Govt does not intend to impose inheritance tax in Budget 2020
The government has no intention of imposing new taxes in the upcoming 2020 Budget especially in regards to the inheritance tax, says Finance Minister Lim Guan Eng. “It is unlikely. If there are, it is just a follow up of what we have announced in 2019 Budget,” he said. The government, however, did propose ways to increase its tax revenue including via the special voluntary disclosure programme which allows taxpayers to voluntarily declare any unreported income, including income kept in offshore accounts. (The Star Online)

Sunway Property bags two excellence awards
Sunway Property, the property arm of Sunway Group, has bagged two awards for its excellence in the real estate industry. Its township Sunway City KL was the only township honoured at the Malaysia Green Building Council’s (MGBC) “Top 10 Green Buildings of the Decade Awards” on June 22. It also won its ninth consecutive award at the BCI Asia Awards on June 21. Sunway City KL is Malaysia’s first sustainable township as certified by the Green Building Index, as well as the winner of two FIABCI Prix d’Excellence, as well as three FIABCI Malaysia awards. It was also the nation’s first low-carbon city as awarded by the Malaysian Institute of Planners. (The Edge)

Investor sentiment in Battersea project still strong
Despite the uncertainty about the future of London property and Brexit woes, investor sentiment of the Malaysian-backed redevelopment Battersea project remains strong, with the project generating decent residential sales volume in the last one year. In the last 12 months, Battersea power station (BPS) project residential sales amounted to £120mil (RM634mil) with a combined GDV for eight phases of £9bil. Phase one, known as Circus West Village, is already home to about 1,000 people and 20 food and beverage outlets, with over 95% leased for commercial space and upbeat retail performance. Should Brexit happen this year, the Battersea project would still benefit from the expected currency depreciation, drawing interest from overseas investors. For BPS phase one, the majority of buyers are from Malaysia and Singapore, with the remainder being local buyers. (The Star Online)

Unlocking the potential of wakaf land
More than 85% of wakaf land in Malaysia is left either idle or underutilised due to various issues that have remained unresolved for decades. To unlock its potential, the authorities concerned should work together to identify the root problems that stand in the way of its development, said Land Professionals Society of Malaysia (Pertama) president Prof Dr Ismail Omar. Wakaf is an endowment made by a Muslim, in the form of land or building, to a religious, educational or charitable cause. According to government statistics, only 13% of the 30,000 hectares of wakaf land throughout the nation has been developed so far. Housing and Local Government Minister Zuraida Kamaruddin said identifying suitable wakaf land was among the new areas of focus in the ministry’s National Affordable Housing Policy. Only five states, namely Negeri Sembilan, Melaka, Perak, Selangor and Terengganu, have laws exclusively governing wakaf land. In other states, their wakaf laws are bounded by the relevant Islamic Religious Administration Enactment. (The Sun Daily)

Dr M: Govt wants to sell Malaysia Airlines but retain its identity
Prime Minister Tun Dr Mahathir Mohamad said that the government wants to retain the identity of Malaysia Airlines even if it were to sell the national flag carrier. He lamented that despite the government’s best efforts to turn around the beleaguered Malaysia Airlines Berhad (MAB), it has often failed. In an interview with Bloomberg Television in Bangkok last week, Dr Mahathir said that the government would consider selling the national carrier “if there is a good offer”. The airline was privatised in 2014 as part of a revival bid but continued its trend of heavy losses. (Malay Mail)