Govt Proposes 50 Pct Stamp Duty Exemption For House Purchase
07/09/2007 Bernama.com

KUALA LUMPUR, Sept 7 (Bernama) -- The government is proposing a 50 percent stamp duty exemption on documents of transfer for the purchase of one house costing not more than RM250,000, Prime Minister Datuk Seri Abdullah Ahmad Badawi said today.

The proposal is effective for sale and purchase agreements executed from Sept 8, 2007, to Dec 31, 2010.

This measure will reduce the cost of purchasing a house by up to RM2,000.

The government will continue to ensure greater Bumiputera participation in the property sector, Abdullah said when tabling the 2008 Budget at Dewan Rakyat here.

In this regard, Pelaburan Hartanah Bumiputera Bhd (PHBB) has acquired several strategically located properties for the development of major commercial projects.

Among the projects is Penang Sentral, which is an integrated transport and logistics terminal in the Northern Corridor Economic Region (NCER).

In addition, an initial fund of RM400 million has been earmarked by PHBB to increase Bumiputera property investment in the Iskandar Development Region (IDR).

-- BERNAMA