Posted by 493804921148830 > 2019-03-01 11:04 | Report Abuse

I am surprised I don't see Malaysians petitioning against the 6% tax on investments and savings. Maybe most investors don't understands how this affects their savings over time? Most advisors should know that this inhibits growth which means people don't have funds to build wealth, open new businesses, and consumers have less to spend which stagnates the economy. It's like Malaysians are ok with the government getting fat but normal people have to claw over each other to make more money. I make good money in Bursa because I was a stockbroker in the USA. Now, 1 March there is a 6% tax put on trade orders (if I understand Maybank's disclosure correctly). To stay diversified, I do not put too much in any one stock and by looking at Bursa trade history, most trades are in for 100-500 shares per trade. At the low stiock prices of most stock, this takes forever to cover both broker and government fees and taxes AND make a small profit. Volumes are not big enough to create quick price movement. It does not make sense that Malaysians don't start a "change.org" petition to the Malaysian government and say, "We wont vote for you, if you tax our savings." I want everyone to have the opportunity to be wealthy, not only the goverment. After all, when we have extra money to spend, the government will get tax on purchases. They should not get both sides, savings and purchases. What do you think, am I wrong?