Sharing update from 2014 Budget:
REAL PROPERTY GAINS TAX
* For gains on properties disposed within the holding period of up to 3 years, RPGT rate is increased to 30 percent.
* For disposals within the holding period up to 4 and 5 years, the rates are increased to 20 percent and 15 percent, respectively. Malaysian property firms with exposure to this tax change include UEM Sunrise, Mah Sing Group and Tropicana Corp .
* Raise the minimum price of property that can be purchased by foreigners to 1 million ringgit from 500,000 ringgit.
* Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period.
* Financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. Malaysia's top three banks are Maybank, CIMB and Public Bank.
Most property tax relief programs usually require that a property owner meet other eligibility requirements and file an application. Check with your local taxation authority for details about available programs to help you reduce taxes. about Property tax records
ReplyDeleteThanks for the info!
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