Transport Minister Anthony Loke dismissed claims that the government is planning to introduce inheritance tax in the upcoming 2025 Budget, scheduled to be tabled on Oct 18.

Loke said he had never heard of such a proposal in cabinet meetings.

He was referring to a report quoting analysts from local banks that claims that the government will introduce new taxes.

“What is concerning is that these assumptions and rumours are believed by certain parties.

“There are DAP members of parliament who believe that the government will introduce such taxes,” he said in his address at the Federal Territories Kuala Lumpur DAP Ordinary Convention here today (Oct 13).

Also in attendance was DAP stalwart Tan Sri Lim Kit Siang.

“Government policies only become official if they are presented in parliament, and so far, there has been no discussion regarding inheritance tax.

“Therefore, do not trust these assumptions, as analysts can make all sorts of assumptions,” he said.

Loke said the decision-makers responsible for establishing policies are the government and the cabinet, and these must be ratified by members of parliament, not analysts from banks.

“The government is taking measures to ensure an increase in revenue and economic growth.

“At the same time, expenditures must be prudent, with no leakages or corruption involved. That is the government’s focus,” he said.

On Oct 3, a Malay daily reported that the government is expected to introduce five new taxes in the 2025 Budget, aimed at promoting healthier lifestyles and sustainable living.

The proposed taxes include the unhealthy food tax, carbon pricing tax, inheritance tax, high-value goods tax (HVGT) and Artificial Intelligence (AI) tax.

Source: NST Online