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 Stamp Duty (Remission) (No.3) Order 2010, 50% off stamp duty for MOT/DOA & LoanDoc

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TSdariofoo
post Feb 10 2011, 02:12 PM, updated 12y ago

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Dear friends,

Enclosed are copies of the Stamp Duty (Remission) (No.3) Order 2010 [P.U. (A) 475] and Stamp Duty (Remission) (No.2) Order 2010 [P.U. (A) 423] which came into effect from 1st January,2011. This puts into effect what was announced by our PM in his Budget 2011 speech last year.

50% remission on stamp duty payable on MOT/DOA:
Attached File  Stamp_Duty_Remission_No.3_Order_2010.pdf ( 99.78k ) Number of downloads: 3788


50% remission on ad valorem stamp duty payable on facilities agreement
Attached File  Stamp_Duty_Remission_No.2_Order_2010.pdf ( 335.7k ) Number of downloads: 2490



Basically, the conditions that has to be fulfilled are:

1. The property must be a residential property;

* residential property is defined as 'a house, condominium unit, an apartment or a flat built as a dwelling house'.

2. The purchase price of the property must not exceed RM350,000.00;

3. The applicant (purchaser) has not owned any other residential property;

* note that it doesn't state commercial property. As such, if you have owned any commercial units prior to your current first purchase of a residential property, you would be applicable.

4. The purchaser must be a Malaysian citizen.

* Not applicable to PRs and foreigners.

5. The Sale & Purchase Agreement is executed on/after 01.01.2011 but on/before 31.12.2012

6. The application for remission can only be made ONCE.

Hope the above info helps nod.gif

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This post has been edited by dariofoo: Apr 5 2011, 11:15 AM
TSdariofoo
post Feb 10 2011, 03:08 PM

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You are referring to a mixed development, so strictly speaking it is not 'commercial land' as you put it.

Yes it would apply to serviced apartments as well.
TSdariofoo
post Feb 11 2011, 05:30 PM

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Jady,

You're right. Sorry about that. Thanks. smile.gif

This post has been edited by dariofoo: Feb 11 2011, 05:31 PM
TSdariofoo
post Feb 15 2011, 11:34 PM

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smile.gif
TSdariofoo
post Mar 9 2011, 10:55 AM

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QUOTE(zigot14 @ Mar 8 2011, 02:11 PM)
This 50% off stamp duty is for S&P agreement or loan agreement?

Thanks
*
laugh.gif

Both, apparently! I stand corrected!

This post has been edited by dariofoo: Apr 5 2011, 11:16 AM
TSdariofoo
post Apr 5 2011, 11:20 AM

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UPDATE:

There is a 50% rebate on stamp duty payable on the facilities agreement as well. That is under another order, i.e. PUA 423, which I've uploaded above. The first post has also been updated accordingly.

As such - first time purchasers would be entitled to a 50% remission onthe stamp duty payable on both the MOT as well as on the facilities agreement.

I do apologise for any confusion/inconvenience caused.

Cheers.

This post has been edited by dariofoo: Apr 5 2011, 11:21 AM
TSdariofoo
post Apr 5 2011, 05:39 PM

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QUOTE(stay_cool @ Apr 5 2011, 11:32 AM)
I was told by a mortgage mgr from tiger bank that the 50% rebate on loan agreement only for islamic financing, is it true??  notworthy.gif
*
Nope, it is applicable for all type of loans.
TSdariofoo
post Apr 15 2011, 10:03 AM

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QUOTE(terradetey83 @ Apr 13 2011, 06:54 PM)
Has anyone of you know whether this 50% discount applied to Joint Account holder(me and my wife shared to buy our first house) as well?
*
Yes of course nod.gif
TSdariofoo
post Apr 15 2011, 10:13 AM

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QUOTE(Assassin @ Apr 13 2011, 07:23 PM)
is this apply for new development property or also include purchasing from existing owner's property?
*
Yes it would apply for both situations nod.gif
TSdariofoo
post Apr 15 2011, 03:57 PM

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QUOTE(spanishawk99 @ Apr 13 2011, 05:56 PM)
Hi , this is my first time purchasing unit RM 255k from developer tiara mutiara

the lawyer charge me 4259.81 legal fee n disbursement

this is my first time purchase a property and i heard 1st timer eligible for 50% discount for S&P/SPA and stamp duty . Since SPA is free by developer how about stamp duty?

any advise how to get discount ?
*
Got individual title or not at the moment? If got individual title only does the stamp duty apply, since you're buying from developer.

If not, when the title is out later and the MOT is sent for adjudication, your lawyer would indicate to LHDN for the 50% rebate on the stamp duty on the MOT.

For the time being, you would be entitled to 50% rebate on the ad valorem stamp duty on the facilities agreement.

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TSdariofoo
post Apr 15 2011, 10:20 PM

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QUOTE(terradetey83 @ Apr 15 2011, 01:49 PM)
Thanks dariofoo....

Initially i thought only applied to individual holder only, where do you got this info from, any links to share? smile.gif
*
It's quite clear from the order itself, mate. It applies to anyone, irregardless of his/her share in the property - so if a person owns 1/5 of the property, he pays only 50% of that 1/5 share. smile.gif
TSdariofoo
post Apr 15 2011, 10:24 PM

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QUOTE(spanishawk99 @ Apr 15 2011, 09:23 PM)
if not mistaken mine is strata title , so mean now i have to make full payment first then after that only get my rebate isnt it ?
*
You mean strata title already out? That's pretty good. No when it is submitted for adjudication the option for the 50% rebate would be selected by the solicitor, so you need only bank in 50% of the estimated sum payable into the firm's client's account nod.gif
TSdariofoo
post Apr 16 2011, 11:58 AM

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QUOTE(terradetey83 @ Apr 15 2011, 11:48 PM)
Cos i asked my SPA lawyer the other day, he told me he has no idea about the 50% stamping fee discount
*
doh.gif

QUOTE(terradetey83 @ Apr 15 2011, 11:48 PM)
we might be signing the MOT 1 or 2 yrs later....make me confused also...
*
That is true. Since it is still under master title and ure buying from the developer, the 50% rebate does not apply for now. Only when individual title is out, would you then execute the MOT and during that time, the 50% rebate would apply. nod.gif
TSdariofoo
post Apr 17 2011, 11:00 AM

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QUOTE(terradetey83 @ Apr 17 2011, 10:30 AM)
What if i bought another house now, and the MOT of my 2nd house will be executed prior to my first house, do i get the 50% discount for my 1st or 2nd house?

FYi, i already signed the loan agreement, SPA for my first house, except the MOT....
*
1st property. You'd have to wait then nod.gif
TSdariofoo
post May 9 2011, 04:49 PM

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QUOTE(spanishawk99 @ Apr 13 2011, 05:56 PM)
Hi , this is my first time purchasing unit RM 255k from developer tiara mutiara

the lawyer charge me 4259.81 legal fee n disbursement

this is my first time purchase a property and i heard 1st timer eligible for 50% discount for S&P/SPA and stamp duty . Since SPA is free by developer how about stamp duty?

any advise how to get discount ?
*
You would only need to pay when there's individual title issued as the stamp duty is on the MOT, not the SPA itself. Since there's no mention of it in the bill, then most probably indiv title is not out yet.

In this case, if you're taking a loan, you will be eligible for a 50% rebate on the ad valorem stamp duty on your facilities agreement.
TSdariofoo
post May 26 2011, 12:38 PM

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QUOTE(wtm0325 @ May 23 2011, 07:11 PM)
What if joint name - me (1st time owner) and my fiancee (currently owned another residential property), does that eligible too?
*
Your half-share would be eligible for the 50% rebate. icon_rolleyes.gif
TSdariofoo
post Jun 11 2011, 08:45 PM

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QUOTE(kochin @ Jun 10 2011, 03:37 PM)
dariofoo,
what if one makes his/her first application for this but it's not his/her first property.
i know what the law says.
but can plead ignorance? what happens when LHDN finds out?
reason asking is because the person's first property was bestowed upon by parents.
recently the person just got his/her real unit.
thanks.
*
Of course you can plead ignorance. But if the law catches up on you, ignorance of the law is no excuse to get off the hook. Might be penalised. Not sure how much as I've never came across a real life case before. I'm sure they treat it just like income tax evasion. nod.gif
TSdariofoo
post Aug 1 2011, 11:22 AM

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QUOTE(propriete @ Jul 30 2011, 10:29 PM)
In my case, I have 2 properties, sold 1st property last year.
2nd property, I'm staying, bought in 2006 for RM 270k, now strata title out and I need to execute MOT and doing refinancing at the same time at higher price RM 400K.

Questions:
Since I have only one property now, MOT is executed within allowed period, and original purchase price is lower than RM 350K, do I qualify?
*
Clause 5 states:

5.The Sale & Purchase Agreement is executed on/after 01.01.2011 but on/before 31.12.2012

LHDN does not look at date of MOT. It is date of SPA which matters.

So, you will not qualify for the rebate.

Sorry,mate.


TSdariofoo
post May 7 2012, 11:43 AM

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QUOTE(GaussSeidel @ Feb 7 2012, 08:58 PM)
Met my lawyer today for SPA execution and asked regarding this 50% remittance for my first house purchased <350k rm.

Funny thing, she mentioned that she is unsure whether this remittance is still available for 2012 onwards as she was informed by other colleagues it is no more available.

Anybody care to shed some light? My personal opinion it should still be available since it is explicitly mentioned that "for SPA executed on/after 1/1/11 until on/before 31/12/12".
*
Valid for SPA executed on/before 31/12/12.
TSdariofoo
post May 7 2012, 11:45 AM

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QUOTE(yloon @ May 4 2012, 08:10 PM)
dariofoo,

I just SPA for my 1st house from developer. but the price is >350k.
Can I conclude that i will not get any discount for both MOT/DOA and facilities agreement.

If this is the case, can I get quickly go and get a used apartment that is below 350k and get these discounts?

thanks.
*
You can if you can somehow date the used apartment before the date of your current SPA. The rebate is only for first house purchase only.

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