| The Consumers Association of Penang is shocked with the pre-empted announcement by the Finance Minister even before the scheduled budget dialogue on June 27, that the long-awaited inheritance tax would not be implemented.
Inheritance tax is assessed on the net worth of an individual at death. Not all estates are subject to the tax. Only estates worth above a certain value are included. CAP has consistently called for stringent measures to bridge this gap between the haves and the have-nots. The best way to tackle wealth inequality is through the use of taxation, especially that of inheritance tax.
In Asean, Thailand re-introduced inheritance tax after 72 years on Feb 1 2016, with the government citing the purpose of the law as being important to increase the tax base for revenue generation to develop the country and upgrade the living of underprivileged people.
The rich are there because they worked for it and already paid so much taxes in the process. Now we tax them further to balance out? Why don’t we just confiscate their wealth n put them to sleep? Better?
What nonsense
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