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 No inheritence and gift tax in Malaysia?, Tax free for assets transfer to child?

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edyek
post Jul 10 2010, 09:26 AM

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Frankly speaking, I will oppose those inheritance tax. What I earn is what I suppose to earn.

Whether I will end up giving it to charity or my children, it should not be taxed at all. If I ever give it to my children and one day Msia implement this tax, I will definitely move all my wealth to those tax haven and get a PR.
edyek
post Jul 10 2010, 01:16 PM

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QUOTE(wankongyew @ Jul 10 2010, 10:16 AM)
You guys realize that this is just a psychological tic, right? I mean, if you oppose inheritance taxes because it's your money and you think the government has no right to it, then logically, you should also oppose income taxes because what right does the government have to money that you've earned through your efforts? The only difference is that because you think of income taxes as being deducted before you get the rest of your income, so only the balance that reaches your hands feels like it's really your money. But for inheritance taxes, it feels like the money has already reached your hands and has stayed there for some time, then it feels wrong to you that you have to give some of it back when the government asks for it later.

Again, this feeling of wrongness is merely because we're psychologically conditioned to grudgingly accept that only the net money, after all statutory deductions and taxes, is really ours (when in fact, all of it is really ours) and to vehemently reject giving back money once we're grown used to the idea that it is ours. But logically, if the government has a moral and legal claim on your income when it is being received, then the government can also have a moral and legal claim on your wealth later if such is deemed to be for the good of society as a whole. The other factor is that we have no experience of living with inheritance taxes so it is an unfamiliar concept that we are instinctively hostile towards.
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True to what you said.
I'm paying my income tax as minimal as possible as I'm really not happy with all those government moral and legal claim on my income. Therefore I say if Msia implement inheritance tax, I will move my wealth to tax haven. And if I can't move my wealth to anywhere, I will find a way to minimize my inheritance tax.


Added on July 10, 2010, 1:20 pm
QUOTE(Knight_2008 @ Jul 10 2010, 11:44 AM)
And if you said what u earn is what u supposed to earn, why don u move to country like Somalia, whi9ch have no tax at all. Let's see how you can thrive there without any government intervention. It's just the same context where you join a trade union and benefit from the collective infrastructure, you have to pay for it. it's that simple.
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I do have my right on my wealth right? You can say I'm wicked/selfish/demon, but still if possible I'm not paying any inheritance taxes. If worst come to worst, I will try to pay as minimal as possible.

Btw, Why should I move to Somalia? There are other countries out there in the world which offers better condition than Somalia. Do I look stupid enough to go to Somalia just because of inheritance tax where by others countriy offering no inheritance tax also?

This post has been edited by edyek: Jul 10 2010, 01:20 PM
edyek
post Jul 14 2010, 01:53 PM

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If Malaysia really implement inheritance tax and there is no way to avoid it, I will try to pay as minimal as possible. sweat.gif
edyek
post Jul 17 2010, 08:37 AM

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Have we derived the topic of this thread?

Seems like the arguements on the later part is more on economics than inheritence and gift tax.

sweat.gif
edyek
post Jul 19 2010, 08:57 AM

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QUOTE(Noyoudontcare @ Jul 17 2010, 07:56 PM)
those developed countries in the Europe that  adopt inheritance tax (including other forms of taxes like council tax,poll tax) still enjoy the best quality of life in the world...despite their income being halved paying taxes
opposethat to the USA, !!!
i was glad that I had the chance to live in the UK for several years, they pay taxes with full knowing that they didnt have to worry about their healthcare, etc.....
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My friend, if one day the government change the policy? As I've always says, Government is the last person/thing you can trust.



 

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