Online equity broker says now is not the time for such a tax as it will scare away foreign investors.
The government plans is studying the feasibility of a capital gains tax on the disposal of unlisted company shares from next year.
He said when the going gets good, the authorities tend to implement measures such as taxes that “makes foreigners shun away from our local market”. Recently, Prime Minister Anwar Ibrahim said in parliament that the government is considering additional taxes to boost revenues to achieve its goal of halving its fiscal deficit by 2025. “Among the new taxes being formulated for implementation in 2024 is the capital gains tax,” he said.
Thus far, the existing tax that most closely resembles the proposed CGT is the Real Property Gains Tax that is levied on individuals and companies which have made gains on the disposal of their properties.On the proposed introduction of fractional share trading, Kenny said its effects would be rather muted, considering the size of the lots. A fractional share is a portion of a stock that is less than one standard board lot.
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