HIGHLIGHTS-Malaysia announces consumption, property taxes in 2014 budget REAL PROPERTY GAINS TAX (RPGT) * For gains on properties disposed within the holding period of up to - 3 years, RPGT rate is increased to 30% - 4 years, RPGT rate is increased to 20% - 5 years, RPGT rate is increased to 15% * Malaysian property firms with exposure to this tax change include UEM Sunrise, Mah Sing Group and Tropicana Corp . * Raise the minimum price of property that can be purchased by foreigners to 1 million ringgit from 500,000 ringgit. * Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period. * Financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. Malaysias top three banks are Maybank, CIMB and Public Bank.
Posted on: Fri, 25 Oct 2013 12:21:52 +0000
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