/// Contributor
Richard Oon
Real Estate Taxation
Expert
Richard Oon is the National Tax
Director of TY Teoh International,
a member firm of the MSI Global
Alliance, which is one of the world’s
largest independent associations of
accountancy and law firms. Richard is
a member of the Malaysian Institute of
Accountants (MIA), a fellow member of
the Association of Chartered Certified
Accountants (ACCA), a fellow member of
the Chartered Tax Institute of Malaysia
(CTIM) and also a Certified Financial
Planner (CFP). He has more than
20 years experience in the taxation
industry and holds a tax agent licence
issued by the Ministry of Finance under
Section 153 of the Income Tax Act
1967.
Budget 2014
Property Speculators:
Time for a New Strategy
O
n 25 October 2013, our Prime Minister cum Finance Minister, Datuk Seri Najib Tun Razak, tabled the muchanticipated Budget 2014 proposals. Much-anticipated by many due to the expected changes to the Real
Property Gains Tax (RPGT) laws to curb property speculation and the announcement of the introduction of
Goods and Services Tax (GST) in Malaysia.
Along that front, our PM didn’t disappoint us, as among other proposals, those changes were among the major
highlights of revenue collection measures that became the talk of the town of late.
The proposed changes to the RPGT rates announced during the Budget 2014, which are to take effect from
1 January 2014 for disposal of real properties and shares in real property companies, are as follows:
Until 21.12.13
(All categories of
taxpayers)
15%
30%
30%
30%
10%
30%
30%
30%
Disposal in the 4th year
10%
20%
30%
20%
Disposal in the 5th year
10%
15%
30%
15%
Disposal in the 6th year
and thereafter
www.PropertyHunter.com.my
Companies
Disposal in the 3rd year
60
Individuals
(Non-citizens)
Within 2 years
While the author makes reasonable
efforts to present information which
he believes to be reliable, the author
makes no representation that the
information or opinions contained in
this article is accur