Real Property Gain Tax (RPGT)

Budget 2015: Self Assessment for Real Property Gains Tax (RGPT)

Currently, gains from the disposal of property under the Real Property Gains Tax Act 1976, are assessed formally by the Inland Revenue Board (IRB or more commonly known as LHDN)

The Government has implemented the Self-Assessment System for individual and company income tax effective from the year 2001 and 2004, respectively.

In tandem with the Government’s aspiration to modernise the tax system and given that people are more responsible, it is proposed that tax on gains from the disposal of property be self-assessed by the taxpayer effective from the year 2016. Read More

Real Property Gains Tax (RPGT) in Malaysia

Real Property Gains Tax (RPGT) is charged on gains arising from the disposal of real property situated in Malaysia or of interest, options or other rights in a property as well as the disposal of shares in real property companies (RPC).

RPGT is calculated based on the gains between the selling price and original purchase price (plus other costs) of a property. The rates of RPGT for individual are as follows:  Read More

Pay Your Tax Now or You Will Be Barred From Travelling Oversea

You will be barred from leaving the country if you have yet to settle your income tax or property tax (RPGT) from October 2013 onwards!

You may or may not aware that you have outstanding tax yet to be settled with LHDN due to reasons that you have not updated your latest address with IRB so the notification letter from IRB cannot reach you OR you are paying monthly PCB now and assuming the new PCB payment will pay off the outstanding tax.  Read More

Budget 2014: 30% RPGT for first 3 years

Owning a comfortable home are top on the most wish list from the people, this largely due to the constant increased house prices for past few years.

Price of most houses in the cities has been double or treble since then.

As part of the effort in reducing the speculative activities in the property market, it was proposed under Budget 2014 that the real property gains tax (RPGT) will be revised as table below:

 Personal (citizen & PR)Company
Disposed within 3 years30%30%
Disposed in 4th year20%20%
Disposed in 5th year15%15%
Disposed after 5 years0%5%

Read More

Budget 2014: Impact on property market?

Budget 2014: Impact on property marketAll eyes are on next Friday’s Budget 2014 announcement, which many predict will have a big impact on the property industry

Affordable housing remains a thorny issue but the chorus of calls for more transparent information on property prices and values grows louder.

Many are expecting a slew of changes to curb property speculation such as the abolition of DIBS (Developers Interest Bearing Scheme) and higher RPGT (Real Property Gains Tax).  Read More

Budget 2013: Higher Real Property Gains Tax (RPGT) Rates

Budget 2013: Higher Real Property Gains Tax (RPGT) RatesThe limited supply of real property especially in urban areas has provided opportunities for speculative activities.

Therefore, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years.

For property disposed after 5 years from the date of acquisition, RPGT is not applicable.

Read More

RPGT: How to calculate (or determine) the purchase price for a property?

RPGT: How to calculate (or determine) the purchase price for a property?Many have raised a question on how to calculate or determine the purchase price for a property in RPGT.

The right and correct purchase price for your property is not only to inform the actual costs that you’ve paid for your property, but it is also important to reduce your possible RPGT when you have decided to dispose of your property for an awesome profit. :)  Read More

Exemptions on RPGT (No RPGT for Gains on Disposal of Property)

Exemptions on RPGT (No RPGT for Gains on Disposal of Property)Certain gains on the disposal or transfer of properties are tax exempted, subject to the provisions of Real Properties Gains Tax Act, 1976.

Real Property Gains Tax (RPGT) exemptions are available in the following circumstances:

Read More

Tax Budget 2012: Real Property Gains Tax (RPGT)

Real Property Gains Tax (RPGT)

Under Budget 2012, it was proposed that a real property gain tax (RPGT) will be revised to the following:

Disposed within 2 years, RPGT = 10%
Disposed after 2 & up to 5 years , RPGT = 5%
Disposed after 5 years, RPGT = 0% Read More

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