Mohd Radzi said with over 1.8 billion Muslim population globally, Malaysia had a huge chance to capitalise on this market
KUALA LUMPUR: The government has not made any decision regarding the implementation of the Capital Gains Tax (CGT), the Dewan Rakyat heard today.
Deputy Economic Affairs Minister Senator Dr Mohd Radzi Md Jidin said the CGT is under the purview of the Finance Ministry and no decision has been made regarding its implementation.
"The CGT is a mechanism used by other countries to impose a tax on capital gains, for example in Australia, CGT is levied on the sale of shares, houses and the like, but it is still speculation and no decision has been made by the government on this matter,” he said in reply to a supplementary question from Datuk Seri Bung Moktar Radin (BN-Kinabatangan) on the impact on public and private investment if the CGT is introduced.
To Bung Mokhtar's original question on the government's efforts to ensure economic stability and raise the people's purchasing power, Mohd Radzi said policies and strategies to ensure sustainable economic growth were introduced in the 11th Malaysia Plan mid-term review.
He said the macro policies include reducing the growth disparity among states and the unequal distribution of capital ownership between workers and owners of capital.
"The government is also working hard to reduce income inequalities, especially for the bottom 40 per cent household income group (B40), and address the high youth unemployment rate.
"The government is confident that the economic development policies to be introduced will not only promote the nation's economic growth but also raise the people's purchasing power,” he added. - Bernama
Limited time offer:
Just RM5 per month.
