The Malaysian Institute of Estate Planners (MIEP) has called for the government to introduce policies that will help families and individual taxpayers in Budget 2024.
In a press release from MIEP released today, MIEP stated that they are continuing to advocate for policies that support families and individual taxpayers in Malaysia, complete with proposals for Budget 2024.
MIEP also stated that they have always been a champion for responsible estate planning, asset protection, and financial security for all Malaysians.
And this can be seen in the proposals they made for the government.
Here is a list of the proposals made by MIEP;
- Nominal Stamp Duty for property transfer,
- Personal tax relief for Will and Estate Planning expenses.
- Tax incentives for Family Offices,
- Digital solutions for estate planning,
- Capital Gains Tax exemption for family-owned businesses,
- Tax deductions for estate planning seminars and consultations, and
- Simplified probate procedures.
MIEP also explained that these proposals are made with the purpose of continuing the success they had in 2023.
In 2023, they made the proposals for a nominal stamp duty of RM10 for property transfer from a parent to their children or grandchildren and a personal tax relief of up to RM500 per individual taxpayer for Will and Estate Planning expenses.
Both of these initiatives were introduced in Budget 2023.
