Malaysia to Scrap Property Gains Tax From April 1
Not an April’s Fool joke. Check it out here.
Malaysia to scrap property gains tax from April 1
KUALA LUMPUR: Malaysia will scrap capital gains tax on property deals from April 1, the prime minister said Thursday as he announced a slew of pro-investment programmes and incentives in a bid to boost the economy.
Prime Minister Abdullah Ahmad Badawi said he hoped the decision would “inject more excitement and dynamism in both the property and financial sectors.'’
“Potential that has gone unrealized or under-optimized will be turned into new industries and businesses, new value creation and new jobs,'’ he said in a speech at a conference of local and foreign fund managers, and heads of some of Malaysia’s biggest companies.
The Malaysian property market is currently believed to be stagnating, and considered undervalued compared to other countries in the region, especially Singapore.
Abolishing the property gains tax would encourage investment and deals and bring more liquidity into the market.
“Going forward to further improve the national property sector, the government has decided not to impose real property gains tax throughout the country commencing 1st April, 2007,'’ Abdullah said.
All those uncles and datuks with dozens of property investments should be rejoicing, then?
Aihhh… I have just sold my property not too long ago, not sure i qualify for this 1 Apr directive?
Comment by Neo — March 23, 2007 @ 6:11 pm
this is more on 2nd hand house transaction? any impact for purchase from the developer?
Comment by klix — March 25, 2007 @ 6:04 pm
Neo - should be for transactions after this, but can check with the authorities.
klix - no impact for purchase from developer, as gains not realized yet.
Comment by Administrator — March 25, 2007 @ 7:43 pm
more foreigners coming in thats mean!!!
Comment by mook — April 13, 2007 @ 10:35 am