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

Updated: Jul 15, 2023


In exercise of the powers conferred by subsection 80(2) of the Stamp Act 1949 [Act 378], the Minister hereby makes the Stamp Duty (Remission) (No. 2) Order 2023 [PU(A) 180/2023].


The order is deemed to have come into operation on 1 June 2022.


Remission:

The Minister remits 75% of the stamp duty chargeable on any instrument of transfer for the purchase of residential property through the Malaysian Home Ownership Initiative (i-Miliki) under the Home Ownership Programme 2022/2023, provided that the value of the property is more than RM500,000 but not more than RM1,000,000 and is executed by an individual.


The remission of stamp duty applies only under the following conditions:

  1. The sale and purchase agreement for the residential property is between an individual and a property developer.

  2. The purchase price in the sale and purchase agreement, 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 a residential property subject to controlled pricing.

  3. The sale and purchase agreement for the residential property is executed on or after 1 June 2022 but not later than 31 December 2023 and is duly stamped not later than 31 January 2024.

  4. The individual has never owned any residential property, including one obtained by way of inheritance or gift, either individually or jointly.


The value of the residential property shall be based on the market value.


The application for remission of stamp duty shall be accompanied by a statutory declaration under the Statutory Declarations Act 1960 [Act 783], provided by:

  1. The property developer confirms the grant of 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, 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 a residential property subject to controlled pricing.

  2. The individual confirms that they have never owned any residential property, including one obtained through inheritance or gift, either individually or jointly.

For more information on Stamp Duty (Remission) (No. 2) Order 2023, you can download it by clicking the attachment below to read it in full context:-


159.1 Stamp Duty (Remission) (No. 2) Order 2023 [PU(A) 180_2023]
.pdf
Download PDF • 440KB

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