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 government will extend the stamp duty exemption period for properties priced between RM500,001 and RM1 million till the top of 2025. This extension would align the exemption period with that of properties valued at RM500,000 and below, which is also set to expire on the end of 2025.
ACCCIM believes that this measure will assist increase gross sales of new properties in the RM500,000 to RM1 million value vary, significantly in gentle of the impression of higher lending charges. The organisation also hopes that financial establishments will continue to supply enticing home mortgage packages for first-time patrons, in help of the Home Ownership Programme.
In the first quarter 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 value compared to the previous 12 months. ACCCIM additionally suggested that every one property transfers primarily based on love and affection between spouses, mother and father and children, and grandparents and grandchildren should receive a full stamp obligation exemption, limited to the first RM1 million of the property’s worth.
Snap , ACCCIM argues, will encourage first-time residence possession and help the event of residential property, which in turn advantages different supporting industries. The stamp duty exemption is predicted to result in important financial savings for house buyers, with estimates suggesting that the measures may lead to savings of RM11,500 for a property priced at RM500,000 and RM21,750 for a property valued at RM1 million..