In the capital market landscape, few instruments have been as quietly successful as the Malaysian real estate investment trusts (M-REITs). Over two decades, M-REITs have evolved from a niche product into a RM55bil bellwether of institutional stability, offering retirees a rare combination of liquidity, transparency and predictable yield.
Central to this success has been the withholding tax (WHT) exemption on distributed income. Policymakers often frame this as a concession – a generous tax break. This framing is dangerously shortsighted.
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