Thursday 30 May 2024
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KUALA LUMPUR (Oct 7): The government raises stamp duty remission to 75%, increased from 50% previously, for transfer of residential properties priced between RM500,000 to RM1 million.

The increase in remission will be effective until Dec 31, 2023, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in his speech tabling the National Budget in Parliament on Friday (Oct 7).

The increment comes after the government announced a stamp duty exemption for first time home buyer of properties below RM500,000 in July, with the aim of encouraging ownership of first residential property. 

The stamp duty exemption for first time home buyers will remain effective until Dec 31, 2025.

Meanwhile, the government has proposed a stamp duty fee of RM10 on transfers of property by way of love and affection between family members, such as husband to wife, father to child, or grandfather to grandson.

Prior to this, property transfers between spouses have been exempted from the payment of 50% stamp duty. However, property transfers between parents and children have been subject to the stamp duty payment.

Get our comprehensive coverage of Budget 2023 here

Edited ByKathy Fong
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