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

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has expressed its hope that the government will prolong the stamp duty exemption period for properties priced between RM500,001 and RM1 million till the tip of 2025. This extension would align the exemption period with that of properties valued at RM500,000 and beneath, which is also set to run out on the finish of 2025.
ACCCIM believes that this measure will help enhance sales of new properties in the RM500,000 to RM1 million value vary, particularly in gentle of the impact of upper lending rates. The organisation additionally hopes that financial institutions will proceed to offer enticing home mortgage packages for first-time buyers, in support of the Home Ownership Programme.
In the first quarter of 2023, Malaysia’s residential property sector saw 153,923 transactions price RM20.9 billion, marking a 6.6% decline in quantity and a 9.1% drop in worth compared to the previous year. ACCCIM also suggested that all property transfers based on love and affection between spouses, mother and father and youngsters, and grandparents and grandchildren should receive a full stamp duty exemption, limited to the first RM1 million of the property’s value.
This measure, ACCCIM argues, will encourage first-time home ownership and assist the development of residential property, which in turn advantages other supporting industries. Manifest is predicted to result in important savings for home buyers, with estimates suggesting that the measures could lead to 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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