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.
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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.