Will Budget 2025 introduce new taxes to reduce deficit?

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Budget 2025 Does Not Include Reintroduction of Inheritance Tax, Say Officials

Transport Minister Anthony Loke has stated that news reports suggesting the Anwar administration is considering the reintroduction of an inheritance tax are merely rumours. He clarified that this specific tax has not been a subject of discussion within Cabinet meetings. The speculation regarding the inheritance tax's potential inclusion in Budget 2025 first emerged in Utusan Malaysia, citing an analyst's view that it could be among new revenue-raising measures.
Inheritance Tax Rumours Dismissed

Reports indicating that the government was considering reintroducing an inheritance tax have been officially refuted. Anthony Loke, who also serves as DAP secretary general, addressed these circulating rumours, labelling them as unfounded assumptions. He specifically noted that the matter had not been deliberated in any Cabinet sessions, underscoring the speculative nature of the reports.
Lack of Cabinet Discussion

The reintroduction of an inheritance tax has not been a topic of discussion within the Malaysian Cabinet. Loke explicitly stated this fact, aiming to quell public concern and prevent the issue from becoming a prolonged debate. He advised the public and party members to verify information and avoid acting on assumptions.
Origin of Speculation

The initial surfacing of the inheritance tax rumour was attributed to a report in Utusan Malaysia. This report quoted an analyst who suggested that the tax might be one of several new measures to be introduced in the upcoming federal budget, with the aim of increasing government revenue and reducing the fiscal deficit. This analyst's projection fuelled further speculation within certain media circles.
Opposition from Sarawak MPs

Following the emergence of the inheritance tax rumours, five Members of Parliament from Sarawak's DAP chapter publicly declared their opposition. They issued a statement indicating their intention to vote against the tax should it be presented to Parliament for approval. This united stance from the Sarawakian representatives highlights a significant internal dissent regarding the potential tax measure.

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Will Budget 2025 introduce new taxes to reduce deficit?

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