KUALA LUMPUR: The government is not ready to make any final decision regarding the implementation of the Unexplained Wealth Order (UWO), although he acknowledges that the proposal is being seriously studied.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the proposal is one of the ideas that deserves attention but requires thorough research before any action is taken.
“We cannot rush into implementing it. I have received the proposal to assess the implementation of the UWO, and we will look into it seriously.
“However, for now, the government is not ready to make a final decision,” he said at the 2025 National Tax Conference.
Recently, former Klang MP Charles Santiago called on the government to introduce legislation enabling the issuance of UWOs, highlighting it as a necessary tool to combat illicit wealth accumulation and systemic corruption among the elite.
Amir Hamzah said any new policy, including UWO, must go through a research and in-depth understanding process to evaluate its implications on the economy and the public at large.
“We do not want to implement a policy that ultimately brings negative or unintended consequences. What’s important is to fully understand the implications before making any decision,” he added.
On the implementation of tax on high-value goods, he said the government always adopts a targeted approach to ensure that the tax burden falls only on those who can afford it.
“For example, when we expanded the Sales and Services Tax (SST), we carefully examined which segments could bear the tax burden. Basic goods widely used by the public are exempted from SST, while tax is only imposed on non-essential or luxury items.”
He added that in the healthcare sector, taxes are imposed on foreigners receiving treatment in Malaysia, while in the education sector, tax is only applied to high-income groups above the age threshold of 60.
© New Straits Times Press (M) Bhd
