Capital gains tax on property deals was abolished with effect from 1st April 2007. It used to be as high as 30% in the case of re-sale in under two years, tailing off to a minimum of 5%.
The ‘Assessment’, equivalent to the British Council Tax would be in the region of RM 400 to 500 for a resort apartment (approximately £60-75).
Stamp duty on purchase is payable at the rate of 1% for the first RM 100,000 and 2% for the next RM 400,000 rising in steps to 3% and then 4%. Stamp duty is also due on loans at the rate of 0.5%. On top of that consents for purchases by foreigners (from the Foreign Investor Committee – FIC – and the state aurthority) will probably come to about RM 2,400 in total.
For those considering Malaysia as their main domicile, the country has a benign tax regime.
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