Rehda calls for lower stamp duty rates for property transfers in Budget 2010

KUALA LUMPUR: The Real Estate and Housing Developers’ Association (Rehda) Malaysia wants the stamp duty rates for property transfers to be reduced in Budget 2010.

Rehda Malaysia president, Datuk Ng Seing Liong said the association is also asking the government to increase the value range of the properties to be transferred.

Currently, stamp duty rates ranged from 1% to 3%, depending on the value of the properties transferred.

Ng said the move would help to keep the cost of property acquisition at a more affordable level.

“Rehda is proposing to the government on this issue. We want the range for the stamp duty to go higher (and) the stamp duty rate (for the transaction) to be reduced,” he told theedgeproperty.com on Oct 8.

Rehda wants the transaction value to start at RM300,000 with a stamp duty rate of 0.5% as opposed to the current RM100,000 with a stamp duty rate of 1%.

Rehda is also proposing that for transaction values of between RM300,000 to RM500,000 the stamp duty rate should be 1%, while for a transaction value of RM1 million and above the stamp duty rate should be 2%.

Budget 2010 will be announced on Oct 23.