PETALING JAYA (Nov 1): Lauding the initiatives highlighted in Budget 2022 notably for the property sector, LBS Bina Group Bhd welcomes the removal of the Real Property Gains Tax (RPGT) on properties sold after the sixth year of acquisition. 

"As it has been widely anticipated by the general public, LBS believes this is an important move to stimulate the secondary property market and encourage long-term investment. The public would be more receptive towards home upgrades and owning a property," LBS executive chairman Tan Sri Lim Hock San (pictured) said in a media statement today. 

Budget 2022 was tabled by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in Parliament on Oct 29. 

Additionally, the developer appreciated the government's effort to place the lower-income households at the forefront of this Budget - with the provision of the RM2 billion in guarantees under the Housing Credit Guarantee Scheme for those without a steady income.

"This improves the accessibility of gig-workers, small-time business owners and farmers towards obtaining housing loans and owning their own home, which LBS as a leading affordable housing developer strives to provide," said LBS.

Furthermore, the developer also welcomed the extension of personal income tax relief of up to RM1,000 for domestic tourism expenses up to the year of assessment 2022 to encourage tourism within Malaysia.
"This is in particular since LBS has earlier this year re-opened to tourists its own SCAPES Hotel in Genting Highlands. The effective re-opening of the tourism sector translates to a positive multiplier effect for the economy," the statement said.

Commenting on the Budget, LBS executive chairman Tan Sri Lim Hock San said the initiatives appear balanced with the aim of assisting businesses and the people towards economic recovery, post-pandemic.
"The Government has not introduced any additional taxes to burden families, which bode well for LBS as there is a greater opportunity for more funds to be channelled towards the property development sector.

"Overall, we laud the government’s efforts in proposing a budget that is strong and proactive as we continue to work towards reviving the property market," added Lim.

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