News by Datuk Chang Kim Loong

According to the Inland Revenue Board of Malaysia (IRBM), the e-invoicing mandate applies to all individuals and legal entities, including associations and bodies of persons.

The Urban Renewal Act (URA) is set to be presented in Parliament next month. Among its contentious proposals is an 80% consent threshold for properties of 30 years old and a 75% threshold for properties over 30 years old. This means that a property could be compulsorily redeveloped even if 20% or 25% of owners oppose it.

In recent developments, Kuala Lumpur City Hall (DBKL) is contemplating an increase in assessment tax rates, following the Selangor state government's 25% hike effective from January this year. This move has raised concerns among residents, who are calling for greater transparency and financial accountability from DBKL before any rate adjustments are implemented.

The concept of redevelopment where homeowners exchange their present property titles for another future home unit or monetary compensation is not new in Malaysia.

The National House Buyers Association (HBA) has written numerous articles on the repercussion, ramifications and possible ills of the Urban Redevelopment Act (URA) proposed by the Ministry of Housing and Local Government (KPKT), which is considering a consent threshold as low as 75%.

Recent news have reported that Kuala Lumpur City Hall (DBKL) is considering an increase in both assessment tax and quit rent rates, following the Selangor state government’s 25% hike from January next year.

Indeed, homes need to be safe, secure, comfortable, of quality and affordable in order to be defined as “humane”, or rather, fit for habitation by human beings. At the same time, “humane” may mean differently to people of different backgrounds, life experiences and economic situations.

While life-long renting is a norm in some countries, Malaysians are only beginning to warm up to the idea.

The National House Buyers Association (HBA) views the incentives announced in Budget 2025 on affordable housing and homeownership with high optimism and anticipation.

The issue of inheritance tax has recently resurfaced when it was reported as one the proposals by “some financial analysts” for the upcoming Budget 2025. The purpose cited by the so-called expert was to “prevent the accumulation of unproductive wealth in families; which could help reduce wealth inequality”. And as with all taxes, it would of course, as claimed, be helpful in broadening the tax base and boosting government revenue.