Give stamp duty exemption to private sellers, says housing group

PETALING JAYA: A home buyers’ association has taken issue with the budget incentive of 75% stamp duty exemption on property sales, saying it should also be extended to private home sellers. Chang Kim Loong, secretary-general of the National Home Buyers Association, said he did not agree with the stamp duty exemption as it would only benefit developers and niche market buyers.

If there is a waiver, don’t focus on developers, consider the subsale market as well,” he said. (Subsale refers to the sale of private homes on the secondary market.) He said the announcement of the stamp duty exemption budget would result in lower government revenue, which would result in government expenditure being paid from other tax sources. However, he hopes the financing scheme is limited to first-time home buyers buying affordable properties, or if they buy from the sub-sale market.

news

He said the exemption amounted to “privatizing the gains and socializing the losses. Chang said taxpayers shouldn’t be subsidizing developers when people buy homes. Developers should be giving more discounts to sell properties faster, instead of the government waiving stamp duty. On the allocation of RM3 billion for the housing credit guarantee scheme for gig workers. It should not be limited to prime properties directly from the developer,” he said.

Chang welcomed the announcement as he said it was one of the ways to help those in the informal sector get their first home. The gig economy has become a savior for many people who lost their jobs and had to become ride hailing drivers, food delivery drivers and other forms of independent work,” he said. Chang added that gig economy workers should not be denied financing to buy property.

About admin

Check Also

news

After dithering on GE15 partners, Hadi Awang said PAS

KUALA LUMPUR, Oct 8 — The central PAS leadership did not make a decision on …