Amanah MP calls for reintroduction of inheritance tax
Amanah MP calls for reintroduction of inheritance tax
KUALA LUMPUR: Amanah’s Dzulkefly Ahmad has called for the inheritance tax to be reintroduced, saying the government can earn significantly from this.
The Kuala Selangor MP said such a taxation system was implemented in developed countries and cited South Korea as an example, where the heirs of the Samsung business empire paid US$6 billion from the wealth inherited from their late father.
“Isn’t it time (to reintroduce the inheritance tax)?” Dzulkefly, a former health minister, said in the lower house when debating the 2024 Supply Bill.
The inheritance tax was imposed under the Estate Duty Enactment 1941 but was repealed in November 1991 by then prime minister Dr Mahathir Mohamad.
Dzulkefly, however, admitted that critics would argue that by implementing such a taxation system, businessmen would likely leave the country.
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He explained that taxation was a form of “redistributive justice” where the wealth was redistributed to the deserving ones.
“Even in Islam, it is said that (you) take from the wealthy (and you give it) to the deserving ones such as the asnaf (those eligible for zakat).”
He also suggested that the 10% capital gains tax for the disposal of unlisted shares by local companies be expanded to listed shares as well.
Amanah MP calls for reintroduction of inheritance tax
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