Budget wishlist from property association

IN view of the lacklustre market and oversupply situation, the real estate sector has urged the government to remove and reduce the real property gains tax (RPGT) after the fifth year of purchase for non-citizens and companies to 5%, instead of the current 10% and zero tax for Malaysians and PRs.

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) says in a statement: “This will indirectly stimulate the property market and encourage more buyers and investors to re-enter the property market.