PropertyGuru: Absence Of RPGT Will Help Boost Property Market

PropertyGuru says the removal of the Real Property Gains Tax (RPGT) will help stimulate and boost the markets.

PropertyGuru says, “We believe this would not only help to decrease the burden of non-speculative property holders, but it will also help to stimulate the property market by encouraging the buying and selling of residential properties.” 

Finance Tengku Zafrul Abdul Aziz, in last week’s Budget 2022 speech, said the RPGT’s removal will take effect next year and it will apply to Malaysians, permanent residents, and foreigners.

He said the government will no longer collect RPGT on properties disposed of during the sixth year of ownership and onwards.

Previously, Malaysians and permanent residents had to pay RPGT of five percent on properties that they sell even if they have owned them for more than five years.

Meanwhile, foreigners must pay 10 percent. This will no longer apply.

Under the current system, Malaysians and permanent residents must pay a 30 percent tax on the profit they make from selling properties that they hold for less than three years.

This is reduced to 20 percent in the fourth year and 15 percent in the fifth year but for foreigners, the RPGT is 30 percent if a property is sold in the first five years of ownership.

Previous articleCelcom Fortifies Position In Cloud Technology
Next articlePrivate Equity Fund For Growth-stage Tech Companies Launched

LEAVE A REPLY

Please enter your comment!
Please enter your name here