KUALA LUMPUR, Oct 10: Stamp duties on the purchase or transfer of low-cost houses have been waived, Deputy Finance Minister Datuk Chan Kong Choy said today. He said the exemption, which has been backdated to July 1, was to ease the burden of the low-income group to own houses.
A buyer could now save up to RM650 for a low-cost house at a ceiling price of RM42,000 in Peninsular Malaysia, while in Sabah, Sarawak and Labuan, the savings could amount to RM725 as low-cost units there are sold at a maximum of RM47,000.
The RM650 in duties is for stamp duty on the sale and purchase agreement (RM10), Instrument of Transfer (RM420 - one per cent on the first RM100,000), loan agreement (RM210 - 0.5 per cent on the maximum RM42,000 loan) and the Instrument of Charge or Deed of Assignment (RM10).
Those who bought their houses after July 1 and had paid stamp duties could get a refund from the more than 30 stamp duty offices around the country, mostly located on the premises of local authorities. Chan advised buyers to take along the relevant documents before applying for a refund.
He said the waiver was a continuation of the various exemptions given to house-buyers during certain periods previously.
Among them were the flat rate of RM100 for transfer of property (offered from Jan 1, 1996 to Dec 31, 2000), exemption on stamp duty on properties below RM75,000 (from Jan 1, 2001 to Dec 31, 2001), exemption on stamp duty for sale and purchase agreements (Jan 1, 1996 to Dec 31, 2000) and exemption on stamp duty on loan agreements (from June 10, 1998 to June 30, 2002).
"We have given various forms of exemptions at different points of time and many of these have expired," Chan said.
Speaking at Parliament lobby today, he said the low-income group usually relied on the Government to own houses and this was one way of helping them.
He said the definition of a low-cost house was that of a project approved by a State Government.
Source : NST 11/10/2002 |
