KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) hopes the government will extend the stamp duty exemption period for property priced between RM500,001 and RM1 million to end-2025 from end-2023 when tabling Budget 2024.
This will standardise the stamp duty exemption period for properties worth RM500,000 and below, which is until end-2025, it said.
“This measure is expected to help improve sales of new properties priced between RM500,000 and RM1 million amid the impact of higher lending rates.
“We also hope that the financial institutions will continue to provide attractive home mortgage package for the first-time home buyers in supporting the Home Ownership Programme,” it said in a statement.
In the first quarter of 2023, the residential property sector recorded 153,923 transactions worth RM20.9 billion, a decline of 6.6 per cent in volume and 9.1 per cent in value year-on-year.
In addition, all property transfers based on love and affection between spouses, parents and children, grandparents and grandchildren will be given a full exemption of stamp duty limited to the first RM1 million of property’s value.
ACCCIM said this measure will also encourage first-time home ownership and support the development of residential property, which bodes well for other supporting industries.
The stamp duty exemption will result in savings for the house buyers.
It has estimated that the measures would result in savings of RM11,500 for property priced at RM500,000 and RM21,750 for a property valued at RM1 million.
In Budget 2023 announcement, the government implemented a 100 per cent exemption on stamp duty on Instrument of transfer and loan agreement for properties priced RM500,000 and below until end-2025; and 75 per cent exemption for properties priced between RM500,001 and RM1 million (from June 1 till end-2023). – Bernama
