LBS Bina Group Berhad has given the thumbs up to the Government’s efforts in prioritising the nation’s welfare following the tabling of Budget 2023 by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
For the property sector, the developer applauds the Government’s measure to increase stamp duty exemption for first-time home buyers from 50% to 75% on properties priced between RM500,000 to RM1 million until end-2023. In essence, this results in savings of up to RM21,000 from RM14,500 for a property priced above RM500,000. LBS views this positively as it stimulates home ownership and is beneficial for developments within these housing price bands, especially for the group’s own projects whereby properties are typically within the RM500,000 range.
In light of rising inflation, the reduction of the personal income tax rate by 2 percentage points for those earning between RM50,001 to RM100,000 is a welcome assistance for all. The additional income tax savings enable individuals to channel their income towards basic needs, such as home ownership and thus easing their financial burden.
Adding on, the developer lauds the Government for providing RM3 billion in guarantees under the Housing Credit Guarantee Scheme. The benefits for lower-income households are positive as it encourages the realisation that owning a home is not beyond reach.
LBS is pleased to have seen encouraging occupancy rates at its own SCAPES Hotel since the re-opening of the economy. As such, the incentives under Budget 2023 for the tourism industry such as, among others, the RM25 million incentive for domestic tourism whereby citizens are able to enjoy up to RM100 in the form of discounts, vouchers, and rebates for accommodation and tourism packages would help stimulate the on-going recovery of the tourism industry following the pandemic.
Commenting on Budget 2023, Executive Chairman Tan Sri Lim Hock San said, “Budget 2023 has turned out to be positive through its inclusivity to provide relief for all. While the measures proposed for the property sector are minimal this year, they are indeed proactive in stimulating home ownership, especially through the increase in stamp duty exemption for houses within the RM500,000 to RM1 million band range. Overall, we appreciate the Government’s initiatives to continuously push for economic recovery and stimulate growth in the country.”
