GST

New government, new hope for Malaysian property market?

Pakatan Harapan’s policies and programmes as outlined in The People’s Manifesto provide great anticipation for homebuyers, developers and investors alike. If done right, these strategies will go a long way in curbing the housing affordability conundrum.  The 14th Malaysian General Elections (GE14) on 9th May 2018 will go down in history as one of the most memorable days for millions of locals nationwide. The majority voted in favour of the opposition alliance to serve as the country’s new government – the Pakatan Harapan (PH) coalition trumped Barisan National (BN), which has been in power for 6 decades. We are all excited to see how PH will bring forth positive change; the new government has promised a reformation of Malaysia’s administration and politics as well as sustainable growth and...Read More

6% levy is looming on the horizon

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. Do they not know that to grant “exemption status” is a misfortune? Do they not know the repercussion? It literally means that there would be no relief to the lower income group, despite their residential developments being listed under the “exempt supply list”. The Government thinks that it has relieved those living in low- and low-medium cost stratified units and therefore the owners should be happy. But the reality is they are now forc...Read More

Government Widens GST Exempt Supply To All Stratified Residential Properties

PETALING JAYA – The government has agreed to extend the Goods and Services Tax (GST) exemption list from low-and medium-cost properties to stratified residential properties, say property-related professional bodies. The bodies are the National House Buyers Association (HBA); Royal Institution of Surveyors Malaysia (RISM); Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia (PEPS); and Malaysian Institute of Professional Property Managers Malaysia (MIPPM). HBA Secretary General Chang Kim Loong, their spokesperson, said following their petition dated Nov 28, 2014 to the Ministry of Finance (MOF), the latter gave a positive response in a letter dated Jan 5, 2015. The petition had requested for a change in classification from the ...Read More