Malaysia changes in property taxes.

Sep 29, 2012 Good news for housing sector Industry players, stakeholders to reap benefits

STAKEHOLDERS in the property sector have lauded the housing allocations in Budget 2013.

Raine and Horne Malaysia director Michael Geh said the allocations and incentives struck a good balance between the rakyat’s need for affordable housing and the industry players’ interests. “The proposed real property gains tax (RPGT) from the disposal of properties (made within a period not exceeding two years from the date of purchase) at the rate of between 10% and 15% won’t negatively impact the property market.

“This shows that the government acknowledges the property industry’s importance in driving the economy by being sensitive to stakeholder input. “At the same time, the budget addresses the housing needs of the rakyat,” he said. Geh said the RM1.9bil allocation to build 123,000 affordable housing units by PR1MA, Syarikat Perumahan Nasional Berhad and Jabatan Perumahan Negara should be done fairly in all states.

“It’s good that affordable housing is a priority but I hope the allocation to build the homes is fairly distributed nationwide,” he said. He also lauded the 50% stamp duty exemption on the instrument of transfer agreements and loan agreements for the purchase of the first residential property of up to RM350,000.

He said the RM100mil allocation to the Ministry of Housing and Local Government to revive abandoned housing projects coupled with tax incentives to encourage the involvement of the private sector was a positive move for the industry. Penang Master Builders & Building Materials Dealers Association president Lim Kai Seng agreed. He, however, urged the Government to ensure that the Budget was “effectively implemented”. “The implementation is very important to ensure that the incentives and allocations are channelled properly.

“Otherwise, we will not see results no matter how good Budget 2013 is,” he said.

Source: The Star

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