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Malaysia caps property gains tax at 5%
Malaysian government will issue an order to cap the real property gains tax (RPGT) at 5 percent, reported the StarBiz, a local business paper.
Second Finance Minister Ahmad Husni Hanazdlah reiterated the RPGT of 5 percent was imposed on gains from the disposal of real property irrespective of the holding period and category of owner.
“In the Budget 2010 presentation, the Government proposed that real property gains tax at a fixed rate of 5 percent be imposed on the gains from the disposal of real property effective January 1, 2010,” Husni said in a statement Sunday.
“The rate imposed is irrespective of the holding period and the category of the owner,” he added.
The 5 percent rate will be implemented through the Real Property Gains Tax (Exemption) Order 2009.
“This order will be gazetted as soon as possible and is effective January 1, 2010.
“Therefore, the current rate of RPGT, which is higher than 5 percent as in Schedule 5 of the Real Property Gains Tax 1976, will no longer be applicable,” he said.
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