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Stamp duty waiver may slash property overhang by 15pc (HL), BUSINESS TIMES
Business Times (Malaysia), May, 2001 by Dzulkarnain Taib
Business Times (Malaysia) 05-10-2001 THE Finance Ministry's announcement to waive stamp duty charges on property sales could translate into a 10-15 per cent, or RM4 billion, reduction in the property sector overhang this year. The new ruling covers residential (houses, condominiums, apartments and flats), commercial (shophouses and shop offices) and industrial properties. All sales and purchase agreements concluded between March 28 and December 31 this year, the transfer deeds from the developer to the buyer, and loan and financing documentation are exempted from stamp duty charges. "We hope this will stimulate the property sector and reduce the existing overhang," Deputy Finance Minister Datuk Chan Kong Choy said yesterday. Prior to this, transactions...
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