Stamp Duty exemption to revive abandoned housing projects

Stamp Duty exemption to revive abandoned housing projects

KUALA LUMPUR, October 23 — The government has proposed to provide stamp duty exemption to revive abandoned housing projects.

Prime Minister Datuk Seri Najib Tun Razak in tabling the Budget 2016 in the Dewan Rakyat here today said this is to further encourage rescuing contractors to complete abandoned housing projects and reduce the financial burden of affected house purchasers.

“It is proposed that the existing stamp duty exemption to the contractors and original purchasers of houses at abandoned projects, be extended to another two years,” he added.

Najib said the exemption is on instruments of loan agreements to finance the completion of abandoned housing projects and instruments of transfer of title for land as well as houses affected.

Meanwhile, for the original house purchaser, the exemption is on instruments of loan agreements for additional financing and instruments of house transfer.

Both exemptions are given on the above instruments executed from January 1, 2013 until Dec 31, 2015.

Najib said the abandoned housing projects must be certified by the Housing and Local Government Ministry to be eligible for the stated tax incentives.

— BERNAMA

 

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