Chester News | 新闻

REHDA Welcomes The Removal Of RPGT For Property Sales From Sixth Year Onwards

The Real Estate and Housing Developers’ Association (REHDA) lauds the Government’s decision to abolish the Real Property Gains Tax (RPGT) for homes sold on the sixth year onwards by Malaysians and permanent residents within the country.

REHDA President Datuk Soam Heng Choon said the association appreciates that the Government has considered its proposal to abolish such tax, reported The Malaysian Reserve (TMR).

He noted that RPGT was initially implemented to curb speculation when Malaysia’s property market was buoyant, but with the present soft market conditions, REHDA welcomes the Government’s decision to remove it.

Soam hoped the move will help invigorate the property market and eventually translate into a positive multiplier effect on the economy.

He added that the sentiment of the Government on the necessity of houses for all individuals, particularly the B40 group is echoed in the association.

“The further allocation of RM1.5 billion to continue with housing programs such as the development of Rumah Mesra Rakyat and maintenance of the public housing units is a step in the right direction,” he said as quoted by TMR.

“Similarly, the RM2 billion guarantees given to banks through the guaranteed credit housing scheme (Skim Jaminan Kredit Perumahan) to assist those in the gig economy and alike, with the ability to pay but without income statement is another welcome move.”

Hopefully, this will encourage more from the group to buy homes given the easier access to home financing, he said.

But while the association appreciates the Government’s efforts to prepare a balanced and all-inclusive Budget 2022, Soam shared that REHDA was actually hoping for other positive measures towards the speedier recovery of the property market.

“As the nation slowly mends itself from the pandemic, we hope that this expansionary Budget will benefit all sectors of the economy and pave the way for national recovery and growth,” he said.

“REHDA looks forward to working with the government in promoting a more stable, healthy, and progressive real estate and property sector.”