Property gains tax may be reduced (Update)

Alliance Bank Group’s chief economist Manokaran Mottain said the current rate at 24% was slightly higher than the average capital gain tax rate in Asean, which stands at 23%.

PETALING JAYA: While the Real Property Gains Tax (RPGT) is not likely to be removed in the upcoming Budget 2020, Alliance Bank Malaysia Bhd expects the rate to be reduced amid the current lacklustre property market conditions.

“We do not expect the RPGT to be removed during Budget 2020 since the RPGT has only been revised recently. The government requires the additional revenue stream from the RPGT, ” its group chief economist Manokaran Mottain said.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Oil price rises US$2/bbl after G7 vows new Russian sanctions Premium
Russia in historic default as Ukraine sanctions cut off payments Premium
Sri Lanka stops fuel supply to non-essential services as crisis worsens Premium
Wall Street ends down, pulled lower by growth stocks Premium
Nike revenue beats as Europe demand overshadows China sales slump Premium
FGV appoints independent consultant to review director's remuneration Premium
Malaysia palm oil millers halt production as CPO prices plummet Premium
Credit Suisse found guilty in cocaine cash laundering case Premium
S&P revises Malaysia's sovereign credit ratings’ outlook to stable, projects GDP to grow 6.1% in 2022 Premium
Sapura Energy returns to the black with RM91.9mil net profit in 1Q Premium

Others Also Read