KUALA LUMPUR, Nov 27 ― The government does not currently plan to impose a windfall tax on banks, Finance Minister Lim Guan Eng said today even as he noted some local institutions have profited over the past few years.
“At this moment the government has no plans to implement a windfall profit tax on the banks. Even though the banking sector has made a lot of profit over the few years, this has been ongoing since the previous government.
“However, the government has informed Bank Negara to make it easier for those seeking loans to purchase affordable homes,” Lim told Rompin MP Datuk Seri Hasan Arifin (Barisan Nasional) during Question Time in the Dewan Rakyat.
The Opposition lawmaker asked if the government will tax banks for their increased revenue in the past two to three years.
Hasan pointed out that the government could use the extra revenue from taxing the banks to make it easier for Malaysians to borrow money to purchase homes.
But Lim said the central bank has programmes to help first time home buyers, including extending the loan service repayment time frame by another five years to 40 years and putting the interest rate at 3.5 per cent.
