Malaysia to remove Capital Gains Tax

Just when our socialist government is starting to vocalize about a Capital gains Tax we have the news from Malaysia that they will scrap capital gains tax on property deals from April.[quote]Prime Minister Abdullah Ahmad Badawi said he hoped the decision would "inject more excitement and dynamism in both the property and financial sectors."

"Potential that has gone unrealized or under-optimized will be turned into new industries and businesses, new value creation and new jobs," he said in a speech at a conference of local and foreign fund managers, and heads of some of Malaysia's biggest companies.

The Malaysian property market is currently believed to be stagnating, and considered undervalued compared to other countries in the region, especially Singapore. Abolishing the property gains tax would encourage investment and deals and bring more liquidity into the market.[/quote]

Hmmm food for thought….removing taxes who would've thought such a thing was even possible?