Gong Xi Auction Fair Draws Strong Interest from Both First-Time and Experienced Buyers
NCM Co’s Gong Xi Auction Fair drew strong attendance from both seasoned auction buyers and first-time bidders...
HASiL Principal Assistant Director of the Stamp Duty & Real Property Gains Tax Operations Department, Azman Muhammad, said transactions such as sale and purchase, transfer of rights, transfer of ownership and assignment of property must be reported through the MyTax portal.
"It is the responsibility of the disposer (seller) and acquirer (buyer) to report the disposal and acquisition of assets to HASiL. Some do report, but late. If reported late, a late penalty will be imposed under Section 29(3) of the RPGT Act.
"Prosecution action can also be taken against those who fail to submit the RPGT Return Form, with fines of up to RM5,000 and imprisonment not exceeding 12 months, or both," he said during Bernama Radio's 'Klinik Cukai' programme on the subject of RPGT.
Azman said among the objectives of RPGT are to help increase national revenue, educate the public on tax responsibility and curb speculation in the property market.
"RPGT is a tax imposed on capital gains. Generally, capital gains are not taxed; however, in this case, exemption should not be given due to the high value involved and rampant speculative activities.
"… Malaysians who genuinely need homes are forced to buy at higher prices due to speculative activities in property sales. Therefore, the government believes that stabilising the property market through RPGT is necessary to assist the people," he said.
Azman said RPGT rates are calculated based on the holding period of the property, with the rate decreasing according to the duration of ownership and depending on the disposer category.
For example, he said individuals who sell property within the first three years will be subject to a relatively high tax rate of 30 per cent, followed by 20 per cent in the fourth year, and 15 per cent in the fifth year.
From the sixth year onwards, individuals selling property are no longer subject to RPGT.
Details of RPGT rates for other categories, including individuals, companies and foreigners, can be checked on HASiL's official website at www.hasil.gov.my.
