Malaysian minister urges Asean to unite against MNCs dodging global minimum tax

[KUALA LUMPUR] Malaysia Deputy Minister of Investment, Trade and Industry Liew Chin Tong has urged Asean member states to unite against attempts by multinationals (MNCs) to circumvent the global minimum tax rate.

He emphasised the importance of not allowing such MNCs to get around paying the tax, which now stands at a minimum effective rate of 15 per cent, and cautioned against a race for lower wages and tax incentives that could undermine the region’s economic stability.

Speaking at the Asean Economic Opinion Leaders Conference in Kuala Lumpur on Wednesday (Jan 8), he said: “The multinational companies are knocking on the door of each country’s treasury to ask for cash grants to circumvent the global minimum tax...