When it comes to buying a property in Malaysia, you must do your research and are familiar with all aspects of buying and selling a property. Recent changes to the 2020 Budget mean that you need to make sure you are up to date on taxes when dealing with property.
The housing market in Malaysia saw a drop in 2020, associated with more affordable housing options on the market. However, the dip shouldn’t sway when it comes to purchasing a property in Malaysia. Whether you are relocating, moving back to the country, or investing as a company or individual, you can take advantage of more affordable housing options to suit your needs.
The reintroduction of the HOC – homeownership campaign means that the housing market is geared towards helping first-time buyers secure their first property and get a foot on the property ladder. If you are unsure of what taxes and costs are associated with buying your property in Malaysia, PropertyGuru Group has created this handy infographic that details the Real Property Gains Tax Act (RPGT) 1976. This is where both the buyer and the vendor need to disclose the transaction’s details to the IRB. If you have made a profit from selling a property in Malaysia either as a resident or a foreigner, you need to pay the RPGT. To find out how much exactly you need to pay, simply check out the below infographic where everything is explained easily, so you know exactly where you stand and what you need to pay.
Infographic designed by PropertyGuru Group