The government plans to impose vacancy tax on properties priced over RM500,000.
“Housing developers in the country are already very regulated. Introducing the vacancy tax will add to the burden and cost of undertaking a property development project,” Tang told FMT. Under the proposed vacancy tax, developers would be required to have a higher paid-up capital before the Advertising Permit and Developer’s Licence can be granted.
Centre for Market Education CEO Carmelo Ferlito said he was especially concerned over the likelihood of infringement of property rights.
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Vacancy tax may make property market worse - MipeacReal estate agents urge government to instead look at ways to help developers, who made bad decisions, to sell properties instead of penalising them.
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Vacancy tax could further erode local property market, says real estate body | Malay MailKUALA LUMPUR, Aug 26 — The Malaysian Institute of Professional Estate Agents and Consultants (Mipeac) says it believes the proposed implementation of a vacancy tax is untimely during the current weak property market as it may further erode the sector and the economy. “Mipeac deems such a...
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