Former Klang MP Charles Santiago proposes a 2% wealth tax on the richest Malaysians, aiming to plug the fiscal gap due to subsidy rationalisation and prevent spending cuts. However, Santiago argues that wealth taxes may not truly address inequality and fiscal pressure. He proposes alternatives, raises concerns about political will and institutional capacity, and states that tax reform should be the priority of Malaysia's groundhog debate on SST vs GST.
Former Klang MP Charles Santiago proposed a 2% wealth tax on the richest Malaysians who have seen significant wealth growth, aiming to plug the fiscal gap due to subsidy rationalisation and prevent spending cuts.
However, wealth taxes may not meaningfully address inequality and fiscal pressure. Santiago mentioned alternatives like a capital market wealth tax, a capital gains tax on share sales or dividends in private companies or family businesses, and a push on collection efficiency in the e-payments sector. He raised concerns about political will and institutional capacity to implement these taxes. The views expressed are those of the writer and do not necessarily reflect those of FMT
Proposal To Tax Malaysia's Richest Wealth Tax Plugging Fiscal Gap Political Will And Capacity Alternative Proposals Capital Market Wealth Tax Capita Market Tax Reform Discussion Electronic Payments Tax
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