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Malaysian Taxpayers Seek 'Fairer' Tax System

by Mary Swire, Tax-News.com, Hong Kong

08 September 2017


The Consumers Association of Penang (CAP) has called on the Malaysian Government to reintroduce inheritance tax in the Budget 2018.

In a statement released on September 5, the group highlighted the importance of inheritance tax to shift the tax burden to the rich.

"CAP has consistently called for stringent measures to bridge this gap between the haves and the have-nots," said the group. "The best way to tackle wealth inequality is through the use of taxation, especially that of inheritance tax."

Malaysia abolished estate duty in 1991. Before its removal, a five percent duty was applied on estates above MYR2m (USD475,206) and a 10 percent rate on estates above MYR2.4m (USD570,247) – in a simplification of an earlier and more complex banded tax rate system.

The group recommended an inheritance tax rate of at least 50 percent for estates valued at between MYR2m and MYR3m (USD712,809), with progressive increases as the inheritance amount becomes higher.

CAP also called for an increased goods and services tax (GST) rate on luxury goods of at least 20 percent, along with higher tax rates for "damaging" items such as cigarettes and alcohol.

TAGS: inheritance tax | tax | goods and services tax (GST) | tax rates | Malaysia | services

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