GEORGE TOWN: The Consumers Association of Penang (CAP) has proposed that the government reintroduce the inheritance tax and revise existing taxes to help bridge the gap between the rich and poor.
Its president, S M Mohamed Idris, said the inheritance tax and other forms of taxes, such as the wealth tax, capital gains tax and gift tax, if implemented properly, would provide savings to the country.
“Malaysians should not be worried about the inheritance tax as they do not have to pay any inheritance tax unless they have millions of ringgit worth of assets,” he said in a statement here today.
He said CAP was of the view that the inheritance tax was among the best ways to deal with the imbalances of wealth and narrow the gap between the poor and wealthy.
Idris hoped the issue would be discussed in the 2018 Budget when it is tabled in October.
The inheritance tax was ceased in 2001.