Mukhriz: Government will adjust 5% RPGT if necessary

KUALA LUMPUR: The government will adjust the 5% real property gains tax (RPGT) proposed in Budget 2010 if necessary after considering feedback on the tax.

Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said it was still too early to see what kind of effect the RPGT will have on the property market.

"We will keep monitoring and see if the RPGT has the right effect. We will adjust the RPGT if necessary, " he said, adding that the government is collating feedback on it.

Mukhriz was speaking after officiating the Raine & Horne International  Zaki + Partners Sdn Bhd  international seminar entitled “The fundamentals of globalistaion & liberalisation – impact to the real estate industry” on Nov 4.

A proposal to impose a 5% RPGT from January 2010 under Budget 2010 shocked the property industry recently with concerns that it may thwart the recovery of the property market.

Speakers at the seminar were Professor Ali Parsa of Ulster University, Northern Ireland and Dr Angus McIntosh of Oxford Brookes University, the UK.