The exemption of capital gains tax (CGT) is needed to boost capital market performance and also to benefit the over 90% of investments in unit trusts that are made by individual investors.
The government has agreed to exempt the imposition of capital gains tax as well as taxes on foreign sourced income on unit trusts, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
A number of tax reform measures will be implemented next year to expand the country's revenue base and at the same time not burden the majority of the public.
