Tax Exemption of stamp duties for residential properties

Love the idea of tax exemption? During the Budget Commentary and Tax Information read-out in ML’s office today (2009 – 2010), James decided to pen down a few things for some readers here in the ML blog.

Stamp duties, or more importantly tax imposed by the government for the purchase of properties (and some other parts of the world; buying shares). The transfer of your real property, purchase and acquisition during your loan agreement acquisition may very well be charged together with legal fees, processing fees, statements, maintenance fees and many other fees.

How would you like the idea of the government of Malaysia exempting your fees on Stamp Duties on loan and services agreement(s)?

Presently, such rules apply:

     

  1. Full tax exemption on all instruments including loan agreements for the purchase of low cost houses.
  2. 50% tax exemption (stamp duty remission) for residential properties purchased by an individual NOT EXCEEDING RM250,000. (8th Sept 2007 – 31 Dec 2010).
  3.  

Unfortunately for rule point number 2, it is limited to the purchase of one residential property per individual only.

What about loans and services agreement(s)?

Fear not! For Captain potong-Tax has some leniency on those who cannot afford to pay!

  1. Loan or service with security (Ad valorem; According to Value)
    • RM5 for every RM1,000 or part thereof
  2. Loan or service without security (Ad valorem; According to Value)
    • RM5 for every RM1,000 or part thereof; fixed at RM10
  3. Loans to SMEs (Small and Medium Enterprises) – Ad valorem; According to Value
    • RM0.50 for every RM1,000 or part thereo
  4. Loans in foreign currency (Ad valorem; According to Value)
    • RM5 for every RM1,000 or part thereof; not exceeding RM500
  5. Education loans
    • Fixed at RM10

The mortgage and financial consulting services are offered to you FREE of charge without any obligations. Kindly contact us or email to consultant@malaysialoan.com.my if you need any enquiry. Thank You.

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