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Stamp Duty (Remission) 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) Order 2023 [PU(A) 179/2023].


This Order is deemed to have come into operation on 1 June 2022.

Remission:

The Minister remits 75% of the stamp duty chargeable on any loan agreement to finance the purchase of residential property through the Malaysian Home Ownership Initiative (i-Miliki) under the Home Ownership Programme 2022/2023, the value of which is more than RM500,000 but not more than RM1,000,000, executed between an individual named in a sale and purchase agreement and:

  1. a licensed bank under the Financial Services Act 2013 [Act 758];

  2. a licensed Islamic bank under the Islamic Financial Services Act 2013 [Act 759];

  3. a development financial institution prescribed under the Development Financial Institutions Act 2002 [Act 618];

  4. a cooperative society registered under the Co-operative Societies Act 1993 [Act 502];

  5. any employer who provides an employee housing loan scheme;

  6. Borneo Housing Mortgage Finance Berhad (Company Registration Number: 25457-V) incorporated under the Companies Act 2016 [Act 777];

  7. Mutiara Mortgage and Credit Sdn Bhd (Company Registration Number: 257663-T) incorporated under the Companies Act 2016;

  8. a licensed insurer authorised to provide a housing loan under the Financial Services Act 2013; or

  9. a licensed takaful operator authorised to provide an Islamic housing loan under the Islamic Financial Services Act 2013.

The remission of stamp duty shall only apply if:

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

  2. the purchase price in the sale and purchase agreement referred to in (a) above is a price 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 which is subject to controlled pricing;

  3. the sale and purchase agreement for the purchase of 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; and

  4. the individual has never owned any residential property, including a residential property obtained by way of inheritance or gift, which is held either individually or jointly.

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

  1. the property developer confirming the grant of a discount of at least ten per cent 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 which is subject to controlled pricing; and

  2. the individual referred to in subparagraph (1) confirming that the individual has never owned any residential property, including a residential property which is obtained by way of inheritance or gift, which is held either individually or jointly.

For more information on Stamp Duty (Remission) Order 2023, you can download it by clicking the attachment below to read it in full context:-


158.1 Stamp Duty (Remission) Order 2023 [PU(A) 179_2023]
.pdf
Download PDF • 448KB


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