Closing the Wealth and Tax Divide: Addressing Inequalities among Malaysians

1 min read

According to a Twitter user, Malaysia has one of the most unequal laws that protect the upper class when compared to the average middle class people. There are laws where certain assets are not taxable or profits made from these assets are not taxable. However, those working a 9-5 job usually would have to pay up to 30% income tax. 

Wealth and Tax divide in Malaysia 

Netizens were complaining that the wealthy, or T20 group, often express frustration that a significant portion of their income goes towards taxes, which they feel do not benefit them in the form of dividends, capital gains, wealth, or inheritance.

Furthermore, they argue that the Employee Provident Fund (EPF) would be more beneficial for them as the percentage of contributions is higher for higher income earners.

Some even highlighted that the intention of GST was to generate revenue that would eventually lead to a reduction of personal tax to below 20%. The revenue generated was also intended to be distributed via subsidies for vehicles to aid the lower-income groups (B40 and M40). 


Read More News @LatestMalaysia

Wuhan Markets Back In Business With CNY

Shoppers at Wuhan’s flower market clutched huge bouquets on Chinese New Year’s Eve, marking three years since the city’s lockdown due to a mysterious virus. READ MORE

Leave a Reply

Previous Story

Wuhan Markets Back In Business With CNY

Next Story

Anwar Ibrahim Praised For Attending MCA’s Chinese New Years Celebration. 

Latest from Blog

0 $0.00
%d bloggers like this: