Great news to all real estate and property tycoons out there!

Business Times on the scrap…

MALAYSIA will scrap a capital gains tax on property from April 1, the latest in a string of announcements to help boost a sluggish property market.

The announcement was made by Prime Minister Datuk Seri Abdullah Ahmad Badawi in his keynote speech at an investment conference here yesterday.

Malaysians are subject to a 30 per cent tax if they sell the property within two years, and the rate keeps dropping till five per cent in the sixth year and thereafter.

Foreigners pay a flat rate of 30 per cent if they sell within five years, after which the rate is five per cent.

In fact, prospective house buyers should also benefit directly from the scrap, since most of the property at the moment are priced with the RPGT in mind, hence it’s much more expensive that it should be.

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