PUTRAJAYA is urged to extend until the end of 2025 the stamp duty exemption period for properties priced between RM500,001 and RM1 million.

The Associated Chinese Chambers of Commerce and Industry of Malaysia urged the government to incorporate the extension in Budget 2024.

The exemption is set to expire at the end of the year. The stamp duty exemption period for properties valued at RM500,000 and below will end December 2025.

The government has allowed a full exemption of stamp duties on transfer and loan agreements for properties priced RM500,000 and below until the end of 2025, and a 75% stamp duty exemption for properties priced between RM500,001 and RM1 million from June 1 until the end of the year.

In addition, property transfers based on love and affection between spouses, parents and children, grandparents and grandchildren are exempt from stamp duties on the first RM1 million of the property’s value.

“This measure will encourage first-time home ownership and support the development of residential property, which bodes well for other supporting industries,” ACCCIM said in a statement today. 

“This measure is expected to improve sales of new properties priced between RM500,000 and RM1 million amid the impact of higher lending rates.” – June 6, 2023.