Serious Chink Guan Eng Wants To Pass New Law To Seize Mad Hatter's Assets And Bankrupt All m&d Politicians! Fucking Ingrate!

[JohnTan]

KUALA LUMPUR ― Malaysia is looking at introducing legislation similar to United Kingdom’s Unexplained Wealth Order (UWO), said Finance Minister Lim Guan Eng.

“The Attorney-General is studying this legislation, which will allow the government to seize extraordinary and unexplained assets owned by prominent individuals, especially politicians,” Mr Lim said during a question-and-answer session at a special briefing on Budget 2019 in Penang on Wednesday night (Nov 7).

“If they cannot account for how they came to own the properties, the authorities will seize them. This is what we are trying to do. As I have said, during this period, when we are trying to resolve our financial difficulties, we need some sort of revenue.”

In the UK, the UWO is a court order that compels a person to reveal their sources of unexplained wealth. Those who fail to account for their wealth will have their assets seized by the authorities.


The order was incorporated in January as part of the UK’s Criminal Finances Act 2017.

Mr Lim said nobody is happy when the government imposes taxes, and no one would say they are happy when taxes are not imposed.

“Previously, someone suggested we impose an inheritance tax. There is no inheritance tax or capital gains tax. If there is a capital gains tax, the burden would be heavier.”

He said before the tabling of the budget last Friday, he was asked why the Pakatan Harapan government was mulling an inheritance tax, following speculation on the matter reported in the media.

“I was asked how could we impose the tax when the one who stole money was Jho Low and the whole lot. ‘We are the victims. Why should we pay some more? You should get money from them.’

“Rest assured, we are going to get the money from them,” he said, referring to wanted Penang-born businessman Low Taek Jho, believed to be the mastermind of the 1Malaysia Development Bhd (1MDB) scandal that has cost Malaysia billions.

On the Real Property Gains Tax (RPGT), Mr Lim said many have a misunderstanding that the tax would be based on the selling price of a property.

In actuality, he said, the 5 per cent tax will only be on the profit made from the sale. THE MALAYSIAN INSIGHT

https://www.todayonline.com/world/putrajaya-mulls-unexplained-wealth-law

 

[syed putra]

Only works if the money is in the country. Most are in singapore which is outside the jurisdiction.