Budget 2020: It’s time for wealth and inheritance tax

| The launch of the Shared Prosperity Vision 2030 policy signals a new era of the development in Malaysia. This new development agenda has a strong emphasis on the concept of sharing prosperity which will be done via reducing inequality and redistributing wealth.

Reasons for inequality can be derived from income and wealth. At the moment, Malaysia has only witnessed an implementation of tax on income and consumption without considering a wealth and inheritance tax. Wealth taxes impose levies on an individual’s accumulated assets or financial assets. This includes vacation homes, art collections, shares, bonds and fixed deposits. On the other hand, inheritance tax or estate duty is imposed on property inherited from a deceased.

For context, Malaysia used to have inheritance tax/estate duty. Prior to the abolition of this tax in 1991, estate duty was applicable only if the net worth of the estate exceeded RM2 million. And the rates imposed were 5 percent on estates worth RM2 million, and 10 percent on everything above RM4 million.

Mesti ramai dari penyeleweng duit rakyat kena(First on the list UMNO..second on the list pon UMNO..the MIC..MCA?..)..Overnight Datuk' s..next..Questionable wealth( money launders).. Inheritance Bumiputera kaya yg memiliki merata rata tanah..chedetofficial guanenglim AzminAli

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