New govt voices support for stamp duty exemptions given to first-time home buyers

• The 100% waiver was announced in July by the previous administration and is valid until Dec 31, 2025.
• However, the Budget was never approved as Parliament was dissolved to make way for the 15th General Election (GE15). The new government led by Prime Minister Datuk Seri Anwar Ibrahim is set to table a revised Budget 2023 on Feb 24, 2023.

KUALA LUMPUR (Dec 30): The new government is supportive of the 50% stamp duty exemption given to first-time home buyers for the transfer of residential properties priced between RM500,000 and RM1 million, said Local Government Development Minister Nga Kor Ming (pictured).

The unity government also supports the 100% stamp duty waiver given to first-time home buyers for residential properties priced below RM500,000 to help the younger generation to own houses, said Nga in a statement.

The 100% waiver was announced in July by the previous administration and is valid until Dec 31, 2025.

On Oct 7, the previous government led by then prime minister Datuk Seri Ismail Sabri Yaakob proposed in Budget 2023 that the 50% stamp duty remission for residential properties priced between RM500,000 and RM1 million be increased to 75%.

However, the Budget was never approved as Parliament was dissolved to make way for the 15th General Election (GE15). The new government led by Prime Minister Datuk Seri Anwar Ibrahim is set to table a revised Budget 2023 on Feb 24, 2023.

Nga, in his statement, did not indicate if the proposed increase in stamp duty exemption from 50% to 75%  would be included in the revised Budget.

The minister said he was optimistic about the national housing market in the year ahead, saying foreign investor confidence has been rekindled after the political climate in Malaysia stabilised following GE15.

“I hope entrepreneurs can step up domestic investment and the unity government will cooperate actively by launching ‘pro-business’ and ‘pro-rakyat policies. Let us work together to fight for the national economy and save the livelihood of the rakyat,” he added.

To boost public housing construction, Nga said he has invited Singapore’s Housing and Development Board to share its expertise and experience in housing matters with Malaysia.

“I believe this will help improve the level of urban planning in Malaysia, and not only help more people own their own homes, but also create happy and prosperous households through innovative methods,” he said.