Inheritance tax will leave property owners worse off, say house buyers

Free Malaysia Today

The National House Buyers Association says parents would be penalised if they invest in assets, including property, that could yield returns for their future generations.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/10/08/inheritance-tax-will-leave-property-owners-worse-off-say-house-buyers/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #ChangKimLoong #HBA #Tax

Transcript

00:00The National Housebuyers Association says an inheritance tax, proposed for the 2025

00:07budget, would be unfair to property owners, especially those who have invested in real

00:12estate for future generations.

00:14HBA Audit Secretary General Chang Kim-lung said property forms the largest component

00:20of most people's wealth, particularly for parents wanting to provide for their children.

00:26He added that the tax would apply to the wealth or assets inherited by beneficiaries

00:30after someone's death.

00:33Chang said the tax is expected to be based on the current market value of the estate,

00:37which could lead to beneficiaries paying a tax on the inflation-driven increase in property

00:41prices.

00:43He said this could discourage saving and investment, promoting a spend-now mentality.

00:49Chang added that such a tax sends a message that society should not work hard or save

00:52money, as accumulated assets will be taxed again after death.

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