Zafrul: Malaysia can't afford a cut in corporate tax, now at 24pct

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Malaysia can’t afford a cut in corporate tax, which is currently at 24 percent, unless the country’s tax base is broadened and the country maintains a stronger than average growth trajectory, Finance Minister Tengku Zafrul Abdul Aziz said.“If you look at the corporate income tax, it does represent a big chunk of the federal government’s revenue of approximately 32.8 percent of the federal government revenue, including petroleum income tax, and given the widening fiscal deficit which is expected to be around 6.5 percent this year due to the pandemic.”“(Hence) Malaysia, I believe, is not in the position at this stage to afford a tax rate cut as one of the problems have been in our narrow tax base. Until we can broaden our tax base and maintain a stronger than average growth trajectory, then we can consider a cut in the corporate tax rate,” he said in an interview yesterday with …