News: MCA Seeks To Abolish RPGT For Properties Sold After Five Years

Sep 10, 2019

MCA wants to have the real property gains tax (RPGT) abolished for properties disposed after five years, believing that those who purchased properties a long time ago could not have done it for speculative purposes.

Party president Datuk Seri Dr Wee Ka Siong said those who inherited properties should not also be made liable for the RPGT if they want to dispose of them now.

“Take a farmer from Bentong, for example, who inherited 10 acres from his father who may have bought the property cheap more than 50 years ago,” he said, reported The Star.

Read more: (Updated 2019) All About Real Property Gains Tax (RPGT) In Malaysia

“Why must the son be subject to RPGT if he intends to sell the inherited property as it was not bought for speculation and which the family has kept for a generation?”

During Budget 2019’s tabling, Finance Minister Lim Guan Eng revealed that the government would impose a 5% RPGT on all citizens, while the same tax would be increased to 10% for foreigners.

Malaysians were not previously charged any RPGT if they sold their properties after holding on to them for at least five years.

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GC Lim
Probationary Estate Agent
REN: PEA 0791
Ninety One Real Estate
gclim@ymail.com
(+60) 13-3662000