KUALA LUMPUR: The Real Estate and Housing Developers' Association Malaysia (Rehda) expects the government to increase the real property gains tax (RPGT) by 15-20% in the 2014 Budget to be tabled on Oct 25.
Its chairman of finance and investment committee, Datuk Ng Seing Liong, said buyers should not worry about the increase in RGPT as it would only affect buyers who disposed of their properties within five years of their purchase.
“At least when buyers buy property, they must hold it for five years before they let it go," he told a media briefing here today.
According to news reports, the government was considering an increase in the RPGT to curb excessive speculation which has led to the increase in the prices of the houses.
Minister of Urban Well-being, Housing and Local Government, Datuk Abdul Rahman Dahlan Abdul Rahman, had said the government was studying the possibility of increasing the RPGT to stabilise the prices of houses in the country.
He, however, did not say whether the measure would be included in the 2014 Budget.
Industry players have said the present RPGT rate was too low to curb speculation, and that the tax should be revised upwards on properties sold within three years (rather than two years) and that the government should also target taxpayers who had made multiple sales and purchases over a certain period – Bernama
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