By Ling Hui
KUCHING, Oct 7: The stamp duty exemption to both property transfer and loan agreement for houses worth between RM500,000 and RM1 million will be increased from 50 to 75 per cent until the end of 2023.
This was announced by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz when tabling the Budget 2023 in Dewan Rakyat today.
“For example, a 100 per cent exemption on the purchase of a house worth RM300,000 will save the buyer RM6,500 while a 75 per cent exemption on the purchase of a house worth RM750,000 will save the purchaser RM15,000,” he said.
Previously, Tengku Zafrul said the government announced a full stamp duty exemption to both instrument of transfer and loan agreement for the purchase of a first home worth not more than RM500,000 until the end of 2025.
He said these exemptions are aimed at helping the National Affordable Housing Council to achieve its target of constructing 500,000 units of affordable houses nationwide by 2025.
Budget 2023, with a total allocation of RM372.3 billion, is by far the biggest national budget proposed when compared to Budget 2022 totalling RM332 billion and Budget 2021 amounting to RM322 billion.
Out of the total, RM272.3 billion was allocated for 2023’s management expenditure, RM95 billion for development, and RM5 billion for the Covid-19 fund. — Dayakdaily