ACCCIM lauds stamp duty exemptions

PETALING JAYA: The move by the authorities to have stamp duty exemptions for property purchases by first-time buyers has been welcomed by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).

The government announced a 100% stamp duty exemption on instruments of transfer and loan agreements for properties priced RM500,000 and below until end-2025, and a 75% exemption for properties priced between RM500,001 and RM1mil from June 1, 2022 until Dec 31, 2023.

In addition, all property transfers based on “love and affection” between spouses, parents and children, grandparents and grandchildren, will receive full stamp duty exemptions for the first RM1mil of the property’s value.

“This measure will encourage first-time home ownership and support the development of residential property, which bodes well for other supporting industries,” said the ACCCIM in a statement yesterday.

“This will result in an estimated RM11,500 in savings for properties priced at RM500,000 and RM21,750 in savings for properties valued at RM1mil,” it added.

ACCCIM said the measure was expected to help boost sales of new properties priced between RM500,000 and RM1mil amid higher lending rates.

It added that in the first quarter of 2023, the residential property sector recorded 153,923 transactions worth RM20.9bil, a decline of 6.6% in volume and 9.1% in value year-on-year.

It said it hoped financial institutions would continue to provide attractive home mortgage packages for first-time house buyers in supporting the Home Ownership Programme.

It also hoped the government would consider extending the stamp duty exemption period for properties priced between RM500,001 and RM1mil to end-2025 from end-2023 at the tabling of Budget 2024 in October this year.