The Real Property Gains Tax (Exemption) (No.3) Order 2018
, which was gazetted on 31 December 2018, exempts any individual who is a citizen or permanent resident of Malaysia from payment of real property gains tax on the chargeable gain accruing on the disposal of a chargeable asset (excluding shares in a real property company) if the following conditions are fulfilled –
1. The disposal of the chargeable asset is made in the sixth year after the date of acquisition of such asset or any year thereafter; and
2. The contract for the disposable asset -
(a) is executed before 1 January 2019; and
(b) is conditional upon the approval of the Federal Government or a State Government as provided under paragraphs 16(a) or 16(b) of Schedule 2 of the Real Property Gains Tax Act 1976; and
3. The approval of the Federal Government or a State Government, as aforesaid, is obtained in the year 2019 or any year thereafter.
This Order does not exempt an individual from the requirement to submit the relevant return under the Real Property Gains Tax Act 1976.
This Order came into operation on 1 January 2019.