ACCCIM urges stamp duty exemption extension for RM500,001-RM1m properties

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has expressed its hope that the federal government will extend the stamp responsibility exemption period for properties priced between RM500,001 and RM1 million till the end of 2025. This extension would align the exemption interval with that of properties valued at RM500,000 and below, which is also set to run out at the finish of 2025.
ACCCIM believes that this measure will assist enhance sales of recent properties in the RM500,000 to RM1 million price vary, notably in mild of the impact of upper lending charges. The organisation additionally hopes that financial establishments will proceed to offer engaging residence mortgage packages for first-time buyers, in assist of the Home Ownership Programme.
In Unbelievable of 2023, Malaysia’s residential property sector noticed 153,923 transactions worth RM20.9 billion, marking a 6.6% decline in volume and a 9.1% drop in worth in comparison with the previous 12 months. ACCCIM additionally instructed that every one property transfers based on love and affection between spouses, dad and mom and children, and grandparents and grandchildren ought to obtain a full stamp duty exemption, restricted to the first RM1 million of the property’s worth.
This measure, ACCCIM argues, will encourage first-time residence ownership and assist the development of residential property, which in flip advantages other supporting industries. The stamp duty exemption is predicted to lead to significant savings for house patrons, with estimates suggesting that the measures might result in savings of RM11,500 for a property priced at RM500,000 and RM21,750 for a property valued at RM1 million..

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