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

Malaysian Border Control and Protection Agency (AKPS) director general Datuk Seri Mohd Shuhaily Mohd Zain continues to perform his duties as usual as no further instructions have been issued regarding his position.

Shuhaily still Border Control director general as police yet to receive further instructions — IGP

The UN's top climate official urged negotiators at the COP31 conference in Türkiye on Saturday to move swiftly towards a deal and "avoid tactical delays" as the summit heads into its second and final week.

UN climate chief urges speed as COP31 confronts fossil fuel divide

Police have submitted 32 investigation papers related to the 16th Melaka state election to the Attorney General's Chambers (AGC) and are now awaiting further instructions.

Melaka polls: Police refer 32 investigation papers to AGC

A total of 79 candidates from 12 political parties are vying for 28 state assembly seats in Melaka’s 16th state election.

Melaka state election live report: All polling stations close at 6pm

A total of 1,738 flood evacuees remain at eight relief centres in Selangor and Perak on Saturday afternoon.

Number of flood evacuees rises in Selangor, drops in Perak as at 4pm

Ukrainian President Volodymyr Zelenskyy said US peace envoys asked whether Ukraine would be willing to give up the Donbas region in the nation’s east to Russia in exchange for Nato membership, signalling a potential shift in Washington’s negotiating tactics.

Zelenskyy: US floats Donbas for Russia, Nato membership for Ukraine

The Malaysian Border Control and Protection Agency (AKPS) continues to operate as usual nationwide, unaffected by the decision to return its director general to his parent organisation, the Royal Malaysian Police (PDRM).

Border control agency fully operational despite director general's return to police force — home minister

The Home Ministry acts solely as the implementing agency for the Pardons Board’s decisions on a prisoner's sentence, including house arrest.

Home Ministry solely implements Pardons Board decisions, says Saifuddin

More than eight months into the Iran war, smoke continues to billow from oil tankers as Tehran presses ahead with repeated attacks near the Strait of Hormuz.

The oil market is brimming with crude despite tanker attacks

Deputy Defence Minister Adly Zahari cast his vote in the 16th Melaka state election at Sekolah Kebangsaan (SK) Durian Tunggal here at 4.13pm on Saturday.

Melaka polls: Adly Zahari votes in Durian Tunggal

Former deputy communications and multimedia minister Datuk Zahidi Zainul Abidin passed away on Friday and was laid to rest at the Bayan Lepas Islamic Cemetery after Isyak prayers.

Former deputy communications minister Zahidi Zainul Abidin passes away

A total of 79 candidates from 12 political parties are vying for 28 state assembly seats in Melaka’s 16th state election.&nbsp;

Nvidia's board has approached British chipmaker Arm Holdings chief executive officer Rene Haas in its search for a potential successor to Jensen Huang, the Financial Times said on Friday, even as another report said some employees were pushing to bring back the former CEO.

Nvidia said to approach Arm CEO Haas as employees seek Jensen Huang's return

A total of 240 ordinary polling centres, with 1,213 polling streams, for the 16th Melaka state election opened simultaneously at 8am on Saturday, allowing voters cast their ballots and elect&nbsp;a state&nbsp;government for the next term.

Melaka state election: 240 polling centres open simultaneously at 8am

The Election Commission (EC) expects the first result of the 16th Melaka state election to be known by 9.30pm on Saturday, said EC chairman Datuk Seri Ramlan Harun.

Melaka polls: Earliest result expected to be known by 9.30pm, all before midnight

PRESIDENT Emmanuel Macron will pay an official visit to Malaysia on Nov 16 and 17, as our countries prepare to mark seventy years of diplomatic relations in 2027.

France and Malaysia: A sovereignty partnership

The Federal Aviation Administration (FAA) lifted a nationwide ground stop on Friday after a communications failure at air traffic control centres caused chaos at US airports and triggered the longest shutdown since the Sept 11, 2001&nbsp;attacks.

US to resume flights after chaos sparked by air traffic network failure

Is the artificial intelligence (AI) boom losing steam, or is the latest technology sell-off presenting investors with a buying opportunity?

AI boom or bubble? Investors confront risks versus rewards

Negeri Sembilan Menteri Besar Datuk Ismail Lasim has confirmed the withdrawal of the contents of a letter submitted to the Malay Rulers dated Sept 17 as well as the position previously taken by members of the Negeri Sembilan state executive council (exco), effectively maintaining the status quo&nbsp;regarding the Yang di-Pertuan Besar of Negeri Sembilan, Tuanku Muhriz Tuanku Munawir.

Negeri Sembilan MB confirms withdrawing letter to Rulers, maintaining status quo of Tuanku Muhriz

A total of 48.13%, or 322,072 out of 669,211 ordinary voters, had cast their ballots to elect their representatives in the 16th Melaka state election as of 1pm on Saturday.

Melaka polls: 48.13% voter turnout as of 1pm — Election Commission

Anthropic PBC is poised to add to a blockbuster year of transactions that are orders of magnitude larger than those seen in the past decade, with the biggest initial public offering (IPO) of all time joining a half dozen other jumbo equity deals.

Anthropic IPO set to cap year of record-breaking equity megadeals

Ousted Nvidia chief executive officer Jensen Huang turned to law firm Paul Weiss amid his rapid fall this week, tapping a firm that reached a controversial deal with US President Donald Trump last year and whose own long-time leader was forced to step down in February.

Nvidia's Jensen Huang turns to Paul Weiss, law firm that inked deal with Trump

Stock indices mostly fell on Friday as technology shares sold off amid concerns about US chipmaker Nvidia, while the dollar was at a 19-month high.

Global stocks mostly ease with tech, Nvidia concerns; airline shares fall late in session

Former Nvidia chief executive officer Jensen Huang misled several of the company's leaders, including general counsel Tim Teter and chief marketing officer Alison Wagonfeld, about the nature of his relationship with Chinese businesswoman Alice Huang, with whom he had an affair, according to two people familiar with the matter and internal correspondence reviewed by Reuters.

Ex-Nvidia CEO misled top lawyer on affair with Chinese businesswoman — sources

Caretaker Melaka Chief Minister Datuk Seri Dr Ab Rauf Yusoh cast his vote for the 16th Melaka state election at 8.38am on Saturday.

Melaka polls: Ab Rauf, Adam Adli cast votes

Avaland Bhd (KL:AVALAND), the Malaysian subsidiary of Philippine property developer Ayala Land Inc, launched the RM400 million Accent Petaling Jaya in Section 13 at its sales gallery on Nov 14.

Avaland launches Accent Petaling Jaya, first project under new Accent series, with 60% take-up

The Court of Appeal here on Friday upheld a High Court decision declaring that a housewife, who was abandoned shortly after her birth before being adopted, is a Malaysian citizen.

Appellate court upholds citizenship for woman abandoned at birth

Korean beauty products have long filled American medicine cabinets. Now, a new exchange-traded fund is set to test whether there’s room for them in US investors’ portfolios as well.

K-beauty boom becomes Wall Street’s latest investment play

Canada’s government injected C$200 million (US$140 million or RM573 million) into a west coast liquefied natural gas project backed by Indonesia’s richest person, as Prime Minister Mark Carney pushes to diversify exports away from the US.

Budget 2022

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