WHEN the measures with regards the property sector were unveiled in the Oct 25 budget, developers and house buyers viewed them with confusion.
There were essentially three issues – a more stringent real property gains tax (RPGT) compared with previous years, the banning of Developers Interest-Bearing Scheme (DIBS) and increased transparency imposed on developers who now have to display detailed sales price including benefits and incentives such as legal fees exemption, cash rebates and free gifts. In short, the net price minus the freebies.
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