The Malaysian Institute of Estate Planners (MIEP) announces its proposal for Budget 2024, aimed at supporting families and individual taxpayers in Malaysia.
With the focus of responsible estate planning and addressing issues of unclaimed monies, MIEP is proposing for the government to retain or expand the nominal stamp duty of property transfer from a parent to their children or grandchildren.
This will enable family members to inherit their immovable properties and reduce financial burdens on families.
In addition, MIEP proposes for the government to continue the personal tax relief of up to RM500 per individual taxpayer for Will and Estate Planning expenses.
“This relief not only encourages individuals to proactively plan their estates but also helps to curb the issue of unclaimed monies, which has persisted over the years.”
According to the Finance Ministry, there is currently RM11.5 billion in unclaimed monies as of May 2023.
The leading association on estate planning is also recommending that the government consider introducing tax incentives for family offices including a favourable 15% tax rate for family office investments exceeding RM20 million.
This, MIEP said, was to attract high-net-worth individuals to engage in comprehensive estate planning.
Other recommendations include for the government to invest in and support digital solutions for estate planning and Capital Gains Tax (CGT) exemption for family-owned businesses.
“Our comprehensive set of proposed initiatives for the 2024 budget underscores MIEP’s unwavering commitment to addressing the multifaceted challenges of estate planning and unclaimed monies.
“By combining education, incentives, technology, and collaboration, we aim to build a stronger and more financially secure future for all Malaysians,” said See Kok Loong, President of MIEP.
