THE ultra-wealthy group, or T15, with household incomes exceeding RM13,000, is expected to no longer receive the RON95 fuel subsidy.
According to various reports, this will have minimal impact on their finances.
On average, this group spends around RM500 per month on RON95, which only represents 3.8% of their salary.
Without the subsidy, their monthly fuel expenses might increase by RM200 to RM300, totaling around RM700 to RM800, or just 5.3% of their income, indicating they can easily absorb the cost.
Additionally, it is estimated that only 3% of the population, or nearly one million people, fall into the T15 group.
Many in this group are already financially secure, often due to family wealth, and do not rely on government assistance.
Many of these individuals are reportedly jobless, as they do not need to work and thus fall outside traditional tax categories.
However, the government now aims to tax them, particularly targeting income sources like dividends, which were previously untaxed.
The recent budget announcement signals that they will be brought into the tax system, ensuring they contribute more fairly to the national economy. – Oct 20, 2024
Main image: thesun
