PETALING JAYA, Oct 13 — Prime Minister Datuk Seri Anwar Ibrahim conceded today that taxing the rich would discourage domestic investment, but gave assurance that he is open to after news reports that his administration could be reintroducing inheritance tax.

Anwar said Malaysia has recorded a phenomenal increase in its domestic investments alongside foreign direct investments, attributing the country’s impressive growth and success to growing interest, commitment, and confidence demonstrated by its domestic players.

"I agree policy-wise that if we were to tax the rich too high, it will discourage domestic investments.

"But I wish to stress that, following the now arisen controversy, I am listening and will give due consideration in that we will not announce any imposed amount or statements that are concerning,” he said in his speech at the Association of Chinese Chambers of Commerce and Industry Malaysia (ACCCIM) 78th AGM at One World Hotel here.

Earlier, ACCCIM outgoing president Tan Sri Low Kian Chuan said inheritance tax could dampen entrepreneurship and investment attractiveness, leading to outflow of assets belonging to the wealthy.

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