Weekly Industry News

CME perplexed about proposed property vacancy tax

Weekly Industry News

The proposed property vacancy tax to be paid by developers on unsold units priced above RM500,000 should be avoided and cannot even be defined as a “tax”, as a tax is always an amount of money paid after a certain benefit has been enjoyed, said the Center for Market Education (CME).

“In the case of a property vacancy tax, therefore, the very reason for a tax is lacking. Which benefits are the developers enjoying by not selling their units? In fact, unsold units are already a missed profit for developers. A property vacancy tax would sound like taxing a butcher for being unable to sell out all his stock of meat,” said CME CEO Dr Carmelo Ferlito (pix).

Media Title: The Sun

Date: 04 Sep 2020

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