Stamp Duty (Exemption) (No. 2) Order 2023

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Jul 15, 2023

The Stamp Duty (Exemption) (No. 2) Order 2023 has been gazetted under subsection 80(1) of the Stamp Act 1949 [Act 378] by the Minister.

The order came into operation on 1 June 2022 and may be cited as the Stamp Duty (Exemption) (No. 2) Order 2023 [PU(A) 177/2023].

Under this order, the Minister has granted an exemption for stamp duty on instruments of transfer for the purchase of residential property through the Malaysian Home Ownership Initiative (i-Miliki) under the Home Ownership Programme 2022/2023.

The exemption applies to residential properties with a value not exceeding RM500,000 and executed by an individual.

To be eligible for the stamp duty exemption, the following conditions must be met:

The sale and purchase agreement for the residential property should be between an individual and a property developer.
The purchase price in the sale and purchase agreement should be after a discount of at least 10% from the original price offered by the property developer, as approved in the Advertising and Sales Permit under the Housing Development (Control and Licensing) Act 1966 [Act 118], Housing Development (Control and Licensing) Enactment 1978 [Sabah No. 24 of 1978], or Housing Development (Control and Licensing) Ordinance 2013 Sarawak [Cap. 69], except for controlled pricing properties.
The sale and purchase agreement should be executed on or after 1 June 2022 but not later than 31 December 2023, and the agreement must be duly stamped by 31 January 2024.
The individual claiming the exemption must confirm through a statutory declaration, under the Statutory Declarations Act 1960 [Act 783], that they have never owned any residential property, including properties obtained through inheritance or gift, either individually or jointly.
The value of the residential property for the purpose of this exemption is based on the market value.

Furthermore, the application for stamp duty exemption under this order should be accompanied by a statutory declaration from the property developer confirming the discount of at least 10% from the original price and a statutory declaration from the individual confirming their non-ownership of any residential property.

Definition

“residential property” means a house, a condominium unit, an apartment or a flat purchased or obtained solely to be used as a dwelling house, and includes a service apartment and small office home office (SOHO) for which the property developer has obtained approval for a Developers’ Licence and Advertising and Sales Permit under the Housing Development (Control and Licensing) Act 1966, Housing Development (Control and Licensing) Enactment 1978 [Sabah No. 24 of 1978] or Housing Development (Control and Licensing) Ordinance 2013 Sarawak [Cap. 69]; and

“individual” means a purchaser of a residential property who is a Malaysian citizen or co-purchasers of a residential property who are Malaysian citizen.

For more information on Stamp Duty (Exemption) (No. 2) Order 2023 associated with buying a house in Malaysia, you can download it by clicking the attachment below to read in full context:-

156.1-Stamp-Duty-Exemption-No.-2-Order-2023-PUA-177_2023 Download

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