'Grads to gain from increase in RPGT'

KUALA LUMPUR: The National House Buyers Association (NHBA) is happy that the government is responding to its proposal to increase the real property gains tax (RPGT).

Its honorary secretary-general, Chang Kim Loong, said to cool down the market and enable more young graduates to own houses, the RPGT must be increased to stop speculators and investors from driving up property prices.

"We have been championing this cause.

"We thank the government for heeding our call on the RPGT," he told the New Straits Times yesterday.

He said the RPGT, which stands at 15 per cent, must be raised to 30 per cent if the properties were sold within two years, 20 per cent (within three years) and 15 per cent (within four years), with no cost for properties sold beyond the fifth year.

The NHBA has also proposed a stamp duty increase for those who buy their third property to five per cent of the purchase price, 7.5 per cent (fourth property) 10 per cent (fifth property and beyond).

"We are also proposing that the government consider reducing the loan amount for the third property to 60 per cent from the current 70 per cent," said Chang.


Sources: http://www.nst.com.my/streets/central/grads-to-gain-from-increase-in-rpgt-1.345719