LBS Bina Group Bhd says the government is on the right track with the focus on healthcare spending, job creation and economic recovery following the tabling of Budget 2022 by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in Parliament on 29 October 2021.
LBS says the Government’s removal of real property gains tax on properties sold after six years from when it was first acquired is an important move to stimulate the secondary property market and encourage long-term investment.
Placing the lower-income households at the forefront of Budget 2022 by providing RM2 billion in guarantees under the Housing Credit Guarantee Scheme for those without a steady income is also a positive move.
“This improves the accessibility of gig-workers, small-time business owners and farmers towards obtaining housing loans and owning their own home, which LBS as a leading affordable housing developer strives to provide,” says the company.
The extension of personal income tax relief of up to RM1,000 for domestic tourism expenses up to the year of assessment 2022 is beneficial to encourage tourism within Malaysia.
This is in particular since LBS has earlier this year re-opened to tourists its own SCAPES Hotel in Genting Highlands. The effective re-opening of the tourism sector translates to a positive multiplier effect for the economy
LBS Executive Chairman Tan Sri Lim Hock San says, “The initiatives under Budget 2022 appear balanced with the aim of assisting businesses and the rakyat towards economic recovery post-pandemic.
“The Government has not introduced any additional taxes to burden families, which bode well for LBS as there is a greater opportunity for more funds to be channelled towards the property development sector.”
