Thursday, January 2, 2014

2014 Income Tax Guide


2014 Income Tax Guide


Highlights of Budget 2014 RPGT

RPGT is a tax imposed on gains from disposal of all types of properties such as residential and commercial buildings, land and shares of real property companies. RPGT is imposed on the net gains from disposal of property after deducting the following costs:-
  1. Acquisition price
  2. Stamp duty
  3. Legal fees
  4. Renovation costs
  5. Commission for sales and administrative payments
For Malaysian citizens and permanent residents, RPGT is exempted for the disposal of one residential property once in their lifetime.
Further, RPGT is also not imposed on gains from disposal of property between:-
  • Husband and wife
  • Parents and children
  • Grandparents and grandchildren
The current RPGT rates vary from 0% to 30%, depending on the holding period. The holding period refers to the period between the acquisition date and the disposal date of the property.
To further curb speculative activities, the RPGT rates on disposal of properties and shares in real property companies effective 1 January 2014 shall be as follows:-

Highlights of Budget 2014 RPGT

RPGT is a tax imposed on gains from disposal of all types of properties such as residential and commercial buildings, land and shares of real property companies. RPGT is imposed on the net gains from disposal of property after deducting the following costs:-
  1. Acquisition price
  2. Stamp duty
  3. Legal fees
  4. Renovation costs
  5. Commission for sales and administrative payments
For Malaysian citizens and permanent residents, RPGT is exempted for the disposal of one residential property once in their lifetime.
Further, RPGT is also not imposed on gains from disposal of property between:-
  • Husband and wife
  • Parents and children
  • Grandparents and grandchildren
The current RPGT rates vary from 0% to 30%, depending on the holding period. The holding period refers to the period between the acquisition date and the disposal date of the property.
To further curb speculative activities, the RPGT rates on disposal of properties and shares in real property companies effective 1 January 2014 shall be as follows:-