MOF deny rumours of inheritance tax in BUDGET 2018

Second Finance Minister  Datuk Seri Johari Abdul Ghani has denied rumours that inheritance tax would be introduced by the government in the Budget 2018.

“There is no such thing. These are unfounded rumours,” he told NST Business today.

He was reposnding to a recent text rumour that has been circulating around in social media, saying that inheritance tax will be implemented at starting rate of 10 per cent.

“This one is equivalent to you waking up next morning and house get robbed 10 per cent. They will enforce you to pay the tax before wealth transfer (takes place),” the text said.

“Those who have no cash to pay the tax will be forced to liquidate some assets to raise funds in order for the asset or gift to be transferred,” the text, which was circulating via Whatsapp, indicated.

Source: NST 29 August 2017