Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that first-time Malaysian homeowners in the country will be receiving 100% stamp duty exemption for properties priced RM500,000 and below from now until December 2023. Made through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI), first time Malaysian homeowners of properties priced between RM500,000 and RM1 million will also be getting 50% off their stamp duty.
As reported by national news agency Bernama, Ismail Sabri said that this initiative was the government’s commitment to the rakyat, despite doing so reduces revenue for the nation’s coffers. Furthermore, it is one of many measures by the government to enable Keluarga Malaysia to own homes, which includes stamp duty tax exemption for property ownership transfers and loan agreements.
Prime Minister, Datuk Seri Ismail Sabri Yaakob
The Prime Minister asserted,
“For the record, the Inland Revenue Board (IRB) said that stamp duty exemption claims under the HOC (Home Ownership Campaign) are RM957.8 million. In fact, the highest stamp duty exemption claim is for homes priced RM500,000 and below,”
He further clarified that the i-MILIKI initiative is for sale and purchase agreements completed from 1 June 2022 to December 2022. It involves the provision of stamp duty exemption incentives on the instrument of transfers and loan agreement for purchase of a first house through the house pricing tier.
Ismail Sabri stressed that the incentive was introduced from the onset of the HOC that began in 2019 to 2021, and which is still being continued for the purchase of first homes worth up to RM500,000 until 31 December 2023.
So, what do you guys think of this initiative by the Federal Government? Share your thoughts with us in the comments!
Also read: Sabah Govt Will Be Giving 1,500 Houses Worth RM70k Each To Needy Sabahans For Free
