Tuesday, November 3, 2009

5% RPGT: A prelude to full re-imposition?

One of the country's prominent tax practitioners believes that the revival of the RPGT by imposition of a 5% tax on capital gains on property transactions is a prelude to the full reintroduction of the previous RPGT regime. Here is an extract of the report in StarBiz:

The Government’s proposal to impose a real property gains tax (RPGT) of 5% from Jan 1 may just be a temporary measure, says Taxand Malaysia Sdn Bhd managing director Dr Veerinderjeet Singh.

“We feel that it is a temporary imposition. We think that in the long term, the original scale rates of 30%, 20%, 15%, etc will be coming back,” he told a press conference prior to a seminar on Budget 2010 jointly organised by Taxand and the Malaysian International Chamber of Commerce and Industry (MICCI) yesterday.

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