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News Updates & Article sharing

Can consider great news right? With no tax

10/18/2018

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No inheritance, capital gains tax in budget

The much-speculated taxes on capital gains and inheritance will not be introduced in Budget 2019.
Sources said both capital gains tax (CGT) and inheritance tax may only be introduced over the next few years if found feasible..

With only less than three weeks before the national budget is unveiled, the source also said that the additional tax measures to be announced would likely focus on the digital economy and tax incentives.

“The study on both CGT and inheritance tax need more time to be completed to assess the potential implications on the economy. It is not possible to decide on these taxes before the tabling of the upcoming budget.

Towards this end, the government had set up a Tax Reform Committee on Sept 12 to look at the current tax structure and how to broaden tax base.

On the potential digital tax to be introduced by the government, the source said it would not be an entirely new tax.

Instead, it will likely be an extension of the existing Sales and Service Tax (SST) on online businesses, particularly on foreign digital service content providers.

“For now at least in Budget 2019, there will be no dramatic introduction on the taxation of the digital economy.

“Maybe in the next few years, the government will look at imposing tax on the income of online players if it is feasible. The process may be more complex.

“It makes sense to tax these businesses similar to the traditional brick-and-mortar ones and it is only fair to do so,” said the sources.

The Institute for Democracy and Economic Affairs (Ideas) has previously said that the introduction of a digital tax could increase prices for consumers and businesses, particularly for new start-ups and small and medium enterprises.

The think-tank said an “indirect digital tax” – applying SST to digital purchases from abroad – is less controversial than a new “direct tax” and many countries have already taken this approach.

“Doing so in Malaysia would also level the playing field between foreign and Malaysian companies, as local digital firms are already subject to SST. It would, however, still increase the cost of digital goods and services in Malaysia and drive up prices,” it said in an earlier report.

The source said that the Tax Reform Committee is also currently reviewing all the existing tax incentives in Malaysia.

He pointed out that any changes to the tax incentive structure will be gradual and progressive over the next few years.

“Certain types of tax incentives that are no longer needed or are no longer effective should be abolished. Instead, the committee is looking at recommending new tax incentives that can stimulate private sector activities.

“The best way to do this is to introduce tax incentives for new and innovative businesses of the future. The idea is to focus on the new sectors that the government would want to encourage,” he said.

The government’s plan to introduce new taxes in order to pare down the national debt of RM1 trillion became the talking point after Prime Minister Tun Dr Mahathir Mohamad, Finance Minister Lim Guan Eng and Bank Negara governor Datuk Nor Shamsiah Mohd Yunus all spoke about it during the Malaysia: A New Dawn conference on Oct 9.

Incidentally, Bursa Malaysia saw a bloodbath the next day, with the FBM KLCI shedding 39 points, falling the most in nearly five months.

While there has been no indication from the government, the market fears the implementation of the CGT – a tax usually imposed on gains made from the stock market.

Former prime minister Datuk Seri Najib Tun Razak has also criticised the CGT, warning about investors exodus if a tax is imposed on shares trading.

​Former Inland Revenue Board director-general Tan Sri Hasmah Abdullah has been appointed as the chairperson of the Tax Reform Committee. The committee is joined by finance and tax experts, namely Dr Verinderjeet Singh, Datuk Chua Tia Guan and Amardeep Singh. Tax Department secretary Datuk Khodijah Abdullah, Tax Department deputy secretary Mohd Sakeri Abdul Kadir and Fiscal and Economic Department deputy secretary Mohd Hassan Ahmad represent the Finance Ministry.

Refer from thestar.com
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  • Home
  • New Property Launch
    • Sepang Freehold Individual Title AI Cluster & Semi D Warehouse Factory
    • Lakeside Freehold Fully Residential Private Lifestyle Condominium in Cyberjaya
    • Spacious 2024 Completion KL Condo Fully Residential KLCC View
    • RUMAWIP Bukit Jalil (Bumi Only)
    • Lake City @ KL North NEW PHASE FROM RM380k
    • Alora Residences – Inspired living within greenery in Subang Jaya
    • PJ Spacious and Affordable 5 Star Condo
    • Bangsar South 2 Rooms from RM390k BELOW Market Price
    • 10% ROI PJ Project near Ikea and One Utama Mall
    • Project Announcement Registration. Malaysia New Property Launch
  • Existing & Past Project
    • Best Investment 2022 PJ Damansara Low Risk Low Entry Price High ROI
    • 2022 PJ Rumah Mampu Milik RM270k Damansara
    • Mid Valley Seputeh New Launch
    • Pavilion Damansara Heights 柏威年 白沙罗岭 马来西亚 吉隆坡 精选楼盘
    • 马来西亚RM300千的PJ屋子-首购族,年轻人月入3千能买房
    • 2021 Penang Most Awaited Project
    • 2021 New Launch - KL Metropolis
    • Freehold LRT Linked 3 Room Suites in Glenmarie
    • New SPACIOUS Kepong Landed 6 Room 6 Bath
    • Bangsar Last Piece Land New Launch
    • Avara Seputeh (Mid Valley)
    • 2020 Lowest Risk & Price in Klang Valley with Great ROI
    • Kiara East Suite Dex
    • 2019 SAFEST PROFITABLE HIGH CASHBACK INVESTMENT
    • Best Property Investment Projects in 2018
    • KL City Freehold Spacious Affordable 3 room Project
    • Jalan Kuching Freehold New Office & Shoplot
    • Jalan Ipoh New Freehold Shoplot & Offices
    • RM300k KL Sentral New Prelaunch
    • The Olive Condo, Sunsuria City
    • Prelaunch Landed House Bukit Rahman Putra
    • RM260k No Downpayment Puchong South Suites
    • PJ North RM400k High Cash Back Project
    • Denai Sutera @ Alam Sutera, Bukit Jalil
    • First Phase of Banting New Township
    • Neu Suites 3rdNVenue @ Embassy Row by Titijaya & CREC
    • COURT 28, Jalan Ipoh KL City New Property Launch Service Apartment. Malaysia New Property Launch
    • Semanja Kajang New FREEHOLD Kajang Double Storey Houses. Malaysia New Property Launch
    • M Suite @ Desa Park North
    • BIJI LIVING @ Sek 17 PJ City by Conlay. Malaysia New Property Launch
    • Amani Residence Bandar Puteri Puchong New Freehold Service Apartment. Malaysia New Property Launch
    • SFERA RESIDENCY @ Puchong South. Malaysia New Property Launch
    • KL North Last Release
    • PreLaunch Freehold Double Storey
  • LAND
  • News & Articles
    • Educational Articles
    • Ho Chin Soon Greater KL Map Sharing
  • Other Reference Link & Services
    • Land Sale Malaysia
    • Other Professional Services
  • Referral
  • Career
  • MPIG
    • About Us
    • Contact Us
  • Get Professional Advice
  • PJ八打灵全新地产项目分析手册
  • Privacy Policy