Remission Order for Stamp Duty on Purchase of Property
22 February 2019
The
Stamp Duty (Remission) Order 2019 [P.U.(A) 49/2019] was gazetted under the Stamp Act 1949 (‘the Act’) today. This Order will come into operation on 1 July 2019.
This Order remits the sum of RM5,000 in respect of stamp duty chargeable on any instrument of transfer for the purchase of one unit of residential property, the market value of which is more than RM300,000.00 but not more than RM500,000.00, subject to the following conditions being fulfilled–
- the sale and purchase agreement for the purchase of the property is executed on or after 1 July 2019 but not later than 31 December 2020;
- the individual has never owned any residential property including one which is obtained by inheritance or gift, whether held individually or jointly; and
- the application for remission is accompanied by a statutory declaration by the individual confirming the matters referred to in paragraph (b) above.
For the purposes of this Order –
- an ‘individual’ means a purchaser, or co-purchaser, who is a Malaysian citizen; and
- a ‘residential property’ means a house, condominium unit, flat or an apartment purchased or obtained solely to be used as a dwelling house.