3 November, GEORGE TOWN – The International Real Estate Federation (FIABCI) Malaysia says the 2019 Budget tabled by Finance Minister Lim Guan Eng yesterday will likely stimulate the property market in the near future.
FIABCI Malaysia president Michael Geh said the Budget will serve as a stimulus for the property market, which has been down for the past two years.
Geh also expressed hope that the National House Ownership Campaign introduced in the Budget could potentially stimulate the world economy.
Regardless of prices going up or down, stimulating the property market means that billions of loans will be disbursed by banks, thousands of agreements will be signed by lawyers and many buildings will be transacted by developers as well as agents, thereby stimulating the world economy, he told reporters here today.
Geh had earlier attended a morning talk session on Budget 2019: How Does It Affect You and Property Related Market at Gurney Paragon.
Meanwhile, UHY LOH Chartered Accountants Managing Partner Loh Chye Teik encouraged individuals to voluntarily disclose their undeclared supplementary incomes to the nearest Inland Revenue Board of Malaysia (LHDN) branch as soon as possible in order to benefit from a special amnesty.
Loh said under the Special Voluntary Disclosure Programme introduced in the Budget and effective today until the end of March next year, the tax penalty can be reduced from 45 per cent to 10 per cent if taxpayers voluntarily disclose their undeclared incomes, including their offshore accounts.
According to Finance Minister Lim Guan Eng, if they declare their supplementary incomes between April 1 and June 30 next year, they can still benefit from the amnesty with only a 15 per cent tax penalty, he said.
However, he also warned that from July onwards, taxpayers with any undeclared incomes will not only have to pay the income tax of 24 per cent, but an additional tax penalty ranging from 80 per cent to 300 per cent.