Sep 27 2012, 09:00 PM, updated 14y ago
Our country had RPGT in the tax system many years ago until 31 March 2007, when the government abolished RPGT to attract foreigners to invest in Malaysia, but resulting in the disparity between the rich and the poor of the country more serious.
However, RPGT is re-imposed since 1 January 2010 at the rate of 5% on gains arising from disposals of chargeable assets. And the latest RPGT is revised to the following:
Properties held and disposed within 2 years, RPGT = 10%
Properties held and disposed after 2 years & up to 5 years , RPGT = 5%
Properties held and disposed after 5years, RPGT = 0%
The revised RPGT has hardly made the house price lower or stop the market speculators, because most of the construction takes time to complete, normally 2-3 years.
Low RPGT encourage rich people buy properties and sell it out to make fast money, resulting the price of the properties hike.
The government should revise the RPGT in Budget 2013, and charge a very high rate of profit tax if the owner of the property sell in a short time or is just using back the Real Property Gains Tax Act 1976 (Schedule 5)
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