PROPERTY industry player iProperty.com Malaysia Sdn Bhd implores the government to consider reducing the time stamp duty tax for first-time homebuyers after the end of the current Home Ownership Campaign on May 31, 2021.
According to its general manager for marketing and communications Wong Siew Lai, a stamp duty reduction is essential to help young Malaysians get on the property ladder.
This is just one of the property site’s suggestions in its wishlist for the upcoming Budget 2021 announcement.
Apart from that, Wong also hopes that the government will review policies and introduce supplementary measures to encourage homeownership among young people. Such measures include a re-introduction of tax relief for home loan interest incurred by first-time house buyers.
Apart from that, she suggests for the government to re-look into the full exemption of Real Property Gain Tax (RPGT) that was announced under the PENJANA package.
“We hope the new budget will improve on the existing RPGT initiative by removing or loosening the limitation of disposal units per individual to encourage more confidence in property sellers,” Wong said in a statement today.
“Apart from that, we also hope that the Budget 2021 will quickly revive the Malaysia My Second Home (MM2H) programme to encourage foreign homebuyers to invest into the local property market,” she added. “Although the MM2H programme only encompasses a relatively small number of the total homebuyers in Malaysia, it can still help reduce the property overhang and the supply of unsold units in the secondary market.”
Wong also hopes that the government will include rental incentives in the upcoming Budget 2021.
“If the government were to introduce an initiative that provides incentives to first-time and seasoned renters, it will encourage homeowners to rent out their unit if they are having difficulty to sell,” she said. – Oct 26, 2020
