KUALA LUMPUR: The Economic Affairs Ministry dismissed as mere speculation that Capital Gains Tax (CGT) would be implemented under Budget 2019 to raise the country’s revenue.
The Pakatan Harapan government is expected to table its first Budget 2019 in Parliament on Friday.
Its Deputy Minister Dr Mohd Radzi Md Jidin said the allegation was merely a rumour as no such announcement had been made by the government over the matter.
“Regarding CGT, it actually falls under the Finance Ministry. (CGT implementation in Malaysia is) Mere rumours and there is no announcement that the government would implement the tax.
“CGT is among the mechanisms used by many other countries by taxing capital gains such as sales of shares, houses and so on. The assumption that the government would implement the CGT is mere speculation,” he said.
He was answering a supplementary question from Datuk Seri Bung Mokhtar Radin (BN-Umno-Kinabatangan) on whether the government intends to proceed with the CGT and what impact it would have on the public as well as private investment.