Some first-time home buyers in Malaysia exempt from stamp duty from Jan 1

KUALA LUMPUR: First-time home buyers in Malaysia will be fully exempted from paying stamp duty for properties that cost between RM300,001 and RM1 million (US$240,800), the Finance Ministry announced on Saturday (Dec 29).

This will apply to properties bought directly from developers between Jan 1 and Jun 30.

The move is aimed at boosting home ownership, as well as to address the oversupply of unsold residential units.

“As announced in Budget 2019, the Pakatan Harapan government has agreed to give 100 per cent stamp duty exemption as incentive for the purchase of first homes,” Finance Minister Lim Guan Eng said in a statement.

“This move is among the many measures to solve the issue of oversupply of residential properties which continue to increase.”

Mr Lim also announced that the government will maintain the current stamp duty rate for six months until Jun 30, for properties above RM1 million and up to RM2.5 million.

The stamp duty for this category was to be raised from 3 to 4 per cent from Jan 1, as previously announced during the tabling of the 2019 Budget.

The finance minister said the government is giving sufficient time for people to complete their ownership transfer process before the new stamp duty takes effect. – Bernama/gs

Source: ChannelNewsAsia