TRANSPORT Minister Anthony Loke dismissed claims that the government is planning to introduce inheritance tax in the upcoming 2025 Budget, scheduled to be tabled on Oct 18.
According to reports, he said claims that the government was planning to implement an inheritance tax were just assumptions by financial analysts.
He was referring to a report quoting analysts from local banks that claims that the government will introduce new taxes.
"I want to take this opportunity to inform everyone here that I have not heard of this suggestion in any Cabinet meeting. Do not easily believe in assumptions.
"What is concerning is that these assumptions and rumours are believed by certain parties," the DAP secretary-general said in his speech at the Federal Territory DAP convention today.
He advised the public to just wait for official announcements on the matter when the 2025 budget is tabled by Prime Minister Anwar Ibrahim, who is also finance minister, on Friday.
Loke said the decision-makers responsible for establishing policies are the government and the cabinet, and these must be ratified by members of parliament, not analysts from banks.
An inheritance tax was reported to be among five new taxes proposed. It would be levied on the assets or wealth inherited by beneficiaries after one’s death.
Recently, the National House Buyers Association said an inheritance tax would be unfair to property owners, especially those who have invested in real estate for their future generations. - October 13, 2024
