SINGAPORE: The fall from grace of S. Iswaran was spectacular – from a private plane ride and plush hotel room at the Four Seasons to a prison van and a straw mat for a bed in a single-man jail cell.
A money bag and a wooden house on the scales. The concept of real estate purchase. Sale of property. Payment of the mortgage. Redemption of taxes. Tax refund. Legacy / Inheritance tax concept
On Nov 1, 1991, the Estate Duty Enactment 1941 was abolished, ending the inheritance tax after 50 years. In contrast, poor persons wouldn’t have assets to pass onto their kith and kin. The heirs will have to work hard to break out of the cycle of poverty. The revenue benefits of the tax are being outweighed by the administrative, political, and economic costs of levying a tax on a narrow base, and repeal becomes a more and more viable option.
As the inheritance falls almost exclusively on the domestic capital stock and assets, Malaysia still needs sustaining flow of long-term domestic and foreign funds to accelerate its transition into a high-income nation. Worse still, some of our high-net-worth individuals, wealthy residents, highly paid professionals and successful entrepreneurs may relocate to abroad so that they will not be taxed.
The inheritance tax can be avoided through tax planning by gifting properties to the next generation during their lifetime.
Inheritance Tax Estate Capital Wealth
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