Former Klang MP Charles Santiago has urged the government to impose a 2% wealth tax on Malaysia’s richest citizens to offset budget cuts. He said such a levy could generate over RM1 billion from billionaires alone, helping plug a RM10 billion fiscal shortfall.
Finance Ministry Proposes RM5.4 Billion Cuts
Santiago noted Malaysia’s 50 wealthiest individuals grew their fortunes by RM103 billion in a year, reaching RM458 billion.
His call comes after the finance ministry proposed RM5.4 billion in operational spending cuts for health and higher education amid the Iran conflict. Santiago argued billionaires benefited from state contracts and subsidies, and should now contribute fairly.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
