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MIPFM: Offer to support the real estate sector under the 2023 budget

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The Malaysian Institute of Property and Facility Managers (MIPFM) hopes the government will provide more support to the property sector, including extending the stamp duty exemption to the primary and secondary markets in Budget 2023.

 

It also calls for the real estate gains tax (RPGT) to be reduced to 20 per cent from the current 30 percent, Bernama reported.

 

This is to make higher profits available to sellers in the current difficult times.

 

In the property management industry, MIPFM hopes that the government, through the housing ministry, can establish a maintenance fund, especially for low- and mid-priced properties, to help with the insufficient collection of maintenance fees as some property owners struggle to (offset) their cost of living.

 

MIPFM and Etiqa General Insurance Bhd (EGIB) today signed a Memorandum of Understanding (MOU) to provide professional indemnity insurance (PI) exclusively to the 1500 registered MIPFM members and property management companies.

 

A joint statement says the insurance plan will cover legal liability arising from wrongful acts (i.e., negligent acts or errors and omissions) in the performance of professional services rendered by the insured.

 

"Etiqa had agreed that the insurance scheme is designed and tailor-made specifically for MIPFM members and that this insurance scheme will not be available to other similar associations or institutions.

 

"To have an insurance scheme that is for MIPFM members only is part of our duties as MIPFM executive committee to serve the best for its members and the institute," said MIPFM president Datuk Seri Kamarulzaman Mat Salleh in his speech, which was read by his deputy president Ishak Ismail.

 

At the press conference, Ishak said since property management is now a regulated profession, it is important to protect oneself from legal liability resulting from wrongful and negligent acts or mistakes.

 

"We (MIPFM), an umbrella (group) of over 1,500 registered property managers think that it is important to be well covered from the insurance and risk management perspective. Besides, this MOU provides members of this institute with a reasonable price to enjoy adequate coverage at a competitive cost," said Ishak.