Exemption Orders relating to Stamp Duty and Real Property Gains Tax amidst COVID-19

Exemption Orders relating to Stamp Duty and Real Property Gains Tax amidst COVID-19
The following exemption orders were made pursuant to the announcement of PENJANA initiative by the Federal Government to tackle the recovery of the country’s economy as a result of the COVID-19 pandemic. We have prepared a table below for your easy reference:
Exemption Order No. | Important Criteria | |
1 | Stamp Duty (Exemption) (No. 3) Order 2020 [P.U. (A) 216]
– Stamp duty on loan agreement is exempted |
– For the purchase of residential property only |
– Value of the property shall be more than RM300,000.00 but not more than RM2.5 million | ||
– Property must be purchased from property developer registered under the Home Ownership Campaign 2020/2021 | ||
– Sale and purchase agreement is executed between 1 June 2020 and 31 May 2021
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2 | Stamp Duty (Exemption) (No. 4) Order 2020 [P.U. (A) 217]
– Stamp duty on instrument of transfer is exempted for the first RM1 million, and 3% on value in excess of RM1 million |
– For the purchase of residential property only |
– Value of the property shall be more than RM300,000.00 but not more than RM2.5 million | ||
– Property must be purchased from property developer registered under the Home Ownership Campaign 2020/2021 | ||
– Sale and purchase agreement is executed between 1 June 2020 and 31 May 2021
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3 | Real Property Gains Tax (Exemption) Order 2020
– Real Property Gains Tax on the disposal of maximum 3 residential properties is exempted |
– For the disposal of maximum 3 residential properties only between 1June 2020 until 31st December 2021
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– Not entitled if such property was acquired during the same period by way of transfer/gift within immediate family.
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Our team of lawyers will be happy to assist you if you require further clarification.
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