KUALA LUMPUR: The one-off Cukai Makmur (prosperity tax) announced during Budget 2022 is expected to generate more than RM3bil for the Treasury, according to Deputy Finance Minister Yamani Hafez Musa.

       He explained that the government’s plan to impose the one-off tax was aimed at companies that prospered during the Covid-19 pandemic. He said the tax was also among the measures to increase revenue.

       “As these companies have gained high profits, we feel they should contribute to the recovery efforts,” he said in Parliament yesterday. Yamani Hafez also noted the RM33bil loss when trading on Malaysia’s stock market opened yesterday morning.

       “Many analysts said those who quit the market were short-term investors. We should give it a few days for the long-term investors to come in and then only will the share market be competitively priced,” he added.