Business group fears proposed gains tax will lead to capital outflows

THE Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) today expressed concern that the proposed capital gains tax on the disposal of non-listed shares in 2024 in Budget 2023 will widen to cover other asset classes, leading to capital outflows.

ACCCIM, nonetheless, described the budget that was tabled by Finance Minister Anwar Ibrahim as a “responsive and inclusive growth-oriented budget” encompassing everyone – the people, businesses and industries.