WHY DIDN'T MALAYSIA IMPOSE EXCESS PROFIT TAX ON OIL COMPANIES IN MALAYSIA?

WHY DIDN'T MALAYSIA IMPOSE EXCESS PROFIT TAX ON OIL COMPANIES IN MALAYSIA?


The Government of Malaysia did not impose Excess Profit Tax on top of Petroleum Tax charged on companies doing oil extracting and crude selling business in Malaysia.


China, Canada are some of the few countries imposing EPT (Excess Profit Tax..


The rationale behind its imposition is to charge companies operating in Malaysia, whether foreign or local, in situation where they make extra gains resulting from the increase in oil price.
The profit gained in execess of a predetermined value shall be subjected to EPT.


It is extra revenue for Malaysia which in itself alone can be used to fully financed education. 


Why didn't Malaysia adop and impose them? 


Why didn't Malayia take the extra revenue?


The best answer that I could reason out is that it is part of an inducement and or incentive to keep foreign Oil Companies operating in Malaysia.


If the arguement is to protect local company, how many of them are there that needs protection? What effort has been made to reduce the presence of foreign companies? Does the value of tax money forgone from non imposition of EPT worthy the protection offered to local Companies?


What effort has been made to promote and induce local company to take over from the presence of foreign domination?