KUALA LUMPUR, Nov 3 — The Real Property Gains Tax (RPGT) still does not apply to the sale of an individual’s first registered property, Finance Minister Lim Guan Eng explained today.
He was clarifying his announcement of a 5 per cent RPGT for Malaysians and an increase from 5 to 10 per cent for non-citizens in yesterday’s Budget 2019.
"The exemption continues where, let’s say, you have two properties, then you will get one exemption.
“The (other) one is subject to a minimum 5 per cent under the new rules,” he explained at a press conference in Parliament today.
The RPGT is currently a tiered tax that ranges from 30 per cent for property sold inside the first year of its date of purchase to zero per cent after five full years of ownership.
The policy proposal will mean a minimum 5 per cent RPGT for Malaysians and 10 per cent for foreigners on the sale of their second property units and more.
Lim did not explain today if the increase will also affect the RPGT rate in the first five years of ownership.
He assured first-time owners, however, that their units will be exempt regardless of ownership length.
relaks
I agree increase within 1st 5 yrs makes more sense than after. http://www.theedgemarkets.com/article/increase-rpgt-rates-within-first-5-years-would-make-more-sense-says-peps
Gomen, pls reconsider. This budget will make property market even more stagnant!
2018-11-03 19:06