Malaysia reveals tax reliefs for real estate, automotive industries
The Malaysian government will introduce several incentives to stimulate the property market and the automobile sector.
KUALA LUMPUR, VNA - The Malaysian government will introduce several incentives to stimulate the property market and the automobile sector.
The Home Ownership Campaigns (HOC) will be re-introduced, Malaysian Prime Minister Muhyiddin Yassin has said.
Through this campaign, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of home between 300,000 and 2.5 million RM (70,300 - 586,000 USD), he added.
The exemption on the instrument of transfer is limited to the first 1 million RM of the home price while full stamp duty exemption is given on loan agreement effective for sales and purchase agreements signed between June 1, 2020 to May 31, 2021.
In addition, the Malaysian government has also announced real property gains tax (RPGT) exemption for Malaysians for disposal of up to three properties between June 1, 2020 and Dec 31, 2021.
As for the automotive industry, to encourage growth, the government has agreed to grant 100 percent sales tax exemption on sales of locally-assembled passenger vehicles, and 50 percent for imported passenger vehicles.
This will be effective from June 15, 2020 to December 31, 2021.
The Malaysian Automotive Association's President Aishah Ahmad welcomed the move, hoping that it helps the automobile sector of the country to recover. - VNA