Stamp duty rates to be restructured on Jan 1, 2019

Source: 123rf

2 November, KUALA LUMPUR – The Ministry of Finance (MoF) has proposed to restructure stamp duty rates for the transfer of real property, effective Jan 1, 2019.

It said the band of real property for RM500,001 and above would be restructured by introducing new bands of RM500,001 to RM1 million and RM1,000,001 and above to make the stamp duty rates more progressive.

For market value of real property bands priced at RM500,001 to RM1 million, the stamp duty rate would be at 3.0 per cent, while for RM1,000,001 and above will be at a rate of 4.0 per cent, it said in an appendix to the 2019 Budget speech which was delivered by Finance Minister Lim Guan Eng in Parliament today.

Currently, the imposition of stamp duty is based on the consideration price of the real property or the current market value of the real property as ascertained by the Valuation and Property Services Department, whichever is higher.

At present, the rate of stamp duty for real property band for the first RM100,000 is at 1.0 per cent, while RM100,001 to RM500,000 at 2.0 per cent and RM500,001 and above at 3.0 per cent.

– BERNAMA

Share