KUALA LUMPUR: The government will not introduce a new tax on inheritance in the upcoming 2020 Budget, says Finance Minister Lim Guan Eng.
He said there are a lot of rumours alleging that Pakatan Harapan government intended to introduce the tax.
“It is unlikely. If there is, it is just a follow-up to what we had announced in 2019 Budget,” he told reporters at the Malaysia SME Business Summit.
Speculation about the inheritance tax has been making rounds before the tabling of the 2019 Budget, which the market feared would discourage investors’ interest, especially on Bursa Malaysia.
The government however proposed ways to increase its tax revenue including through the special voluntary disclosure programme which allows taxpayers to voluntarily declare any unreported income, including income kept in offshore accounts.