Here’s a quick update, especially for those of you in the market for a property. Some time in September 2017, I reminded prospective purchasers of properties to be mindful of the 2016 Malaysian budget announcement that transfers of RM1,000,000/- and above will be subject to an increased stamp duty of 1%
and this was to take effect from 1st January, 2018 (See my earlier post at https://samchoong.com/2017/09/06/stamp-duty-increase-property-transfers-wef-1st-january-2018/).
Well, some good news! It would seem, after its first reading in the Malaysian Parliament recently, this proposed increase is to be put on hold for the time being as the Stamp (Amendment) Bill 2017 has been withdrawn in Parliament.
For more on the topic you can also refer to: https://www.theedgemarkets.com/article/government-ditches-plans-raise-stamp-duty/
Author: Sam Choong
Sam Choong is a lawyer practising in Malaysia. His areas of practice include estate planning, wills and UK inheritance tax for expats residing or seeking to retire in Malaysia.