Inheritance tax will leave property owners worse off, say house buyers
The National House Buyers Association says parents would be penalised if they invest in assets, including property, that could yield returns for their future generations.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/08/inheritance-tax-will-leave-property-owners-worse-off-say-house-buyers/
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/08/inheritance-tax-will-leave-property-owners-worse-off-say-house-buyers/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00The National Housebuyers Association says an inheritance tax, proposed for the 2025
00:07budget, would be unfair to property owners, especially those who have invested in real
00:12estate for future generations.
00:14HBA Audit Secretary General Chang Kim-lung said property forms the largest component
00:20of most people's wealth, particularly for parents wanting to provide for their children.
00:26He added that the tax would apply to the wealth or assets inherited by beneficiaries
00:30after someone's death.
00:33Chang said the tax is expected to be based on the current market value of the estate,
00:37which could lead to beneficiaries paying a tax on the inflation-driven increase in property
00:41prices.
00:43He said this could discourage saving and investment, promoting a spend-now mentality.
00:49Chang added that such a tax sends a message that society should not work hard or save
00:52money, as accumulated assets will be taxed again after death.