Chinese chamber lauds property gains tax abolishment

  • Nation
  • Saturday, 24 Mar 2007

KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) welcomes and supports the abolition of Real Property Gains Tax announced by the Prime Minister and the Bank Negara Governor. 

The abolition would boost the property and construction industries which had been sluggish for the last three years, attract more local and foreign property ownership and encourage more foreign investors to Malaysia, according to a statement issued by the association. 

ACCCIM also welcomed other positive developments such as the Iskandar Development Region where corporate tax exemption for 10 years and exclusion from compliance with Foreign Investment Committee rules encourage qualified local and foreign investors participation. 

ACCCIM itself would recommend the project to local and overseas business investors, said the statement. 

The Prime Minister’s impending announcement on April 13 on improvements to the public service delivery would cut red tape and government procedures, it said. 

“This will encourage and facilitate the general public and business community in their dealings with various government departments,” it said. 

The business community also welcomed Bank Negara’s new Forex rules and measures to woo foreign funds. 

The ability of non-resident stockbroking companies and custodian banks to obtain more overdraft facilities from licensed onshore banks to avoid settlement failure would be an impetus to non-resident stockbroking companies' ability to attract more funds to invest in Malaysia when using their international contacts. 

Abolishing the limit on loans that non-residents can obtain to finance residential or commercial property would provide a further stimulus to the property market.  

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