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.