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KUALA LUMPUR: The Malaysian Institute of Professional Property Managers (MIPPM) is proposing a progressive loan-repayment system to ease property financing for house buyers.
Buyers Beware - By Chang Kim Loong
THERE have been recent public outcry and protests against the imposition of the goods and services tax (GST) on the maintenance charges and sinking fund for all stratified developments in Malaysia save for low- and medium-cost stratified development areas which were recently “exempted” from GST under the gazetted GST Exempt Supply Order dated Oct 13, 2014.
FIRST, it was FinTech which challenged how things were being done in the financial and lending services. Now there is PropTech, which is altering the entire spectrum of the real estate industry.
Owners of high-rise dwellings may have to pay up to 10% more in maintenance charges from April although such fees have been exempted from the Goods and Services Tax (GST). Building managers are blaming the impending rise on the shortfalls in collection caused by payment defaulters and the 6% in GST that they still have to pay to service providers like electricians and plumbers.