinary quantitative easing, printing of money and low interest rates we have seen over the past decade

Malaysia needs GST to weather turbulence ahead, say experts

KUALA LUMPUR (Oct 31): Palm oil growers from Sabah and Sarawak are crying foul over what they deemed to be the unjust doubling up of the windfall profit levy rate from 1.5% to 3% to be imposed on those who operate in the two states, as proposed under Budget 2022.

Sabah, Sarawak palm oil players cry foul over doubling of windfall profit levy rate

A key point to highlight in Budget 2022 is the 22.5% increase in gross development expenditure (DE) to RM75 billion, which would benefit construction and infrastructure activities as well as trade and industry in the country, according to AmBank Group Research.

AmBank Research sees potential roll-out of RM140b worth of projects from Malaysia's higher development spending

Employers are upbeat about the outlook for the employment market next year based on targeted initiatives of Budget 2022, the largest budget to date that indicates the government is putting in place measures to help accelerate the country's economic recovery, according to the Malaysian Employers Federation (MEF).

Employers commend Budget 2022 as one that supports recovery and helps alleviate unemployment issue

Budget 2022 expects an increase in tax collection, with corporate tax collection anticipated to rise to above 2019's pre-pandemic numbers, which is optimistic but challenging if businesses are still trying to bounce back from Covid-19, said Deloitte Malaysia tax leader Sim Kwang Gek.

Deloitte: Taxation on foreign sourced income a significant change and will increase tax bill of companies with overseas ops

While Budget 2022 puts the nation on the right track in the short term, Research for Social Advancement (REFSA), a think tank promoting social advancement in Malaysia, however contends that the Budget could go further in setting the stage for long-term policy making.

REFSA economic advisor Frederik Paulus and researcher Jaideep Singh said that considering that Budget 2022 is the first Budget under the tenure of the 12th Malaysia Plan (12MP), there should be clarification as to how it helps promote the development of emerging sectors — such as the care economy and the green economy — beyond the limited measures that have been included.

Budget 2022 on right track in short-run, but fails to address long-term considerations — REFSA

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.

SimeProp, Yinson Holdings, T7 Global, Pesona Metro Holdings, Datasonic Group, Willowglen MSC, CapitaLand Malaysia Trust, Annum Bhd, Sunway Bhd

US manufacturing activity improved in November, with orders growing for the first time in eight months and factories facing significantly lower prices for inputs.

US manufacturing improves in November as orders rebound, input price gains slow

The S&P 500 and the Nasdaq gained on Monday, with the benchmark index briefly hitting a record high boosted by technology stocks, while investor focus remained on a slew of economic data this week.

S&P 500, Nasdaq climb on tech boost; focus remains on data

Greece isn’t planning to impose any extraordinary tax on its banks, according to people familiar with the matter.

Prime Minister Kyriakos Mitsotakis conveyed that message at an event in London on Monday hosted by Morgan Stanley and the Athens Stock Exchange, the people said, speaking on condition of anonymity because the conversation was private.

Greece says it has no plans for extra tax on banks

Donald Trump’s fresh pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say.

The dollar looks likely to dominate the world economy for the foreseeable future and emerging nations’ idea of setting up their own single currency is “hot air”, said Mark Sobel, a retired 40-year veteran of currency policy who worked at the US Treasury.

Trump weaponising dollar seen as needless BRICS provocation

Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.

Encorp fires CEO after internal probe linked to MACC charge

Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel CEO Pat Gelsinger steps down from struggling chipmaker

France’s government offered a final-hour concession to Marine Le Pen on the 2025 budget, seeking to avoid being ousted from power in a no-confidence vote that would plunge the country into financial and political uncertainty.

French premier offers final-hour budget concession to Le Pen

EVENING 5: MRT Corp begins tender process for Penang LRT

EVENING 5: Five things you need to know today

THERE has been a noticeable rise in the number of companies declaring special dividends since Budget 2025 was tabled in parliament in October. Market observers believe that the rush to pay out special dividends is likely due to the 2% tax on individuals with dividend income exceeding RM100,000 an...

Special dividends on the rise with dividend tax looming

Sunway Bhd (KL:SUNWAY) founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, and his private vehicle Sungei Way Corp Sdn Bhd, have sold a combined total of 100 million shares in the diversified company for RM485 million or RM4.85 per share.

Jeffrey Cheah, private vehicle offload 100 mil shares in Sunway for RM485 mil

A total of RM10.78 billion had been withdrawn from the Employees Provident Fund's (EPF)&nbsp;Flexible Account (Account 3) as of the end of September, according to the Finance Ministry (MOF).

In a written parliamentary response to Wan Saiful Wan Jan (Perikatan Nasional-Tasek Gelugor), the MOF said that the withdrawals were made by 3.86 million EPF members, representing 29.4% of those below the age of 55.

Nearly RM11b withdrawn from EPF Account 3 as of end-Sept — MOF

Former prime minister Datuk Seri Najib Razak said he was “extremely prejudiced [against]” by the Malaysian Anti-Corruption Commission's (MACC) investigations into him in the 1MDB scandal, and said that it was akin to “blindfolding” him in a “fistfight”.

Anwar should understand, says Najib, claiming that he was metaphorically blindfolded and punched by MACC investigations

KUALA LUMPUR (Dec 2): Former prime minister Datuk Seri Najib Razak said that the inception of 1Malaysia Development Berhad’s (1MDB) former iteration, the Terengganu Investment Authority (TIA), was the brainchild of former Yang Di-Pertuan Agong Sultan Mizan Zainal Abidin and fugitive businessman L...

1MDB-Tanore: TIA was the brainchild of Sultan Mizan, Jho Low and Tun Badawi — I had no vested interest, claims Najib

Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.

Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Majuperak Holdings Bhd (KL:MJPERAK), a 51.41%-owned subsidiary of the Perak State Development Corp, announced on Monday the appointment of Muhammad Yazurin Sallij Muhammad Yasin as its new chief executive officer (CEO).

Majuperak names Rapid Bus’ Muhammad Yazurin as its new CEO

The tripartite consortium involving IJM Properties Sdn Bhd said it will continue to explore pathways forward with the Penang government to develop Batu Kawan Industrial Park 2 (BKIP2) after its initial proposal was rejected.&nbsp;

IJM-led consortium explains variation in BKIP2 proposal following Penang state snub 

Datasonic Group Bhd (KL:DSONIC) has clinched two contract extensions worth a combined RM81.24 million from the Home Ministry.

Datasonic secures RM81.2m contract extensions from Home Ministry

Construction and trading group Pesona Metro Holdings Bhd (KL:PESONA) has secured a RM181.8 million contract for the construction of two blocks of 28-storey condominiums&nbsp; in Cyberjaya.

The developer of the project, comprising 606 units of condominiums on Persiaran Semarak Api in Cyber 11, is Lakefront Residence Sdn Bhd, a wholly-owned subsidiary of Avaland Bhd (KL:AVALAND), said Pesona Metro in a bourse filing on Monday.

Pesona Metro bags RM182m condo construction job in Cyberjaya

CapitaLand Malaysia Trust (KL:CLMT) on Monday entered in an agreement to &nbsp;acquire its first automated logistics property, Elmina Logistics Hub, for RM180 million.

CapitaLand Malaysia Trust acquires automated logistics property for RM180 mil

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.

Devastating floods in Malaysia's northern states have submerged more than 38,000 hectares (93,900 acres) of paddy fields, farmers and authorities said, affecting major rice-producing areas and leaving farmers grappling with heavy losses.

More than 38,000 hectares of paddy fields damaged by floods in Malaysia

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China Mobile said on Monday it had offered to acquire HKBN in a deal valuing the Hong Kong-based broadband company at HK$6.86 billion (US$882 million or RM3.9 billion), as it looks to counter a move from a private equity firm.

China Mobile offers to buy Hong Kong's HKBN in US$882m deal

Sarawak has achieved another milestone in its energy transition efforts collaborating with Italy’s sustainable technology solutions provider to develop a large-capacity power plant in the state.

In a statement on Monday, ACACIA Power Sdn Bhd, established in 2024, said it is spearheading the development of a renewable energy project using acacia wood pellets and biomass feedstock sourced locally.

Sarawak, Italy ink MOU to develop 500MV power plant

Automotive batteries manufacturer Joe Holding Bhd (KL:JOE) has proposed a share capital reduction to wipe out RM80.4 million of its accumulated losses.

The group said the exercise will accurately reflect its financial position by eliminating the accumulated losses via the cancellation of its issued share capital, Joe Holding said in a bourse filing on Monday.

Joe Holding proposes share capital reduction to eliminate accumulated losses

The Global South should unite, even in small ways to pursue shared goals, particularly because US President-elect Donald Trump has threatened tariff specifics for BRICS nations.

Khazanah Research Institute research advisor Jomo Kwame Sundaram said the South must overcome its differences to become more effective and better equipped to navigate global challenges collectively.

Global South should unite in response to Trump’s tariff threats on BRICS — Jomo

The Ministry of Housing and Local Government (KPKT) has emphasised that local authorities (PBT)&nbsp;never&nbsp;recognised or permitted foreign nationals to operate as hawkers or small traders.

Budget 2022

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