AUGUST 18 — Mark Twain once said “Buy land, they’re not making it anymore.” This is easier said than done for a vast majority of Malaysians. House price inflation has grown at a faster pace than income, making home ownership seem like a pipe dream for the majority of wage earners.
The Short-term Economic Recovery Plan announced by the Prime Minister has introduced a couple of tax measures aimed at reviving the property market by reducing the entry and exit cost for home buyers and investors. The stamp duty exemption will effectively result in cash savings of up to RM39,000 on the instrument of transfer for property valued at up to RM2.5 million and savings of up to RM12,500 on loan agreements for borrowings of up to RM2.5 million.
Furthermore, the SPA or instrument of transfer for the disposal must be executed between 1 June 2020 and 31 December 2021, and duly stamped not later than 31 January 2022.
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