News and developments
LEGAL NEWS ALERT: 2022 Updates on Real Property Gain Tax “RPGT”
Exemption (RPGT Act 1976)
Retention Sum by Acquirer in relation to Disposal of a Chargeable Asset
CONCLUSION
With the abolishment of RPGT for the sale of properties held from 6th year onwards, we believe property owners will be motivated to upgrade to their desired house without any tax penalty. It is a long-awaited measure, as many see it as an unjust way to penalise longterm property owners on inflation and therefore this abolishment is very much welcomed by all.
For any queries or further information, please do reach out our Projects Practice Group:
Mr. Zuhaidi Shahari, Partner cum Team Leader [email protected]
Mr. Mohd Sallahudin Abdullah, Partner [email protected]
Ms. Lim Sheh Ting, Partner [email protected]
- 1st disposal of residential property (only applicable to Malaysian citizens and permanent residents)
- Disposal of property between family members.
- Exemption waiver for an amount equal to 10% of taxable profits, or RM10,000 (whichever is higher)
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