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Imposing vacancy tax will be interfering with property market, Putrajaya told

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A real estate expert says it will add to the burden of property developers. FMTNews VacancyTax Properties Developers RealEstate

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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