No inheritence and gift tax in Malaysia?, Tax free for assets transfer to child?
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 Jul 7 2010, 11:27 AM
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#1
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Senior Member
667 posts Joined: Oct 2009 
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I paid tax and i used the money to buy properties, and to give them to my children when i pass on. The money has been taxed before, and i see injustice if i have to pay inheritance tax. I became rich for a reason - because i worked very hard, and there's no reason to penalise me just because i have become rich. All this money's not corrupted money.
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Jul 8 2010, 05:11 PM
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#2
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Senior Member
667 posts Joined: Oct 2009
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QUOTE(TarePanda @ Jul 8 2010, 04:35 PM) Well say, i agree that one become rich for reasons, hardworking, smart, etc etc.... Most of money from inheritance tax, if enforced in Malaysia, will not be re-distributed to the poor family but instead will go into the politicians-in-power pockets. But there are ppl are poor for no reasons...mostly because the environment and systems... And it's no to penalize those rich ppl...it's to balance the society by re-distribute the wealth over poor family so that the poor got chances to get good education and thus our country become more stabilize and improve... Just my 2 cents  It's up to one conscience to allocate certain amount of their asset to help those in need, but it shoudnt be made compulsory. |
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Jul 9 2010, 12:35 PM
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#3
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Senior Member
667 posts Joined: Oct 2009
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QUOTE(wankongyew @ Jul 9 2010, 12:08 PM) I refrained from posting further in this thread because I felt that it was becoming more political and hence might be viewed as something more appropriate for Real World Issues. However, since a moderator has deigned to participate, I suppose it has the LYN Seal of Approval and therefore it is safe. As expected, most of the posters in this forum object to the imposition of inheritance and gift taxes (the two of them go hand in hand, it would silly to impose one without the other for obvious reasons). I will try to address your arguments is a fair and reasonable manner. Generally, as I see it, there are two main lines of argument: I respect your views. In a clean, or reasonably clean government, more people will agree with inheritance tax. However, when the other opposite happens, most people will be reluctant to pay additional taxes, eg GST, inheritance and gift tax etc. Theoretically inheritance tax is reasonable but looking at our government wastage, i will very reluctant to pay. I am just being very practical.This post has been edited by newbie99: Jul 9 2010, 12:36 PM |
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